Ant International has extended its tokenised deposit work with HSBC to the Middle East. It has completed pilot transactions in the UAE through HSBC’s Tokenised Deposit Service (TDS).

Tokenised deposits are bank deposits held as digital tokens on a blockchain. They allow funds to move in real time, around the clock.

The pilots covered two payment routes. The first moved UAE dirhams in real time within the country.

The second sent US dollars from the UAE to international markets, including Hong Kong and Singapore.

Each transfer started on WhaleRTP, Ant International’s proprietary blockchain-based treasury platform.

HSBC’s TDS then executed the payments in real time, using a workflow both firms designed jointly.

Ant International has used blockchain and tokenised deposit technology in its treasury operations since 2019.

Its activity spans financial centres including Hong Kong, Singapore, Europe and the US.

More than 20 banks, including HSBC, support WhaleRTP, the company says. The platform enables real-time transfers in more than 17 currencies.

The company said the expansion will support its regional growth. It will also help Alipay+, Antom and WorldFirst serve local businesses and travellers.

“With the support of regional bank partners such as HSBC, we aim to establish a global treasury hub in the Middle East in the near future to better support our global operations,”

said Kelvin Li, General Manager of Platform Tech and Senior Vice President at Ant International.

“Interoperability between tokenised deposit networks demonstrates how HSBC can connect different infrastructures to deliver greater value for our clients,”

said Kyle Boag, Regional Head of Global Payments Solutions at HSBC MENAT.

HSBC’s TDS is now live in six markets, including Singapore and the UAE.

Featured image: Edited by Fintech News UAE, based on image by HSBC Corporate and Institutional Banking via LinkedIn and WangXiNa via Magnific.