The Hongkong and Shanghai Banking Corporation (HSBC) announced the launch of Hong Kong’s first blockchain platform focused on the corporate sector. The new service will speed up and simplify cross-border transactions.

HSBC, one of the world’s largest financial conglomerates, in partnership with Ant International, a subsidiary of Chinese FinTech giant Alibaba Group Holding, is launching a DLT platform in Hong Kong for international B2B payments, reports South China Morning Post.
The platform is available to HSBC’s corporate clients in Hong Kong and is aimed at small and medium-sized businesses. The new service allows companies to make real-time transfers in Hong Kong and U.S. dollars 24/7 between HSBC wallets. The solution was successfully tested by Ant International, which executed an instant cross-border transfer using a tokenized deposit.
According to Daniel Chan, HSBC’s Head of Business Banking in Hong Kong, the new platform will simplify and automate processes that previously required significant time and resources. He also said the service is currently available only in Hong Kong, but the bank plans to expand it to markets in Asia and Europe in H2 2025. Chan added that HSBC intends to leverage its global network and technological capabilities to further implement tokenization in payments.
HSBC is among the financial institutions participating in the testing of tokenized asset settlements, supervised by the Hong Kong Monetary Authority (HKMA). HSBC is also actively testing the use of quantum technologies in financial transactions.