HSBC to Offer Tokenized Deposit Services to Customers in the US and UAE
According to ChainCatcher, Bloomberg reported that HSBC Holdings Plc will launch tokenized deposit services for corporate clients in the United States and the United Arab Emirates in the first half of next year.
Manish Kohli, Global Head of Payments Solutions at HSBC, stated that the tokenized deposit service enables clients to conduct instant domestic and cross-border fund transfers around the clock, without being limited to business hours. This system helps large enterprises manage liquidity more efficiently. HSBC's tokenization services have already been launched in Hong Kong, Singapore, the United Kingdom, and Luxembourg, and currently support transactions in euros, pounds sterling, US dollars, Hong Kong dollars, and Singapore dollars. Kohli said that when the service expands to the Middle East next year, the UAE dirham will be added.
According to Kohli, HSBC plans to expand the use cases of tokenized deposits in programmable payments and autonomous treasuries, which utilize automation and artificial intelligence to independently manage cash and liquidity risks. In addition, HSBC is also researching the stablecoin industry and is currently in discussions with some stablecoin issuers to provide reserve management and settlement account services.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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