DBS and Citi have successfully executed a cross-border USD payment between Singapore and the United States over a weekend, marking a significant advancement in global financial transactions. The transaction, completed on 5 September 2026, utilised tokenised deposits via the Swift Digital Ledger, allowing institutions to move money instantly without being restricted by traditional banking hours.
This development is particularly beneficial for industries operating in a 24/7 digital economy, such as e-commerce and digital services, where timely access to cash is crucial. The ability to complete transactions in minutes, as opposed to the usual two business days, provides companies with greater certainty and flexibility in managing liquidity and foreign exchange risks.
Rachel Chew, Group Chief Operating Officer and Co-Head of Digital Assets at DBS, highlighted the importance of this innovation, stating, “In a global digital economy that never sleeps, businesses need to move money more quickly and efficiently across borders to stay competitive.” She emphasised the role of the Swift Digital Ledger in bridging traditional banking with emerging digital networks.
Citi’s Mridula Iyer, Head of Services for Asia South, echoed this sentiment, noting that the transaction demonstrates the reality of always-on cross-border payments. She stated, “This milestone with DBS on Swift’s ledger reflects Citi’s commitment to building financial infrastructure for our clients and partners that is always-on, interoperable and fit for the future.”
As DBS continues to expand its digital asset solutions, this collaboration with Citi represents a step towards a more connected and agile global financial system. The initiative aligns with the growing demand for cross-border transactions in Asia, projected to reach USD 24 trillion by 2033.
