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DBS, OCBC, and UOB complete domestic tokenised deposit transaction
10 September 2026 Singapore
Image: Towfiqu_Barbhuiya/stock.adobe.com
DBS, OCBC, and UOB have completed live domestic Singapore dollar transactions using tokenised deposits on Swift’s blockchain-based ledger.
According to the firms, this marks the first time three Singaporean banks have executed live interbank transactions using tokenised deposits.
The collaborators believe blockchain technology could “open up new services within corporate treasury, trade, and digital commerce”, with Swift’s ledger addressing a barrier to digital money adoption by laying the framework for interoperable payment networks.
The transaction aimed to demonstrate how shared-ledger technology can support round-the-clock interbank payments past TradFi processing windows.
Speaking on the initiative, Rachel Chew, chief operating officer and co-head of digital assets, global transaction services at DBS, says: “In a digital economy, our clients' businesses operate round the clock, and their money should too.
“To help accelerate adoption across the industry, we will continue working with partners to develop interoperability and common standards across different ecosystems.”
Carmen Chan, deputy head of global transaction banking at OCBC, comments: “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.”
So Lay Hua, head of group transaction banking at UOB, remarks: “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.”
According to the firms, this marks the first time three Singaporean banks have executed live interbank transactions using tokenised deposits.
The collaborators believe blockchain technology could “open up new services within corporate treasury, trade, and digital commerce”, with Swift’s ledger addressing a barrier to digital money adoption by laying the framework for interoperable payment networks.
The transaction aimed to demonstrate how shared-ledger technology can support round-the-clock interbank payments past TradFi processing windows.
Speaking on the initiative, Rachel Chew, chief operating officer and co-head of digital assets, global transaction services at DBS, says: “In a digital economy, our clients' businesses operate round the clock, and their money should too.
“To help accelerate adoption across the industry, we will continue working with partners to develop interoperability and common standards across different ecosystems.”
Carmen Chan, deputy head of global transaction banking at OCBC, comments: “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.”
So Lay Hua, head of group transaction banking at UOB, remarks: “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.”
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