Ant, HSBC and Swift Advance Tokenised Deposits Using ISO 20022
A major proof-of-concept by Ant International, HSBC, and Swift demonstrates how tokenised deposits can interoperate across networks using the ISO 20022 messaging standard. The initiative showcases how banks could move regulated tokenised value at scale while maintaining compliance and interoperability across rails. This marks a meaningful step toward the institutional adoption of digital money and cross-border settlement modernisation. For a fintech audience, the experiment is notable because it signals both regulatory readiness and industry alignmentโtwo major hurdles for real-world deployment. The PoC also reflects the accelerating convergence of traditional finance, blockchain infrastructure, and payments standards. Its outcomes will likely steer future pilots, standards-setting, and bank-to-bank settlement innovation.
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๐๐จ๐ฐ ๐ ๐๐ฑ๐ฉ๐ฅ๐๐ข๐ง ๐ญ๐ก๐ ๐๐ ๐๐ง๐ญ๐ข๐ ๐๐ ๐๐ญ๐๐ข๐ซ๐๐๐ฌ๐ ๐ญ๐จ ๐๐๐ง๐ค๐ข๐ง๐ ๐๐๐๐ฆ๐ฌ
Iโve been spending time with BCGโs Retail Banking Report, and Exhibit 7 โ the Agentic AI Staircase โ is the clearest framework Iโve seen for understanding where banks actually sit today and what AI-first banking really means.
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Hereโs how I explain it when Iโm advising teams.
๐น ๐๐จ๐ฌ๐ญ ๐๐๐ง๐ค๐ฌ ๐๐ซ๐ ๐ฌ๐ญ๐ข๐ฅ๐ฅ ๐จ๐ง ๐ญ๐ก๐ ๐๐ข๐ซ๐ฌ๐ญ ๐ญ๐ฐ๐จ ๐ฌ๐ญ๐๐ฉ๐ฌ
At the bottom, weโre dealing with simple prediction models and chat interfaces. They help answer questions, draft text, and support service teams, but they donโt change how banking works.
A small step up brings tool-enabled models that can pull data, fill forms, or categorize documents. They deliver efficiency, but the operating model stays the same.
These steps are useful, but they donโt move the needle.
____
๐น ๐๐๐๐ฅ ๐ฏ๐๐ฅ๐ฎ๐ ๐๐๐ ๐ข๐ง๐ฌ ๐ฐ๐ข๐ญ๐ก โ๐๐ ๐๐ง๐ญ๐ข๐ ๐๐จ๐ซ๐ค๐๐ฅ๐จ๐ฐ๐ฌโ
This is the first step where things actually shift. Agents move from helping to doing. They can:
- observe a workflow
- reason about whatโs happening
- take the next action using internal systems
Instead of automating tiny tasks, banks start automating entire journeys like onboarding, credit checks, disputes, or KYC case assembly.
This is where banks finally see measurable impact in cycle time, cost, and customer experience.
____
๐น ๐๐ก๐ ๐ซ๐๐๐ฅ ๐ญ๐ซ๐๐ง๐ฌ๐๐จ๐ซ๐ฆ๐๐ญ๐ข๐จ๐ง ๐ก๐๐ฉ๐ฉ๐๐ง๐ฌ ๐จ๐ง ๐ญ๐ก๐ ๐ฅ๐๐ฌ๐ญ ๐ญ๐ฐ๐จ ๐ฌ๐ญ๐๐ฉ๐ฌ
When banks reach the next stage โ Autonomous Agents โ agents can operate end-to-end with human oversight. They escalate exceptions, learn continuously, and adapt workflow logic over time.
At the very top sit Multi-Agent Systems, where several agents share context and coordinate across departments. Hereโs what changes:
- operations become near-zero marginal cost
- products become continuously adaptive
- the bank shifts from AI-enabled to AI-first
This is the point where cost structure, service model, and competitive advantage reset.
____
๐น ๐๐จ๐ฐ ๐ ๐ก๐๐ฅ๐ฉ ๐ญ๐๐๐ฆ๐ฌ ๐ ๐๐ญ ๐ฌ๐ญ๐๐ซ๐ญ๐๐
Curated News
๐ณ Payments
Mondu Secures โฌ100M in Debt from J.P. Morgan Payments
Mondu has raised a โฌ100 million debt facility from J.P. Morgan Payments, strengthening its B2B BNPL expansion across Europe. The partnership enhances Monduโs capital base and signals growing institutional confidence in the B2B payments segment.
Source
Zilch Obtains Payments Licence
Zilch has secured a payments licence, broadening its ability to offer services beyond BNPL and strengthening its regulatory footing in the UK and EU. This positions the company for deeper product expansion and potential new revenue lines.
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Mastercard and TenPay Enable Global Remittances to Weixin Pay
Mastercard and TenPay Global have partnered to allow users worldwide to send digital remittances directly to Weixin Pay wallets. The collaboration expands cross-border payment options and strengthens remittance access for Chinaโs massive mobile payments ecosystem.
