HSBC has launched a new blockchain-based payment system in Hong Kong, making it the first big bank in the city to use decentralized ledger technology. This allows businesses to send money faster and more securely, 24/7, using Hong Kong or US dollars.
How It Works:
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HSBC turns bank deposits into digital tokens using blockchain.
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These tokens move instantly between digital wallets, making payments quicker and cheaper.
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The service is safe, follows regulations, and will expand to Asia and Europe later this year.
Tested by Ant International:
Alibaba’s Ant International was the first to try it, using HSBC’s Whale platform. The test went well and helped improve the system.
Backed by HK Central Bank:
The Hong Kong Monetary Authority (HKMA) supports the project to help grow financial technology in the city. They also support other tests using DeFi and tokenized money.
Big News for Crypto:
This shows that big banks now trust blockchain for real-world use, proving it's not just for crypto coins but also for faster, safer business payments.
Disclaimer: For information only, not financial advice.
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