HSBC has expanded its Tokenised Deposit Service (TDS) to Singapore, marking the first cross-border use of its blockchain-based treasury solution following its initial launch in Hong Kong.
The service enables 24/7 instant settlement and was first 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, HSBC also processed its first USD cross-border digital token transaction between Ant International’s entities in Hong Kong and Singapore.
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 CBDCs, tokenised deposits and stablecoins will be crucial, and we are focused on delivering practical solutions that support businesses regionally and globally.”
Developed based on customer insights for digital solutions that help businesses optimise treasury management amid market volatility, TDS uses distributed ledger technology to represent traditional deposits as digital tokens.
This allows customised, programmable transfers directly from clients’ systems without traditional banking cut-off times, supporting faster and more transparent liquidity management.
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.”
TDS also supports conditional, programmable payments and the settlement of tokenised assets, allowing atomic and efficient settlement while enhancing visibility and control across treasury operations.
The service is available for domestic payments in SGD and USD and has already been extended to other markets including the UK and Luxembourg, supporting domestic payments in GBP and EUR.
In 2023, HSBC piloted a blockchain-based workflow and trigger payment solution for Property Enterprises Developers, a member of the CK Asset Group, laying the groundwork for broader adoption of digital treasury solutions.
TDS was most recently showcased at the 2025 HSBC International Day held in Singapore on 9 October 2025.
HSBC plans to further scale the service across its key markets, enabling more clients to benefit from treasury architectures that offer greater real-time visibility, payment agility and risk control.
Featured image: Edited by Fintech News Singapore, based on images by AdilMehmood and EyeEm via Freepik
