PANews reported on November 18th that, according to Bloomberg, HSBC Holdings Plc will begin offering tokenized deposit services to corporate clients in the United States and the United Arab Emirates in the first half of next year. Manish Kohli, Head of Global Payments Solutions at HSBC, stated that the tokenized deposit service will allow clients to make domestic and cross-border fund transfers 24/7 with instant processing, without being limited to business hours. The system will help large enterprises manage liquidity more efficiently.

HSBC's tokenization service has been launched in Hong Kong, Singapore, the UK, and Luxembourg, and currently supports transactions in euros, pounds sterling, US dollars, Hong Kong dollars, and Singapore dollars. Kohli stated that when the service expands to the Middle East next year, it will add the UAE dirham. According to Kohli, HSBC plans to expand the application of tokenized deposits in programmable payments and autonomous vaults, systems that utilize automation and artificial intelligence to independently manage cash and liquidity risks. Furthermore, HSBC is also exploring the stablecoin industry and is currently in talks with several stablecoin issuers to offer reserve management and settlement account services.