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OCBC and UOB have successfully completed live domestic Singapore dollar transactions using tokenised deposits on Swift’s blockchain-based ledger
This marks a significant milestone for Singapore’s banking industry and the first time the three Singapore banks have executed live interbank transactions using tokenised deposits.
The collaboration demonstrates how banks can work together to advance next-generation payment infrastructure. It also provides insights into how shared-ledger technology could support round-the-clock interbank payments beyond traditional processing windows.
The partnership underscores Singapore’s position as a trusted centre for financial innovation, with its Singapore banks advancing new payment capabilities while maintaining the trust and safety of the existing financial system.
In future, the technology could open up new services within corporate treasury, trade and digital commerce.
The transactions follow Swift’s July 2026 announcement that its blockchain-based ledger was ready for initial use, with 17 banks across six continents preparing to conduct live transactions using tokenised deposits.
Rachel Chew, Chief Operating Officer and Co-Head of Digital Assets, Global Transaction Services, DBS, said: “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.
DBS has been building its digital asset ecosystem since 2021 to help institutions harness these capabilities at scale. To help accelerate adoption across the industry, we will continue working with partners to develop interoperability and common standards across different ecosystems. This will bring the industry closer to seamless transactions and reinforce Singapore’s position as a global financial and innovation hub.”
Carmen Chan, Deputy Head of Global Transaction Banking at Singapore’s OCBC, said: “Singapore’s first live SGD interbank transactions enabled by bank-issued digital money demonstrate the value of industry collaboration in shaping the future of payments. 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.
Together with our successful live USD cross-border transaction, these milestones highlight how Swift’s ledger can support always-on domestic and international payments. As part of OCBC’s broader digital assets strategy, we are continuing to explore how trusted forms of digital money can enable more efficient, programmable and interoperable financial services. We are pleased to work alongside Swift and industry partners to advance innovation that strengthens Singapore’s position as a leading digital and financial hub.”
So Lay Hua, Head of Group Transaction Banking, UOB, said: “UOB’s participation in Swift’s ledger reflects our commitment to advancing digital assets and transaction banking capabilities to deliver always-on, borderless payments for clients.
As the first Singapore-headquartered bank to complete live transactions on Swift’s ledger, we have expanded from Hong Kong dollar to Singapore dollar and US dollar transactions beyond traditional banking hours, demonstrating the potential of tokenised infrastructure to enable faster, more seamless movement of funds across markets, currencies and time zones, while supporting Singapore’s position as a leading global financial and innovation hub.
As the One Bank for ASEAN, we will further develop trusted, scalable payment solutions that strengthen regional connectivity and enable cross-border commerce.”
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Source: www.marketsmedia.com