HSBC’ TDS suggests the bank is making the emerging markets a key priority.
HSBC has expanded its Tokenised Deposit Service (TDS) as part of its evolving digital strategy.
On September 22, reports suggested the bank had completed its first USD cross-border transaction using TDS between Hong Kong and Singapore earlier in the month.
The transaction was conducted for Ant International, the first corporate client to adopt the service, and was designed to optimise the company’s treasury management.
TDS is a blockchain-powered solution that enables corporate clients to transfer currencies in real time, with instant settlement available 24/7.
“This milestone marks the next step in our joint innovation with HSBC on tokenised deposits,” said Kelvin Li, General Manager of Platform Tech at Ant International.
“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.”
Following its “successful rollout” for domestic payments in Hong Kong and Singapore, HSBC reportedly plans to extend TDS to the UK and Luxembourg. This expansion will allow clients in both regions to make domestic payments in additional currencies, including GBP, EUR and USD.
The base of a new strategy?
In statements given to Fintech Finance News, Manish Kohli, Head of Global Payments Solutions at HSBC, called tokenised deposits a “major step forward in the future of transaction banking”, highlighting the potential for broader client benefits.
“By combining real-time liquidity with programmability and secure settlement through blockchain, we can help clients better manage their liquidity, streamline their operations and future-proof their treasury functions in a rapidly evolving financial landscape, with the benefits of emerging forms of digital money and its associated technology,” said Kohli.
The announcement follows the departure of Lisa McGeough, President and CEO of HSBC’s US operations, earlier this month. Her exit comes after HSBC revealed plans in June 2025 to wind down its US business banking portfolio.
This strategic shift reflects HSBC’s growing focus on Asia and the Middle East, regions actively advancing digital payment infrastructure.
Saudi Arabia, in particular, is pushing to increase non-cash transactions to 70% by 2030 as part of its Vision 2030 strategy, which also aims to position the country as a global tourism hub.
Ant International is among the firms responding to this move. Last week, it confirmed plans to launch cross-border QR code payments between Saudi Arabia’s national payment scheme, mada, and its Alipay+ platform in 2026.
