HSBC Holdings launches cross-border tokenized deposit service

ChainCatcher news, according to pymnts, HSBC Holdings has launched a tokenized deposit service to support its corporate clients in securely transferring funds across borders. The British bank completed its first cross-border USD transaction between Hong Kong and Singapore this month using blockchain technology.

HSBC stated that this cross-border transaction builds on its existing domestic payment products, which were initially launched earlier this year in Hong Kong and Singapore, and later expanded to the UK and Luxembourg to support other currencies, including GBP and EUR.