HSBC, Ant Int’l complete HKD cross-bank test transactions

The use case integrates HSBC and Hang Seng’s networks with Ant’s Whale platform.

HSBC and Ant International have successfully completed HKD-denominated cross-bank test transactions under the central bank’s Ensemble Sandbox.

This marks the first use case to achieve successful HKD cross-bank test transactions under the sandbox, HSBC and Ant International said in a joint press release.

Ant International and HSBC’s use case integrates HSBC’s and Hang Seng Bank’s networks with Ant International’s Whale platform to support real-time cross-bank transfers. The test service is meant to be available 24/7, offer greater cost efficiency, and reduce working capital expended.

Project Ensemble is the Hong Kong Monetary Authority’s (HKMA) wholesale central bank digital currency (wCBDC) project aimed at fostering the development of tokenization in Hong Kong.

Under the Sandbox, companies can research and test tokenization use cases including the settlement of tokenized monies and tokenized real-world assets, amongst others.

Ant International has developed two use cases under the sandbox using its Whale platform, including this collaboration with HSBC.

The Whale platform is Ant International’s next-generation treasury management solution. It utilizes blockchain technology, advanced encryption and artificial intelligence with the goal of improving the efficiency and transparency of fund movements.