HSBC has completed a significant blockchain pilot in collaboration with Singapore-based Ant International, successfully connecting Ant’s blockchain infrastructure with the Swift network between HSBC operations in Singapore and Hong Kong. The initiative was carried out using HSBC’s tokenized deposit services and was designed to enable real-time cross-border treasury management. The project demonstrated how digital assets issued on blockchain platforms can move seamlessly across borders while remaining connected to established global banking rails.
The test marked the first known instance of using the Swift network together with the ISO 20022 financial messaging standard to support blockchain-based tokenized deposits. By applying ISO 20022, the participants were able to ensure interoperability between blockchain transactions and legacy financial systems. Industry observers described the initiative, announced in mid-December, as a potential foundation for standardizing international blockchain payments and modernizing corporate treasury operations.
ISO 20022 as a Bridge Between Blockchain and Legacy Systems
The use of ISO 20022 was positioned as a critical enabler for the project. The messaging standard allows structured and consistent data exchange, making it easier for blockchain-based payment mechanisms to integrate with traditional banking infrastructure. In the most recent pilot phase, Swift and HSBC introduced a shared protocol that eliminated the need for Ant International to negotiate and maintain separate bilateral arrangements with each participating bank.
This common protocol approach was designed to simplify cross-border transactions for corporate treasury teams by reducing operational complexity. Rather than building individual connections with multiple financial institutions, digital money issuers can rely on Swift’s existing network and messaging framework to reach a broad range of counterparties. The pilot highlighted how tokenized deposits could function within familiar banking processes while benefiting from the speed and programmability of blockchain technology.
Expanding Interoperability Across Global Banking Networks
The platform developed through this collaboration allows issuers of digital money to leverage Swift’s infrastructure to support adoption among banks and external clients. By avoiding the creation of multiple bespoke connections, the solution aims to lower integration barriers while strengthening interoperability between fiat-based systems and digital assets. Swift’s global reach, which spans more than 11,500 banks, securities firms, corporate clients, and market infrastructure providers across over 200 jurisdictions, was presented as a key advantage in scaling such solutions.
Despite the technical progress, some analysts have expressed cautious views on the broader impact of the initiative. Academic commentary suggested that while blockchain trials conducted by major banks may yield incremental cost efficiencies, the overall savings could be modest in the near term. From this perspective, traditional financial institutions are still in an early phase of innovation, and further experimentation may be required before blockchain-based interbank payments become widely adopted as a standard practice.
Ant International’s Broader Blockchain Strategy
The HSBC pilot builds on Ant International’s ongoing engagement with Swift and other global financial institutions. In the previous year, Ant participated in Swift-led initiatives aimed at improving transparency in cross-border payments by testing end-to-end transaction tracking across banks, payment service providers, and digital wallets. These efforts were intended to enhance visibility and traceability in complex international payment flows.
Ant International, which operates as an independent entity spun off from Ant Group and affiliated with Alibaba Group, has actively collaborated with banks on a range of tokenization initiatives. In November, the company announced a partnership with Swiss banking group UBS to integrate with UBS’s blockchain-based payments platform, with the goal of improving Ant’s global treasury operations. Beyond commercial banking collaborations, Ant International has also been involved in digital asset initiatives supported by public authorities.
Implications for Future Treasury and Payments Infrastructure
The successful linkage of blockchain infrastructure with Swift’s messaging network underscores a growing effort to align emerging digital asset technologies with established financial systems. By enabling real-time, cross-border treasury management through tokenized deposits, the HSBC and Ant International pilot highlights a pathway toward more efficient global liquidity management. While questions remain about the pace of industry-wide adoption, the project illustrates how standardized messaging and global networks can play a central role in bridging traditional finance and blockchain-based innovation.