Standard Chartered and Ant International have completed the first Hong Kong dollar (HKD)-denominated blockchain transaction.
This milestone involved intra-group fund transfers between Ant International entities, facilitated by their Whale platform.
The Whale platform uses blockchain technology, advanced encryption, and AI to enhance fund movement efficiency and security.
This transaction marks Standard Chartered‘s first HKD blockchain engagement with Ant International.
Both companies are participants in the Hong Kong Monetary Authority’s Ensemble Sandbox, a project exploring wholesale central bank digital currency (wCBDC) for interbank settlement.
Standard Chartered is part of the Architecture Community within Project Ensemble, working alongside other participants to develop industry standards and real-world applications of tokenised money.
This collaboration reflects the growing demand for innovative treasury solutions, enabling financial institutions to offer greater efficiency and transparency.
Designed to integrate seamlessly with Standard Chartered’s core banking systems, this blockchain transaction operates within a ‘real-world commercial setting,’ enhancing visibility and compatibility with existing client workflows.
Standard Chartered Hong Kong also participates in other HKMA projects, such as the Stable Coin Issuer Sandbox, the e-HKD Pilot Programme, Project mBridge, Project Dynamo, and Project Genesis.
Kelvin Li, Head of Platform Tech at Ant International, said,
“We are proud of the milestone we have achieved through this collaboration with Standard Chartered, and the impact it will have on how businesses manage their global liquidity in the future.
Through combining Standard Chartered’s core banking capabilities with Ant International’s innovative technologies, such as the Whale platform, we are able to leverage tokenisation to facilitate cross-border transactions in a more efficient, secure and seamless manner.”
Anthony Lin, Head of Hong Kong and Greater China & North Asia, and Global Head of Market Management, Transaction Banking, Standard Chartered, said,
“Inefficient working capital costs corporate clients significant revenue drag and we, at Standard Chartered, are committed to adopting the latest technology and collaborating with our regulatory stakeholders to enable the next phase of financial market infrastructure powered by blockchain and tokenisation.
As a member in the Architecture Community of the HKMA’s Project Ensemble, Standard Chartered is excited to work closely with clients, including Ant International, to co-create solutions that will provide seamless, 24/7, real time treasury solutions.”
Featured image credit: Edited from Freepik