December 16, 2025
By Anjali Kochhar
Swift has completed a landmark pilot with Ant International and HSBC to test blockchain-based cross-border payments, marking a significant advancement in how international money movement may evolve. The initiative successfully demonstrated the transfer of tokenised deposits between HSBC Singapore and HSBC Hong Kong, using Swift’s global network combined with the ISO 20022 messaging standard. This is the first time Swift’s infrastructure has been applied to tokenised deposits in a cross-border scenario, underscoring the growing convergence of traditional banking systems and digital-asset technology.
The pilot integrated Ant International’s blockchain platform with HSBC’s Tokenised Deposit Service, enabling real-time treasury management across markets. The trial showcased how tokenised deposits can be moved securely and efficiently while operating alongside conventional banking systems, offering a potential blueprint for future corporate liquidity and settlement processes.
A key innovation in the experiment was a new common protocol jointly developed by Swift, HSBC and Ant International. This eliminates the need for individual bilateral agreements between Ant International and participating banks, simplifying interconnection and reducing friction. Such interoperability is considered crucial for scaling digital-asset adoption across global banking networks.
ISO 20022 played a central role by providing a consistent and structured data format, allowing blockchain-powered transactions to communicate smoothly with traditional financial systems. The successful application of the standard to tokenised deposits highlights how improved data structures can enhance transparency, compliance checks and processing speed in cross-border payments.
Executives from all three organisations emphasised the potential impact of the pilot. Swift highlighted how combining blockchain technology with standardised data can strengthen anti-money-laundering and sanctions screening. HSBC stressed the importance of connecting digital-asset networks with existing payment rails to offer clients more flexible global liquidity solutions. Ant International reaffirmed its commitment to supporting broader industry standardisation and enabling seamless cross-border financial flows.
Beyond immediate operational gains, the pilot signals a broader shift in international finance. By demonstrating that tokenised assets can move reliably across borders through existing global infrastructure, the initiative could accelerate the commercial adoption of tokenised deposits and other digital-money solutions. This marks a meaningful step toward a future where blockchain technology and traditional financial systems operate in harmony to deliver more efficient, transparent and interoperable global payment experiences.
About the authorAnjali Kochhar covers cryptocurrency and blockchain stories in India as well as globally. Having been in the field of media and journalism for over four years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.
