DBS, OCBC, and UOB have successfully executed the first live domestic Singapore dollar transactions using tokenised deposits on Swift’s blockchain-based ledger. This collaboration marks a significant advancement in Singapore’s banking sector, showcasing the potential of shared-ledger technology to enable continuous, interoperable payment networks.
The initiative demonstrates how banks can collaborate to develop next-generation payment infrastructure, providing insights into how shared-ledger technology could facilitate 24/7 interbank payments beyond traditional processing hours. This development reinforces Singapore’s reputation as a hub for financial innovation, with its banks pioneering new payment capabilities whilst ensuring the trust and safety of the existing financial system.
Swift’s ledger connects tokenised deposit ecosystems across banks, addressing a critical barrier to digital money adoption and laying the groundwork for more efficient payment networks. The technology could eventually introduce new services in corporate treasury, trade, and digital commerce.
Rachel Chew of DBS highlighted the importance of round-the-clock transactions, stating, “Our pilots prove that with tokenised deposits, clients can transact USD and SGD payments any time, any day, including over a weekend.” Carmen Chan from OCBC emphasised the value of industry collaboration, noting, “The initiative provides valuable insights into how shared-ledger technology can unlock new payment capabilities for businesses.”
UOB’s So Lay Hua expressed commitment to advancing digital assets, saying, “These demonstrate the potential of tokenised infrastructure to enable faster, more seamless movement of funds across markets, currencies and time zones.”
This milestone follows Swift’s July 2026 announcement of its blockchain-based ledger’s readiness for initial use, with 17 banks globally preparing for live transactions using tokenised deposits.
