DBS, OCBC and UOB have successfully completed live domestic Singapore dollar transactions using tokenized deposits on Swift’s blockchain-based ledger.
This marks the first time the three Singapore banks have executed live interbank transactions using tokenized deposits, a significant milestone in the local banking industry.
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.
By connecting tokenized deposit ecosystems across banks, Swift’s ledger addresses a critical barrier to the adoption of digital money, laying the foundation for more efficient, interoperable payment networks.
New services
In future, according to the banks, 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 tokenized deposits.
Tokenized deposits are regular bank deposits in digital form that enable efficient movement of value using blockchain or distributed ledger technology. Issued by regulated banks, they retain the trust and familiarity of traditional bank deposits while supporting more efficient and programmable payments.
The live transactions were conducted through the exchange of payment messages between UOB, DBS and OCBC using Swift’s ledger.
The resulting obligations were recorded as tokenized deposit obligations on each bank’s tokenized deposit infrastructure. Swift’s blockchain-based ledger acted as a secure orchestration layer, enabling the obligations to be matched and netted between the banks prior to final settlement through existing systems.
