DBS and Citi used tokenised deposits to complete a cross-border US dollar payment between Singapore and the United States on 5 September 2026.
The weekend transaction was processed through Citi’s New York office using the Swift Digital Ledger. It took minutes to complete.
DBS described it as the first successful weekend US dollar payment between the two markets.
The bank said such payments can take up to two business days due to time-zone and weekend gaps.
Swift’s blockchain-based ledger coordinates transfers involving tokenised deposits issued on participating banks’ own ledgers.
Funds can move overnight and on weekends before final settlement through existing infrastructure.
The capability could give companies faster access to funds and help corporate treasurers move liquidity between markets.
It may be particularly useful for round-the-clock sectors such as e-commerce and digital services.
DBS cited projections that Asia’s outbound cross-border payments will reach US$24 trillion by 2033.
This is nearly double the US$13.5 trillion recorded in 2025.
Rachel Chew, Group Chief Operating Officer and Co-Head of Digital Assets, Global Transaction Services, DBS, said,
“Swift Digital Ledger is bridging traditional banking infrastructures with emerging digital networks to enable deeper interoperability that benefits clients.
We are pleased to be working with Citi to demonstrate how tokenised money is moving from experimentation to real-world adoption – laying the foundations for a more connected, nimble and always-on global financial system.”
Mridula Iyer, Head of Services for Asia South, Citi, said,
“Processing a live transaction over a weekend demonstrates that always-on cross-border payments are already a reality.
This work is a natural extension of our strategy in the Services business to integrate our traditional cash management and securities capabilities with emerging tokenised networks and assets and deliver value to institutional clients across their local and global operating models.”
The payment follows Citi’s earlier live US dollar transactions with First Abu Dhabi Bank and OCBC on the same ledger.
Citi had previously named DBS and UOB among the banks expected to join the initiative.
DBS launched DBS Token Services in 2024 to support round-the-clock programmable transfers.
The suite includes DBS Treasury Tokens for treasury and liquidity management.
The bank is also the only Asian-headquartered member of the 12-bank group shaping the Swift Digital Ledger’s architecture.
Featured image: Edited by Fintech News Singapore, based on image by 9moshi via Magnific
