Linklaters advised The Hongkong and Shanghai Banking Corporation Limited (HSBC) on the launch of its Tokenised Deposit Service (TDS) in Singapore, marking a significant milestone in the bank’s expansion of blockchain-based payment capabilities across Asia following its initial launch in Hong Kong SAR.
The service enables 24/7 real-time instant settlement of cross-border transactions between Hong Kong SAR and Singapore, facilitating efficient treasury operations and effective cash flow management – especially vital to manage liquidity in a volatile foreign exchange and interest rate environment. This service builds on Singapore’s role as a leading international treasury hub, where corporates are accelerating the adoption of digital treasury models.
The Linklaters team was led by Head of Singapore Financial Regulation and Asia Head of Fintech Peiying Chua, and supported by associate Alcander Seah.
Linklaters’ partner Peiying Chua commented:
“This transaction exemplifies the convergence of traditional banking and cutting-edge digital solutions. We are proud to support our client in delivering a service that not only enhances operational efficiency but also sets a new benchmark for cross-border financial innovation in Asia.”
Linklaters is at the forefront of the digital assets space and has worked on many market-firsts in the region, including advising a Singapore-based blockchain platform on its token offering, Zilliqa, creating the first Singapore-based unicorn ICO with a market capitalisation of over US$1bn after issuance, and the world’s first blockchain-based fractional bond trading platform (BondbloX).