Singapore's Big Three Banks Execute First Joint Live SGD Transactions on Swift's Blockchain Ledger
Singapore’s Big Three Banks Execute First Joint Live SGD Transactions on Swift’s Blockchain Ledger #
Singapore’s three largest domestic banks, DBS, OCBC and UOB, completed the first live interbank Singapore dollar transactions using tokenised deposits on Swift’s blockchain-based ledger, the banks announced on 10 September 2026. It was the first time all three had executed such transactions together on the same shared platform.
According to the joint announcement, Swift’s ledger acted as an orchestration layer, coordinating payment messages between the three banks’ separate tokenised deposit systems. Payment obligations were recorded on each bank’s own tokenised deposit infrastructure, then matched and netted on Swift’s ledger before final settlement through existing payment systems. Tokenised deposits are digital representations of standard bank deposits, issued by regulated institutions and designed to move across blockchain or distributed-ledger networks while remaining claims on those banks.
The SGD transactions follow earlier live activity on the ledger. DBS and Citi completed a live cross-border US dollar payment between Singapore and New York on 5 September, with the transfer settling in minutes. OCBC and Citi also completed a separate USD tokenised deposit transaction around the same time. UOB had previously used Swift’s ledger for Hong Kong dollar and US dollar transactions, making it the first Singapore-headquartered bank to go live on the platform.
The current activity is part of a controlled proof-of-concept phase scheduled to run from July to December 2026. Swift announced in July that its blockchain-based ledger was ready for initial use, with a cohort of 17 banks across six continents, including ANZ, BNP Paribas, BNY, Citi, HSBC, Standard Chartered and Wells Fargo, preparing to conduct live transactions using tokenised deposits, with a focus on enabling round-the-clock cross-border payments.
Bank executives said the pilots show that always-on, borderless payment capabilities are technically feasible. Rachel Chew, Chief Operating Officer and Co-Head of Digital Assets, Global Transaction Services at DBS, said the pilots demonstrate that clients can transact in USD and SGD at any time, including weekends, using tokenised deposits. The banks said the technology could eventually open new services in corporate treasury, trade finance and digital commerce, though no commercial launch timeline has been disclosed. The banks did not reveal the value or volume of transactions conducted during the trials.
Singapore’s three largest banks have now collectively run live transactions in SGD, USD and HKD on Swift’s ledger, making the country one of the more active single-market participants in the platform’s first live phase.
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