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HSBC launches the first blockchain-based payment service in Hong Kong
HSBC has just launched the first blockchain-based payment service in Hong Kong, allowing for fast and secure money transfers thanks to the use of encryption deposits. This system enables corporate customers to transfer money instantly in HKD and USD between domestic HSBC wallets 24/7.
The initial service is being launched in Hong Kong and will expand to Asia and Europe in the second half of this year. The first customer to successfully use this system is Ant International – an affiliate company of Alibaba.
The project is part of the technology innovation monitoring program of the Hong Kong Monetary Authority (HKMA) and is the result of a trial between HSBC and Ant's Whale platform.
HSBC stated that it will continue to develop infrastructure for digital payments, expanding applications related to encryption and payments using digital currency.