HSBC has launched its tokenized deposit service in the United Arab Emirates, introducing the UAE dirham to its blockchain-based corporate cash management network.
Key Takeaways:
HSBC launched its tokenized deposit service in the UAE, adding the dirham to a 24/7 blockchain cash network.The rollout expands HSBC Orion’s footprint, boosting corporate liquidity across global markets.Next, eligible corporate clients can instantly onboard the network subject to UAE regulatory approvals.“The introduction of tokenized deposits to the UAE is a reflection of the maturity of the local regulatory environment when it comes to digital finance and the genuine demand from corporates operating in and through this market for more capable treasury tools,” Al Marzooqi said.
According to HSBC, the service is designed to streamline working capital by removing standard banking-hour constraints for internal transfers, reducing manual processes and providing real-time visibility into global cash positions.
Before expanding the service into the UAE, HSBC spent several years building out its digital asset infrastructure. The bank powered a $1.3 billion-equivalent multicurrency digital green bond issuance for Hong Kong, which was the largest digital bond offering of its kind at the time.
HSBC said the service is available immediately to eligible clients in the UAE, subject to regulatory approvals and standard onboarding.
