Singapore's three largest banks — DBS, OCBC and UOB — completed the first live interbank transactions using tokenised deposits on Swift's blockchain-based ledger on September 10, marking a milestone for shared digital-asset infrastructure among domestic competitors.
The transactions involved the exchange of payment messages between the three banks, with obligations recorded as digital deposit representations, then matched and netted ahead of final settlement. Swift's blockchain-based ledger functioned as what the banks described as a "secure orchestration layer," enabling round-the-clock payment processing beyond conventional banking hours. Tokenised deposits — digital representations of ordinary bank deposits — moved value using distributed-ledger technology rather than legacy settlement rails.
Transaction value was not disclosed. The banks pointed to potential future applications in corporate treasury, trade finance and digital commerce, and said they would continue developing interoperability standards across ecosystems.
The milestone follows Swift's July 2026 announcement that 17 banks across six continents were preparing for similar live transactions, suggesting this SGD transaction is an early proof point in a broader multi-bank rollout rather than an isolated pilot.