HSBC to Offer Tokenized Deposits to US and UAE Clients

HSBC Holdings Plc will start offering tokenized deposits to its corporate clients in the US and the United Arab Emirates in the first half of next year, as banks expand their push into blockchain technology for payments.

The Tokenized Deposit Service allows clients to send money locally and across borders in seconds around the clock, rather than during working hours, Manish Kohli, HSBC’s global head of payments solutions, said in an interview. The system can help big companies better manage liquidity, he added.