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DBS, OCBC, and UOB have completed live domestic Singapore dollar transactions using tokenised deposits on Swift’s blockchain-based shared ledger, marking a new step in the development of blockchain-enabled interbank payments.
Swift, the global cross-border payments network, launched the shared ledger in September 2025 and completed its design phase in March 2026. The platform is intended to support interbank payments through blockchain technology and tokenised deposits.
Since its launch, several financial institutions have been testing the ledger’s capabilities. BNP Paribas and HSBC recently used the platform to complete the first corporate treasury payments conducted through the system.
The Singapore transactions represent the first live interbank transactions executed by DBS, OCBC, and UOB using tokenised deposits. They provide further insight into how shared-ledger infrastructure could enable continuous interbank payments beyond conventional banking processing hours.
Tokenised deposits support round-the-clock payments
Rachel Chew, COO and co-head of digital assets at DBS Global Transaction Services, said the technology could help align payment availability with the continuous operating cycles of modern businesses.
“In a digital economy, our clients’ businesses operate round the clock, and their money should too. Our pilots prove that with tokenised deposits, clients can transact USD and SGD payments any time, any day, including over a weekend,” Chew said.
The transactions demonstrate how tokenised deposits could enable banks to process payments outside traditional settlement windows while maintaining links to existing financial infrastructure.
Carmen Chan, deputy head of global transaction banking at OCBC, said the initiative offered practical lessons on how shared-ledger systems could expand payment capabilities without compromising the stability of the financial system.
“The initiative provides valuable insights into how shared-ledger technology can unlock new payment capabilities for businesses while maintaining the trust and resilience of today’s financial system,” Chan said.
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