Singapore banks DBS, OCBC and UOB have conducted live SGD interbank transactions together using tokenised deposits for the first time.
The domestic Singapore dollar transactions were completed through Swift’s blockchain-based ledger, which coordinated payment messages across the banks’ separate tokenised deposit systems.
The resulting obligations were recorded on each bank’s tokenised deposit infrastructure before being matched and netted for final settlement through existing systems.
Tokenised deposits are digital representations of regular deposits issued by regulated banks.
The technology could eventually support services across corporate treasury, trade and digital commerce.
Rachel Chew, Chief Operating Officer and Co-Head of Digital Assets, Global Transaction Services, DBS, said,
“Our pilots prove that with tokenised deposits, clients can transact USD and SGD payments any time, any day, including over a weekend. DBS has been building its digital asset ecosystem since 2021 to help institutions harness these capabilities at scale.
To help accelerate adoption across the industry, we will continue working with partners to develop interoperability and common standards across different ecosystems. ”
Carmen Chan, Deputy Head of Global Transaction Banking at Singapore’s OCBC, said,
“Singapore’s first live SGD interbank transactions enabled by bank-issued digital money demonstrate the value of industry collaboration in shaping the future of payments.
The initiative provides valuable insights into how shared-ledger technology can unlock new payment capabilities for businesses while maintaining the trust and resilience of today’s financial system.”
So Lay Hua, Head of Group Transaction Banking, UOB, said,
“UOB’s participation in Swift’s ledger reflects our commitment to advancing digital assets and transaction banking capabilities to deliver always-on, borderless payments for clients.
As the first Singapore-headquartered bank to complete live transactions on Swift’s ledger, we have expanded from Hong Kong dollar to Singapore dollar and US dollar transactions beyond traditional banking hours.”
The transactions follow earlier cross-border trials, including a weekend US dollar payment between DBS and Citi and a separate live US dollar transaction between OCBC and Citi on the same ledger.
Swift announced in July 2026 that its blockchain-based ledger was ready for initial use, with 17 banks across six continents preparing to conduct live transactions using tokenised deposits.
