HSBC Launches Orion; a Blockchain-Based Tokenization Platform

The platform enables the tokenization of digital bonds and currencies for financial institutions and corporations. 

The product leverages blockchain technology to issue these bonds but does not involve cryptocurrencies. 

John O’Neill, HSBC’s Global Head of Digital Asset Strategy, Markets & Securities Services, cited that:

“Digital assets are a fast-growing part of financial markets. Our clients are demanding solutions that can deliver the benefits of tokenization within a trusted and secure environment.” 

With this new development, HBSC Orion will enable faster processing and improved functional performance. Last year, the European Investment Bank (EIB) issued a $100 million bond on the Ethereum blockchain and is now exploring the possibility of issuing the first-ever GBP-tokenized bond using HSBC Orion. 

Zhu Kuang Lee, Chief Digital, Data & Innovation Officer, HSBC Securities Services, also commented, saying;

“HSBC is pleased to be providing a secure and trusted backbone that registers and offers custody for tokenized bonds, supporting our customers in tokenized asset markets. We believe that tokenization solutions complement and expand HSBC’s best-in-class custody and asset servicing capabilities, and we plan to widen our support for digital assets in 2023.” 

HSBC is one of the largest banking organizations in the world, with operations in over 63 countries. It has been serving international and domestic clients for many years and is looking to expand its product offerings. 

HSBC has conducted blockchain bond trials on different platforms. This year, the company worked with the Singapore Marketnode tokenization platform to issue a $400 million bond for an agricultural firm.

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