HSBC will provide tokenization deposit services to clients in the United States and the UAE.

PANews, November 18 news, according to Bloomberg, HSBC Holdings Plc will launch tokenization deposit services for corporate clients in the United States and the United Arab Emirates in the first half of next year. Manish Kohli, head of global payment solutions at HSBC, stated that the tokenization deposit service allows clients to achieve real-time domestic and cross-border fund transfers around the clock, without being limited to working hours, and this system helps large enterprises manage liquidity more efficiently. HSBC's tokenization service has been launched in Hong Kong, Singapore, the UK, and Luxembourg, and currently supports transactions in euros, pounds, dollars, Hong Kong dollars, and Singapore dollars. Kohli stated that when the service expands to the Middle East next year, the UAE dirham will be added. According to Kohli, HSBC plans to expand the use cases of tokenized deposits in programmable payments and autonomous vaults, which utilize automation and artificial intelligence to independently manage cash and liquidity risks; in addition, HSBC is also researching the stablecoin industry, and is currently in talks with several stablecoin issuers to offer reserve management and settlement account services.