According to Foresight News, HSBC Bank has announced a successful test of tokenized deposits for internal payments in collaboration with Ant Group in Hong Kong. The test aimed to explore the potential advantages of tokenized deposits and how they can effectively help businesses with real-time fund allocation between different HSBC accounts.
The Hong Kong test transaction was conducted within the Hong Kong Monetary Authority's fintech regulatory sandbox. The process covered the issuance, transfer, and redemption of deposit tokens, with HSBC connecting to a blockchain platform developed by Ant Group during the testing period.
