Standard Chartered Bank Limited (SCBHK) and Ant International have commercially launched a blockchain-based tokenised deposits solution, enabling real-time, 24/7 fund transfers. The solution, co-created by both entities, allows for the seamless movement of value in HKD, CNH, and USD, significantly accelerating treasury management for global businesses.
The initiative was developed under the Hong Kong Monetary Authority’s (HKMA) Project Ensemble and the Supervisory Incubator for Distributed Ledger Technology. By tokenising Ant International’s accounts on its proprietary Whale platform, a blockchain-based treasury management system, the bank ensures near real-time liquidity flow between the client’s various global entities.
Redefining “just-in-time” liquidity
As corporate demand for instant liquidity rises, this solution addresses the limitations of traditional banking hours and settlement delays. The integration allows institutions to manage working capital more efficiently through a “future-proof” digital infrastructure.
Key features of the new solution include:
- 24/7 Availability: Real-time value transfers that bypass standard banking cut-off times.
- Multi-Currency Support: Immediate settlement capabilities in HKD, CNH, and USD.
- Enhanced Transparency: Secure, blockchain-based tracking of all treasury movements across global markets.
Strategic Collaboration for the Tokenised Era
The commercial launch follows a successful HKD-denominated test settlement completed last year. Ant International is the first client to adopt the solution, marking a major milestone in Standard Chartered’s ongoing tokenisation journey.
Mahesh Kini, global head of cash management at Standard Chartered, noted that the partnership reflects a shared vision for the future of cash management. He stated that as institutions increasingly rely on “just in time” liquidity, the demand for real-time, 24/7 treasury solutions is rapidly accelerating.
Kelvin Li, general manager of platform tech at Ant International, added that the collaboration combines Standard Chartered’s deep banking capabilities with Ant International’s expertise in global payments and tokenisation. “The new solution enhances our liquidity management by providing seamless and secure access to the working capital needs of our businesses globally,” Li said.
Project Ensemble and Market GrowthBoth Standard Chartered and Ant International are key members of the Project Ensemble Architecture Community, established by the HKMA to accelerate tokenisation adoption in Hong Kong. Since May 2024, SCBHK has assisted in designing the Project Ensemble Sandbox, which tests various use cases for tokenised assets.
The success of this commercial rollout is expected to encourage more global businesses to explore the benefits of tokenised deposits, contributing to the broader development of the tokenised asset market in the region.