DBS, OCBC, and UOB have completed Singapore's first live interbank SGD transactions using tokenised deposits on Swift's blockchain-based ledger.
The transactions were conducted through the exchange of payment messages between the three banks, with resulting obligations recorded as tokenised deposit obligations on each bank's own infrastructure. Swift's ledger functioned as an orchestration layer, matching and netting these obligations before final settlement took place through existing systems.
Context and technology
According to the companies, the structure behind tokenised deposits retains the characteristics of traditional bank deposits while enabling more efficient and programmable payment processes.
The Singapore pilot follows Swift's announcement in July 2026 that its blockchain-based ledger was ready for initial use, with 17 banks across six continents preparing to trial live transactions involving tokenised deposits. HSBC and Standard Chartered were among the first to execute them on Swift’s ledger.
OCBC has completed a live USD cross-border transaction on the ledger, while UOB stated it has expanded its use of the infrastructure from Hong Kong dollar transactions to Singapore dollar and US dollar transactions conducted outside standard banking hours.
Industry implications
The banks framed the initiative as a step towards an always-on interbank payment infrastructure that operates on a 24/7 availability. Carmen Chan, Deputy Head of Global Transaction Banking at Singapore’s OCBC, described the move as a turning point, proving how shared-ledger technology can extend payment capabilities for businesses while preserving the resilience of the existing financial system, adding that the bank continues to examine how regulated digital money can support more interoperable financial services.
So Lay Hua, Head of Group Transaction Banking, UOB, noted that the pilot illustrates the potential for tokenised infrastructure to move funds more efficiently across markets, currencies, and time zones.
By Swift’s initiative to connect tokenised deposit ecosystems across institutions, the company addresses a structural barrier to wider adoption of digital money.
Potential future applications include corporate treasury, trade finance, and digital commerce, though no specific rollout timeline was disclosed. The pilot remains part of a wider, ongoing Swift-led initiative involving banks across multiple continents.
