Ant International and HSBC said they have completed a tokenized payment pilot in the United Arab Emirates, marking a new test of tokenized deposits for cross-border transactions. Ant International was identified as HSBC’s first client in the Middle East to use the service. According to the announcement cited by Techub News, the pilot was designed to improve the efficiency and transparency of cross-border payments. The two companies did not disclose the value of the transactions involved or the overall size of the pilot. The report cited Tech in Asia as the source of the information.
Ant International and HSBC said they have completed a tokenized payment pilot in the United Arab Emirates, according to Techub News.
Ant International became HSBC’s first client in the Middle East to use the service.
Tokenized deposits used in the pilot
The pilot used tokenized deposit technology and was aimed at improving the efficiency and transparency of cross-border payments.
The two sides did not disclose the transaction value or the scale of the pilot.
The information was cited from Tech in Asia.
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