HSBC Brings Blockchain Banking to Life in Singapore
HSBC launches 24/7 Tokenised Deposit Service, enabling instant cross-border settlements and redefining the future of treasury management.
HSBC has introduced its Tokenised Deposit Service (TDS) in Singapore, expanding its blockchain-based payment platform beyond Hong Kong.
The service enables 24/7 real-time settlement and was first adopted by Ant International, which successfully completed real-time SGD and USD digital token payments between its corporate wallets held with HSBC Singapore.
In September, the bank executed its first USD cross-border digital token transaction for Ant International entities in Hong Kong and Singapore – marking a milestone in digital treasury evolution.
Transforming Treasury in a Volatile Market
With global markets grappling with heightened FX volatility and persistent rate uncertainty, treasurers are seeking faster, more transparent tools to manage liquidity. According to HSBC’s Redefining Treasury Asia Pacific 2025 report, Singapore treasurers lead the region in adopting digital technology, citing the use of emerging tools as a top priority.
TDS answers that call by allowing corporates to execute cash movements instantly, eliminating cut-off times and integrating seamlessly into existing treasury systems. The result: speed, visibility, and control – exactly what finance teams need amid today’s turbulence.
Programmable Payments, Powered by Distributed Ledger Technology
Built on HSBC’s Distributed Ledger Technology (DLT), TDS converts traditional fiat deposits into digital tokens that can be transferred instantly and securely.
The system supports programmable features, such as conditional payments and atomic settlement of tokenised assets – paving the way for more efficient and automated treasury workflows.
HSBC Executives: From Innovation to Implementation
«This is another milestone for HSBC as we bring our Tokenised Deposit Service to Singapore,» said Lewis Sun, Global Head of Domestic and Emerging Payments, Global Payments Solutions at HSBC. «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,» he added.
Sun added that interoperability between CBDCs, tokenised deposits, and stablecoins will be vital as digital money evolves – and that HSBC’s focus remains on delivering practical, real-world solutions for clients globally.
Singapore as a Global Hub for Treasury Innovation
«Clients in Singapore are accelerating their shift towards digital treasury models,» said Winnie Yap, Head of Global Payments Solutions, HSBC Singapore. «With tokenised deposits, they gain greater control and certainty in managing cross-border cash flows, while unlocking new efficiencies in their operations.»
The expansion, Yap noted, highlights both HSBC’s commitment to co-developing innovative client solutions and Singapore’s growing stature as a global hub for treasury innovation.
Scaling Beyond Asia
After its pilot with Hong Kong–based Property Enterprises Developers in 2023, HSBC rolled out TDS for domestic payments in SGD and USD in Singapore and GBP and EUR in the UK and Luxembourg.
The bank now plans to scale the service globally, allowing clients to benefit from real-time visibility, agile payments, and tighter risk control.
