HSBC Introduces Tokenization for Clients in Asia

Asia Blockchain Review
July 5, 2019

International bank HSBC has recently announced that it is adopting a token-based technology for the organization’s accounts receivable (AR) process for clients in India.

HSBC DART to Implement Tokenization for Accounts Receivable

According to Cointelegraph, HSBC’s announcement on June 18th, 2019 revealed that the international bank has introduced its Digital Accounts Receivable Tool (HSBC DART). The solution was created for the bank’s Global Liquidity and Cash Management (GLCM) business.

HSBC also revealed that the tool is based on tokenization technology developed by blockchain-enabled fintech company Identitii, based in Australia. According to the bank’s statement, HSBC DART utilizes Identitii’s approach to tokenization by operating within the bank’s existing infrastructure of receivables with the goal of improving the overall process.

Moreover, HSBC disclosed that the tool is programmed to automate the AR process for its corporate customers as well as their network of buyers. With the tokenized solution, a secure communication layer between network participants is put in place, while eliminating manual work for clients. 

HSBC Looks to Asia for Blockchain Deployment

According to the statement, Identitii disclosed that HSBC plans to introduce HSBC DART in new markets across Asia

This marks the bank’s latest foray into distributed ledger technology (DLT). The bank had announced that blockchain technology reduced the cost of business operations in the bank’s forex trade settlement by 25%.

Earlier this year in March, HSBC was reportedly looking for banking partners in South Korea to deploy Voltron, its blockchain platform. 

HSBC, which was established in 1865 in British Hong Kong, became the world’s 7th largest bank in 2018, as well as the largest in Europe.


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

Related Article
China Races to Roll Out National Digital Currency
Following Facebook’s announcement of Project Libra, China has been more determined than ever to intr...

September 23, 2019

Crypto Exchange Hires Singapore Monetary Authority Veteran as Compliance Chief
iSTOX, a digital securities issuer and crypto exchange, announced that it has hired a 15-year vetera...

September 23, 2019

Isle of Man Issues First Token-Based Supplier License
Blockchain gambling platform FunFair has become the first company to be approved for a token-based s...

September 23, 2019

We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us