Deployments · platform by Ant International

Ant International Whale tokenised treasury settlementUpdated 28 Oct 2026

Ant International, the Alipay+ and cross-border payments group, moves liquidity between its own entities on Whale, its blockchain treasury and settlement platform, using tokenised deposits issued by its banks. More than a third of its transactions ran on-chain through Whale in 2024. HSBC's Tokenised Deposit Service in Hong Kong went live with Ant as first client in May 2025 for HKD and USD transfers, Standard Chartered introduced tokenised SGD and USD balances for Ant on Whale in December 2025, and OCBC launched SGD and USD tokenised deposits for Singapore–Malaysia treasury flows in October 2026. UBS signed up in November 2025 to connect UBS Digital Cash.

AnnouncedProof of conceptPilotLive (limited)Live (scaled)

Live (limited) since 22 May 2025^[1] — Production use for one corporate group's own treasury flows with a few banks. · Reviewed 13d ago

Assets: Bank deposit^[3]
Bank-issued tokenised deposits in HKD, USD and SGD
Networks: Ant International Whale ledger Private, permissioned^[1]
HSBC tokenised deposit ledger Private, permissioned^[1]
Use cases: Treasury management^[1]Cross-border payments^[3]
Jurisdictions: Singapore, Hong Kong, Malaysia

Participants

Ant InternationalPlatform provider, Operator, Client or user^[1]Singapore
HSBCIssuer, Cash leg provider^[1]United Kingdom
OCBCIssuer, Cash leg provider^[3]Singapore
Standard CharteredIssuer, Cash leg provider^[2]United Kingdom
UBSCash leg provider^[4]Switzerland
DBSIssuer, Cash leg provider^[5]Singapore

Moves across networks

direct linkMessage passingAnt International Whale ledger ↔ HSBC tokenised deposit ledger^[1]

Metrics

over 33 percent / yearShare of Ant International transactions processed on-chain via Whale · as of 2024context^[1]
More than a third; a share, not a value.

Timeline

Happened 7 Oct 2026 · Participant joined · recorded 11 Oct 2026
OCBC launches SGD and USD tokenised deposits for Ant's Singapore–Malaysia treasury flows through WhaleRTP.^[3]
Happened 18 Dec 2025 · Participant joined · recorded 15 Oct 2026
Standard Chartered introduces tokenised SGD and USD account balances for Ant on Whale, after piloting SGD liquidity transfers.^[2]
Happened Nov 2025 (month only) · Participant joined · recorded 11 Oct 2026
UBS and Ant agree to link UBS Digital Cash to Ant's treasury flows for real-time cross-border settlement.^[4]
Happened 22 May 2025 · Launch · recorded 11 Oct 2026
Ant becomes the first client of HSBC's Tokenised Deposit Service in Hong Kong, completing an instant intra-group transfer.^[1]

Sources

[1]Ant International Launches Tokenised Deposit Solutions for Real-Time Treasury Management with HSBC — Ant International, 22 May 2025. Accessed 11 Oct 2026.B
[2]Standard Chartered launches blockchain-based tokenised deposits solution in SGD and USD — Standard Chartered, 18 Dec 2025. Accessed 15 Oct 2026.B
[3]https://www.ocbc.com/group/media/release/2026/ocbc-tokenised-deposit-ant-international-treasury — OCBC, 7 Oct 2026. Accessed 11 Oct 2026.B
[4]UBS and Ant International Partner on Blockchain-Based Real-Time Cross-Border Payments Settlement and Liquidity Management — Ant International (Business Wire), Nov 2025. Accessed 11 Oct 2026.B
[5]DBS launches blockchain-powered Treasury Tokens pilot with Ant International for 24/7 treasury and liquidity management — DBS, 13 Aug 2024. Accessed 28 Oct 2026.B

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