Standard Chartered launches tokenized deposits in Hong Kong

Standard Chartered has launched a tokenized deposit service for corporate clients in Hong Kong, allowing participating institutions to transfer bank deposits around the clock through blockchain infrastructure supported by the Hong Kong Monetary Authority. Summary Standard Chartered has launched a tokenized deposit service in Hong Kong, making it the first market in its global network to offer the solution to corporate clients. The service uses the HKMA’s EnsembleTX infrastructure to enable real time transfers between participating banks, with settlement supported around the clock using central bank money. China AMC, Finloop and PantherTrade have already completed live tokenized deposit transactions and settlements involving tokenized money market funds through EnsembleTX. Standard Chartered has partnered with Fireblocks to integrate banking services into its digital asset platform, while HashKey has joined the participating ecosystem. The bank plans to introduce the service in additional markets as it expands its tokenized banking offerings for institutional clients. In a November 2 announcement, the bank said Hong Kong is the first market in its global network to introduce the new...