Ant International, a Singapore-headquartered fintech firm focused on payments and treasury services, said on October 6 it expanded its collaboration with HSBC in the Middle East.

The companies completed pilot transactions for intra-United Arab Emirates (UAE) dirham transfers and cross-border US dollar payments from the UAE to markets including Hong Kong and Singapore.

Ant International made the transactions through WhaleRTP, its blockchain-based platform for real-time treasury management.

HSBC executed them through its Tokenised Deposit Service.

Ant International was HSBC’s first client in the Middle East to use the service, according to the announcement.

The service represents bank deposits as digital tokens for domestic and cross-border transfers.

The announcement said the service is live in the UAE, Hong Kong, Singapore, the UK, the US, and Luxembourg.

Separately, the UAE central bank has set rules for payment token services. JP Morgan also offers bank-backed deposit tokens for institutional payments and treasury use.

🔗 Source: Ant International

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