HSBC has expanded its Tokenised Deposit Service (TDS) to Singapore, enhancing its blockchain-based payment capabilities initially launched in Hong Kong. The service, which facilitates 24/7 real-time instant settlement, was first utilised by Ant International, marking the completion of real-time Singapore Dollar (SGD) and United States Dollar (USD) digital token payments between its corporate wallets held with HSBC Singapore. In September, HSBC successfully executed its first USD cross-border digital token transaction for Ant International’s operations in Hong Kong and Singapore.
Lewis Sun, HSBC’s Global Head of Domestic and Emerging Payments, highlighted the significance of the service, stating, “This is another milestone for HSBC as we bring our Tokenised Deposit Service to Singapore. Finance and treasury teams want their systems to operate in real time, even when people are offline, and this service helps make that a reality.”
The introduction of TDS in Singapore is a response to the increasing demand for efficient liquidity management amidst foreign exchange volatility and interest rate uncertainties. Winnie Yap, Head of Global Payments Solutions at HSBC Singapore, noted, “Clients in Singapore are accelerating their shift towards digital treasury models. With tokenised deposits, they gain greater control and certainty in managing cross-border cash flows.”
This development underscores HSBC’s commitment to co-developing innovative solutions with clients and reinforces Singapore’s status as a global hub for treasury innovation. The service aims to provide businesses with practical solutions for managing digital money, focusing on interoperability across Central Bank Digital Currencies (CBDCs), tokenised deposits, and stablecoins.
