UOB and HSBC have successfully executed live cross-border transactions in Hong Kong dollars using Swift’s blockchain-based ledger. This achievement marks UOB as the first Singapore-headquartered bank to complete such transactions on the platform. The initiative highlights the potential of shared-ledger infrastructure to enhance cross-border payments and liquidity management.
The transactions follow Swift’s announcement in July 2026 that its blockchain-based ledger was ready for initial use, with 17 banks across six continents preparing to pilot live transactions using tokenised deposits. UOB plans to extend this initiative to include Singapore dollar and US dollar transactions in September 2026, involving additional banking partners.
So Lay Hua, Head of Group Transaction Banking at UOB, stated, “As the first Singapore-headquartered bank to execute live transactions on Swift’s ledger, UOB has taken another important step from industry collaboration to real-world execution.”
Winnie Yap, Head of Global Payments Solutions at HSBC Singapore, added, “This live transaction with UOB on Swift’s Ledger demonstrates how tokenised deposits can work across institutions in a way that is secure, interoperable and designed for real-world payment flows.”
The collaboration between UOB and HSBC underscores their commitment to advancing next-generation payment infrastructure through secure and interoperable shared-ledger solutions. This development is expected to provide valuable insights into the potential for shared-ledger infrastructure to support round-the-clock domestic and cross-border interbank payments, paving the way for more efficient and responsive financial transactions in a 24/7 economy.
