HSBC has announced the expansion of its Tokenised Deposit Service (TDS), a blockchain-based solution for corporate clients to support cross-border transactions.
To optimise treasury management with the bank’s pioneer customer, Ant International, TDS executed its first cross-border transaction between Hong Kong and Singapore in September.
“Tokenised deposits represent a major step forward in the future of transaction banking and open new opportunities for our clients,” said Manish Kohil, head of global payments solutions at HSBC.
HSBC’s 2025 Global Treasury Pulse Survey, released this week at Sibos 2025 in Frankfurt, states that treasurers anticipate tokenisation, embedded payments, and wallet-based solutions to increase fivefold over the next two years.
The bank explains that the role of treasurers is shifting from custodians of cash to strategic partners at the centre of corporate transformation.
TDS not only enables treasurers to automate liquidity management and streamline settlement processes, but it also allows clients to manage working capital in real time and embed payment conditions directly into transactions.
The service also supports programmable payments and on-chain settlement of tokenised assets.
“We believe tokenisation is key to enabling more efficient, cost-effective and trusted global transactions, and we will continue working with HSBC to make cross-border payments seamless for businesses of all sizes,” said Kelvin Li, general manager of platform tech at Ant International.
Treasury teams are increasingly adopting technology to meet rising business demands, with automation and centralisation enabling efficiency gains of up to 70%, according to HSBC’s survey.
To meet the growing corporate demand for real-time, cross-border payments and digital treasury solutions, TDS’s expansion follows the launch of its On-Demand Cash Concentration (ODCC) solution.
ODCC enables clients to optimise liquidity globally and in real time via a self-service portal with single sign-on to HSBCnet, fitting within clients’ existing treasury infrastructure.
