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HSBC will offer tokenization deposit services to clients in the United States and the UAE.
On November 19, according to Bloomberg, HSBC Holdings Plc will launch tokenization deposit services for corporate clients in the United States and the United Arab Emirates in the first half of next year. Manish Kohli, Head of Global Payment Solutions at HSBC, stated that the tokenization deposit service allows clients to achieve real-time domestic and cross-border fund transfers around the clock, without being limited to working hours, and this system helps large enterprises manage liquidity more efficiently. HSBC's tokenization service has been launched in Hong Kong, Singapore, the UK, and Luxembourg, currently supporting transactions in euros, pounds, dollars, Hong Kong dollars, and Singapore dollars. Kohli mentioned that when the service expands to the Middle East next year, the UAE Dirham will be added. According to Kohli, HSBC plans to expand the use cases of tokenization deposits in Programmability payments and autonomous treasury, utilizing automation and artificial intelligence to independently manage cash and liquidity risks; furthermore, HSBC is also researching the stablecoin industry and is currently in talks with some stablecoin issuers to provide reserve management and settlement account services.