17th September 2026
By Shubhii Verma
DBS, OCBC and UOB have completed live Singapore dollar transactions using tokenised deposits on Swift’s blockchain-based ledger, marking the first time the three banks have conducted live interbank transactions through the technology.
Singapore Banks Complete Live SGD Transactions Using Tokenised Deposits
The milestone highlights Singapore’s push toward payment infrastructure and demonstrates how shared-ledger technology could support round-the-clock movement of money.
By connecting tokenised deposit ecosystems across banks, Swift’s ledger aims to address a major barrier to digital money adoption: interoperability. It could support payments beyond traditional banking hours and new opportunities for corporate treasury, trade and digital commerce.
Swift Expands Live Tokenised Deposit Transactions Across Global Banks
The transactions follow Swift’s July 2026 announcement that its blockchain-based ledger was ready for initial use. At the time, 17 banks globally were preparing to conduct live transactions using tokenised deposits.
DBS, OCBC and UOB Advance Tokenised Payments in Singapore
DBS Chief Operating Officer and Co-Head of Digital Assets Rachel Chew said tokenised deposits can enable clients to make Singapore dollar and US dollar payments at any time.
DBS has been developing its digital asset ecosystem since 2021 and said it will continue working with industry partners on interoperability and common standards. Such efforts could improve interoperability while supporting Singapore’s financial hub ambitions.
OCBC Deputy Head of Global Transaction Banking Carmen Chan described the live SGD transactions as evidence of collaboration between banks in developing future payment systems.
Chan said shared-ledger infrastructure could provide new payment capabilities while preserving trust and resilience. OCBC has also completed a live US dollar cross-border transaction, highlighting its potential for domestic and international payments.
UOB has expanded its participation in Swift’s ledger. The bank said it became the first Singapore-headquartered bank to complete live transactions on the platform, extending its activity from Hong Kong dollar transactions to Singapore dollar and US dollar payments outside traditional banking hours.
So Lay Hua, Head of Group Transaction Banking at UOB, said tokenised infrastructure could enable faster movement of funds across markets, currencies and time zones.
The bank plans to continue developing scalable payment solutions supporting regional connectivity and cross-border commerce across ASEAN.
What Swift’s Ledger Could Mean for Singapore’s Payment Infrastructure
For Singapore’s financial sector, the development represents more than a technical experiment. Live interbank transactions provide evidence that tokenised bank money can operate across institutional networks while maintaining established standards of trust and security.If adoption expands, Swift’s ledger could help establish an always-on payment infrastructure connecting banks, currencies and markets, potentially changing how businesses manage liquidity and transactions.
