HSBC and Ant Group test tokenized deposits under HKMA sandbox
During the test, HSBC was connected to the blockchain platform developed by Ant Group and supported by Ant Group’s banking partners. Banking giant Hong Kong and Shanghai Banking Corporation (HSBC) have tested the use of tokenized deposit s – from issuance to transfer to redemption – with major Chinese banker Ant Group, founded by Jack Ma, in a sandbox arranged by the Hong Kong Monetary Authority. The initiative led by the banking institutions aimed to explore the potential of deposit tokenization in enabling always-on, real-time treasury fund movement between accounts held by a corporation within the HSBC network. During the test, HSBC was connected to the blockchain platform developed by Ant Group and supported by Ant Group’s banking partners. In an official communication shared with Cointelegraph, HSBC revealed that the test encompassed the issuance, transfer, and redemption of deposit tokens, adding: “It will pave the way for future research on how blockchain and tokenization ca...