HSBC and Ant Group have announced the successful completion of a trial exploring the feasibility of tokenized deposits in a sandbox arranged by the HKMA.
- Banking giant Hong Kong and Shanghai Banking Corporation , the largest bank in Hong Kong, and Ant Group, China’s leading financial conglomerate, have announced that they successfully tested the potential of tokenized deposits in a sandbox arranged by the Hong Kong Monetary Authority .
The testing utilized a blockchain platform developed by Ant Group and was supported by Ant Group’s banking partners, who helped improve treasury fund transfers by reducing turnaround time, cost efficiency, and visibility. In June, HSBC announced the launch of local cryptocurrency services in Hong Kong, which included support for trading Bitcoin and Ether exchange-traded funds listed on Hong Kong's stock exchange.
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