Swift joins Ant Group and HSBC to complete cross-border tokenized deposit payment test

Ant Group, HSBC, and Swift successfully tested cross-border transfers using tokenized deposits, marking the first case of cross-border tokenized deposit payments utilizing the Swift network and ISO 20022 messaging standard.

In the test, Ant Group in Singapore connected its blockchain infrastructure to the Swift network through HSBC's tokenized deposit service, enabling real-time cross-border fund management between Singapore and Hong Kong.

Swift and HSBC introduced a universal protocol, allowing Ant Group to avoid establishing separate bilateral arrangements with each bank. The three companies stated that the solution achieved interoperability of blockchain on the Swift network through the ISO 20022 standard, combining Ant Group's technology with HSBC's tokenized deposit service.