HSBC launches tokenized dirham on Orion network in UAE

HSBC Bank Middle East Limited has launched tokenized dirham deposits in the United Arab Emirates on its Orion blockchain cash network, which operates 24 hours a day, seven days a week. The service lets eligible corporate and institutional clients transfer dirham balances instantly across borders and between internal treasury units, subject to approval from UAE regulators and the bank’s standard onboarding checks.

HSBC said the offering adds the UAE dirham to a multicurrency digital cash platform that already supports euros, British pounds, U.S. dollars, Hong Kong dollars and Singapore dollars. The service is designed to remove standard banking-hour limits on internal transfers, cut manual processes and give treasuries real-time visibility of global cash positions.

Mohamed Al Marzooqi, chief executive officer of HSBC UAE, commented: “The introduction of tokenized deposits to the UAE is a reflection of the maturity of the local regulatory environment when it comes to digital finance and the genuine demand from corporates operating in and through this market for more capable treasury tools.”

Kyle Boag, regional head of global payments solutions for HSBC Middle East, North Africa and Türkiye, noted: “The demand for instant, secure, always-on liquidity solutions is only increasing as businesses seek to compete in a globalized and highly digitalised world.”

HSBC has built digital asset infrastructure over several years. The bank powered a multicurrency digital green bond in Hong Kong equivalent to $1.3 billion and helped issue the European Investment Bank’s first digital bond denominated in British pounds. Orion was selected by the UK government for a sovereign digital gilt pilot.

The tokenized deposit service is available now to eligible clients in the UAE, subject to regulatory clearance and the bank’s usual onboarding procedures.