DBS and Citi complete cross-border tokenised deposit transaction
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DBS and Citi complete cross-border tokenised deposit transaction 07 September 2026US, Singapore Reporter: Matthew Challis
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DBS and Citi have completed a US dollar payment between Singapore and the US using tokenised deposits via the Swift Digital Ledger, executed over a weekend.
The transaction was conducted by DBS and Citi’s New York office on 5 September 2026, finalising in minutes as opposed to the norm of up to two business days.
The firms say the successful payment provides proof of “greater certainty and faster access to cash” for institutions operating in round-the-clock borderless industries, such as digital services and e-commerce.
DBS and Citi also state that corporate treasurers can respond more effectively to changing market conditions by being able to move liquidity across entities and markets at near-instantaneous speeds.
The transaction builds on DBS’s capabilities in tokenised money and payments, as the bank continues to expand its suite of digital asset products.
Commenting on the initiative, Rachel Chew, group chief operating officer and co-head of digital assets, global transaction services at DBS, says: “Swift Digital Ledger is bridging traditional banking infrastructures with emerging digital networks to enable deeper interoperability that benefits clients.
“We are pleased to be working with Citi to demonstrate how tokenised money is moving from experimentation to real-world adoption — laying the foundations for a more connected, nimble, and always-on global financial system.”
Mridula Iyer, head of services for Asia South at Citi, adds: “This milestone with DBS on Swift’s ledger reflects Citi’s commitment to building financial infrastructure for our clients and partners that is always-on, interoperable, and fit for the future.
“Processing a live transaction over a weekend demonstrates that always-on cross-border payments are already a reality.”
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