Ant International has extended its work with HSBC to support real-time treasury management in the Middle East, using HSBC's global Tokenised Deposit Service (TDS). The collaboration makes Ant International HSBC's first client in the Middle East to use the service, according to the announcement.
Pilot transactions across two corridors
As part of the collaboration, Ant International has completed pilot transactions across two payment corridors connecting the UAE and Hong Kong. The first covered real-time, AED-denominated tokenised deposit transfers within the UAE. The second involved USD-denominated tokenised deposit transfers initiated from the UAE to international markets, including Hong Kong and Singapore.
The transactions were initiated through WhaleRTP, Ant International's proprietary blockchain-based treasury management platform, and executed in real time through HSBC's TDS. The two companies jointly designed the transaction workflow.
Tokenised treasury infrastructure
Ant International has used blockchain and tokenised deposit technologies since 2019 to support real-time treasury management across financial centres including Hong Kong, Singapore, Europe and the US. WhaleRTP is currently supported by more than 20 global banks, HSBC among them, and enables real-time transfers in more than 17 currencies, including USD, HKD and AED. The Middle East pilots add a new region to this network.
HSBC's TDS is live in six markets: Hong Kong, Singapore, Luxembourg, the UK, the US and the UAE. It supports multiple currencies, including CNH, HKD, SGD, EUR, GBP, USD and AED. The service gives clients instant, 24/7 access to liquidity across HSBC's network, while allowing them to continue relying on the bank's existing banking infrastructure and oversight.
According to an HSBC official, the interoperability between tokenised deposit networks demonstrates how the bank can connect different infrastructures for its clients. For corporates, the official said, this addresses practical challenges such as moving liquidity across markets and financial institutions, as well as improving cash visibility.
Regional treasury plans
Ant International stated that the expansion into the Middle East will support its regional growth and help its businesses, including Alipay+, Antom and WorldFirst, serve local enterprises and travellers. The pilots therefore link treasury infrastructure to the company's merchant payments, cross-border and travel-related services in the region.
A company official described the pilots as a milestone towards achieving real-time treasury management globally. With the support of regional bank partners such as HSBC, Ant International aims to establish a global treasury hub in the Middle East in the near future to support its global operations. The company also stated its intention to contribute to the development of the region's digital finance ecosystem.
For HSBC, the pilots extend its TDS client base into the Middle East and test the service's interoperability with a client's own blockchain-based treasury platform. For Ant International, the UAE corridors connect its regional activity with existing treasury operations in Hong Kong and Singapore, using USD and AED tokenised deposits settled in real time.
