HSBC rolls out cross-border tokenised deposit service

TDS has completed its first USD cross-border transaction between Hong Kong and Singapore.

HSBC has expanded its tokenised deposit service (TDS) to support cross-border transactions.

The megabank said that TDS completed its first USD cross-border transaction between Hong Kong and Singapore, to optimise the treasury management of payments service giant Ant International.

HSBC has also rolled out the service to the UK and Luxembourg markets, supporting domestic payments in additional currencies such as GBP, EUR, and USD.

HSBC said that it plans to scale the service to its key markets.

TDS is a blockchain-based solution that promises to enable HSBC’s corporate clients to securely move currencies in real-time with instant 24/7 settlement.

It will be able to support programmability, where conditional payments can be embedded in the transfer of TDS and settlement of tokenised assets, the bank said.