HSBC has introduced its tokenized 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, which 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.

The bank’s TDS addresses these challenges by using distributed ledger technology ( DLT ), where traditional fiat deposits are represented by digital tokens, allowing cash movements to be customized 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 tokenized assets, which allows for atomic and more efficient settlement.

Winnie Yap, head of global payments solutions, HSBC Singapore, says: “Clients in Singapore are accelerating their shift towards digital treasury models. With tokenized 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 Property Enterprises Developers, a property developer under the CK Asset Group, highlighting the bank’s experience in blockchain-based payment solutions.

Aside from Hong Kong and Singapore, HSBC has also rolled out TDS in other markets, including the United Kingdom and Luxembourg to support domestic payments in currencies such GDP and EUR. The bank plans to extend the service to other key markets.