HSBC, Swift, and Ant International Pioneer Cross-Border Tokenized Deposits Using ISO 20022
HSBC, Swift, and ANT International have successfully tested a proof of concept for cross-border tokenized deposits, leveraging ISO 20022 messaging standards. The trial, conducted across HSBC's Singapore and Hong Kong operations, aims to address inefficiencies in international payments such as delays, high costs, and lack of transparency.
The initiative integrates Ant International's blockchain infrastructure with Swift's global messaging network, enabling real-time treasury management through HSBC's Tokenized Deposit Service. This service converts traditional bank deposits into digital tokens on a 1:1 basis, allowing instant transfers between participating HSBC locations.
Singapore and Hong Kong, two of Asia's most advanced financial hubs, served as the testing grounds for this breakthrough. The collaboration underscores the growing institutional adoption of blockchain technology to modernize legacy financial systems.
