Ant Group and HSBC Have for the First time Tested Internal Payment Transactions Using Tokenized Deposits

November 1 (ChainDD) Hong Kong and Shanghai Banking Corporation (HSBC) announced that it and Ant Group has successfully completed the first test of intra-enterprise payment transactions using tokenized deposits in Hong Kong.

The two companies will explore the potential benefits of tokenized deposits and how they can effectively help businesses transfer funds anytime and in real time between different HSBC accounts.

The Hong Kong test transaction takes place within the HKMA's Fintech regulatory sandbox and covers the issuance, transfer and redemption of deposit tokens.

Separately, during the test, HSBC connected to a blockchain platform developed by Ant Group.