Ant International and HSBC Expand Tokenized Deposit Services to Middle East
AI-generated image · Bay Street Wire
A new collaboration leverages blockchain-based treasury management to accelerate payments between the UAE, Hong Kong, and Singapore.
Ant International has expanded its partnership with HSBC to integrate real-time treasury management services within the Middle East, according to reporting from the Financial Post.
Using HSBC’s global Tokenised Deposit Service (TDS), Ant International is aiming to increase the efficiency of its regional treasury operations. The company has already completed pilot transactions across two specific corridors: real-time dirham-denominated transfers within the United Arab Emirates and cross-border US dollar payments connecting the UAE to international markets, including Singapore and Hong Kong.
These operations are facilitated through WhaleRTP, a proprietary blockchain-based platform owned by Ant International. While Ant International has utilized tokenized deposits in the U.S., Europe, Singapore, and Hong Kong since 2019, it is the first client in the Middle East to use HSBC's TDS. According to the Financial Post, WhaleRTP is currently supported by over 20 global banks and handles transfers in more than 17 currencies.
Kelvin Li, Senior Vice President and General Manager of Platform Tech at Ant International, stated that the company intends to establish a global treasury hub in the Middle East to support its global operations and regional growth for businesses such as WorldFirst, Antom, and Alipay+.