Standard Chartered Hong Kong has partnered with Ant Group to launch a Tokenized Deposit Service

BlockBeats News, December 18: According to the Hong Kong Economic Times, Standard Chartered Bank (Hong Kong) and Ant Group have tokenized Ant Group's Hong Kong dollar, renminbi, and US dollar accounts through Ant Group's blockchain financial asset management platform "Whale Platform" under the Hong Kong Monetary Authority's Distributed Ledger Technology Supervisory Sandbox and Ensemble Project framework.

The tokenization solution, jointly developed by both parties, allows Ant Group's business entities to adopt a new financial asset management model, accelerating the transition to a new financial asset management model, enabling real-time transfers of Hong Kong dollars, renminbi, and US dollars 24/7.

Mahesh Kini, Global Head of Standard Chartered's Cash Management Business, stated that as corporate reliance on real-time liquidity increases, the market's demand for real-time and 24/7 financial asset management is rapidly growing.