HSBC Introduces Cross-Border Tokenised Deposit Service in Singapore

• Tokenised Deposit Service is an in-house blockchain-based capability that supports 24/7 real-time instant settlement.
• Completed USD cross-border transactions between Hong Kong and Singapore, for Ant International.
• Developed based on customer insights for digital solutions that will help businesses optimise treasury management during heightened market volatility.

In today’s environment of heightened FX volatility and persistent interest rate uncertainty, treasurers are seeking faster, more transparent and efficient ways to manage liquidity. HSBC has introduced its Tokenised Deposit Service (TDS) in Singapore, extending the blockchain-based payment capability beyond its initial launch in Hong Kong.

The service enables 24/7 real-time instant settlement and was adopted by Ant International, who became the first client to complete real-time SGD and USD digital token payments between its entities’ corporate wallets held with HSBC Singapore. In September, the Bank successfully completed its first USD cross-border digital token transaction for Ant International businesses in Hong Kong and Singapore.

The introduction of the service builds on Singapore’s role as a leading international treasury hub, where corporates are accelerating the adoption of digital treasury models. According to HSBC’s Redefining Treasury Asia Pacific 2025 report, Singapore treasurers are ahead of their regional peers in technology adoption, with many citing harnessing emerging technologies as their top treasury priority this year. They also identified managing treasury in a volatile FX and interest rate environment as a critical concern, underscoring demand for solutions that deliver speed, visibility and control.

TDS addresses these challenges by using HSBC’s Distributed Ledger Technology (DLT) where traditional fiat deposits are represented by digital tokens, allowing cash movements to be customised and executed instantly from clients’ own systems. By removing cut-off times, the service integrates seamlessly with existing treasury operations and corporate systems, supporting efficient treasury operations and effective cash flow management. The service is also designed to support programmability, where conditional payments can be embedded in the transfer of TDS, and settlement of tokenised assets, which allows for atomic and more efficient settlement.

Lewis Sun, Global Head of Domestic and Emerging Payments, Global Payments Solutions, HSBC said: “This is another milestone for HSBC as we bring our Tokenised Deposit Service to Singapore. Finance and treasury teams want their systems to operate in real time, even when people are offline, and this service helps make that a reality. As digital money continues to evolve, interoperability across CBDCs¹, tokenised deposits and stablecoins will be crucial, and we are focused on delivering practical solutions that support businesses regionally and globally.”

Winnie Yap, Head of Global Payments Solutions, HSBC Singapore, said: “Clients in Singapore are accelerating their shift towards digital treasury models. With tokenised deposits, they gain greater control and certainty in managing cross-border cash flows, while unlocking new efficiencies in their operations. This expansion reflects both our commitment to co-developing innovative solutions with clients and Singapore’s position as a global hub for treasury innovation.”

In 2023, HSBC piloted a blockchain-based workflow and trigger payment solution for a major property developer, Property Enterprises Developers (a member of CK Asset Group), highlighting the bank’s early experience in blockchain based payment solutions.

HSBC first introduced TDS in Hong Kong and Singapore for domestic payments. In Singapore, domestic payments are available in SGD and USD. The Bank has further extended this offering to other markets including the UK and Luxemburg which supports domestic payments in currencies such as GBP and EUR. HSBC plans to further scale this service across its other key markets.

This successful implementation will enable HSBC to offer the solution to more clients seeking treasury architecture that supports greater embedded real-time visibility, payment agility and risk control.

TDS was most recently showcased at the 2025 HSBC International Day held in Singapore on 9 October 2025.

Media enquiries:

Betty Fong | +65 6658 4103 | betty.c.y.fong@hsbc.com.sg

Clarabelle Tan | +65 6658 8303 | clarabelle.h.y.tan@hsbc.com.sg