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Apple Pay and Klarna Expand Partnership to France and Italy
Apple Pay and Klarna have expanded their integration to additional European markets, enabling shoppers in France and Italy to use Klarnaโs BNPL services within Apple Pay. The move streamlines checkout experiences and broadens BNPL availability in high-spending retail markets.
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BIS and Central Banks Test Post-Quantum Payments Security
The BIS and several central banks have launched tests exploring post-quantum cryptography for payments infrastructure. The research aims to ensure financial systems remain secure against future quantum threats, marking a strategic investment in long-term infrastructure resilience.
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HBX Group and Mastercard Launch Virtual Payment Programme for Travel
HBX Group and Mastercard are rolling out a virtual payments solution tailored to travel intermediaries, enhancing settlement efficiency and fraud reduction in a high-risk industry. The programme supports global travel commerce by digitising operational and financial workflows.
Source
Mastercard and TerraPay Expand Global Wallet Acceptance
Mastercard and TerraPay have partnered to broaden acceptance for digital wallets worldwide, allowing wallet holders to transact across Mastercardโs network. This bridges closed-loop wallets with global acceptance rails, strengthening financial inclusion and payment interoperability.
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MoneyHash and WalaOne Partner on Loyalty and Rewards in Saudi Arabia
MoneyHash and WalaOne are teaming up to expand loyalty and rewards infrastructure for Saudi merchants. The collaboration enhances customer engagement tools as digital commerce accelerates across the region.
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๐ฆ Banking
Bank of England Seeks Business Input on Digital Pound Design
The Bank of England is inviting businesses to contribute feedback on the development of a potential digital pound. The consultation aims to ensure commercial viability and broad industry alignment as the UK evaluates CBDC deployment.
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Tandem Bank Appoints New CTO
Tandem Bank has named a new Chief Technology Officer to lead its digital transformation and enhance its technology stack. The appointment reinforces its strategy to scale tech-driven lending and savings products.
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Mollie Nears GoCardless Acquisition
Mollie is reportedly close to completing its acquisition of GoCardless, a move that would create one of Europeโs largest bank-to-bank payments providers. The deal would consolidate market share and accelerate product integration across SEPA and open banking rails.
Source
๐ช Crypto
Bitcoin Falls Despite Fed Rate Cuts
Bitcoin is declining even after the US Federal Reserveโs rate cut, driven by profit-taking, market corrections, and broader risk-off sentiment. The movement highlights volatility persistence despite supportive macro signals.
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Bhutan Launches Gold-Backed Sovereign Token on Solana
Bhutan has introduced a state-backed digital token on Solana, collateralised by the nationโs gold reserves. The initiative blends sovereign monetary strategy with blockchain infrastructure, signalling emerging-market experimentation with tokenised assets.
Source
Bitcoin Drops Below $90k Amid Tech Market Weakness
Bitcoin has dipped under $90,000 as tech equities face declining forecasts and investor sentiment weakens. The correlation between digital assets and tech sector momentum remains strong, influencing short-term volatility.
Source
๐ผ Fintech
RockFlow Secures Tens of Millions in New Funding
Singapore-based RockFlow has raised tens of millions of dollars to grow its AI-driven wealth and trading platform. The funds will support product scaling and expansion in Asiaโs fast-growing retail investing market.
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Airwallex Invests $590M to Expand UK Operations
Airwallex is committing $590 million over five years to deepen its UK and regional footprint, strengthening its cross-border payments and global financial infrastructure capabilities. The investment underscores the UKโs role as a strategic fintech hub.
Source
Ecommpay Achieves Full Digital Accessibility Certification
Ecommpay has received complete approval from the Digital Accessibility Centre for its website and product interfaces. The certification supports inclusive design and aligns with rising regulatory expectations around accessibility in financial services.
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PRISM by Pepper Advantage Goes Live
Pepper Advantage has launched PRISM, its new credit and mortgage servicing platform designed to enhance data visibility and automation for lenders. The platform aims to modernise servicing operations and improve portfolio efficiency.
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๐ WealthTech
Syfe Achieves Q4 Profit with $2B in Client Returns
Syfe has posted a profitable quarter supported by strong client investment performance amounting to $2 billion in returns. The results demonstrate the resilience of digital wealth platforms amid shifting market dynamics.
Source
๐ Regulation
FIS Research Shows Consumers Feel AI in Finance Is Moving Too Fast
New research from FIS indicates over one-third of UK consumers believe AI adoption in financial services is advancing too quickly. The findings highlight a growing need for consumer education and responsible deployment frameworks.
Source
๐ข Other
Simply Asset Finance Reaches ยฃ2B in Loan Originations
Simply Asset Finance has surpassed ยฃ2 billion in total loan origination, marking a significant milestone in its SME lending journey. The growth reflects ongoing demand for flexible credit solutions among UK businesses.
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