DBS, OCBC and UOB settle live SGD interbank transactions on Swift's blockchain ledger

Singapore’s three domestic banks, DBS, OCBC, and UOB, have completed live interbank Singapore dollar transactions using tokenised deposits on Swift’s blockchain-based ledger, marking the first time all three have jointly executed such transfers in a live environment. The milestone follows Swift’s announcement in July 2026 that its ledger was ready for initial use, with 17 banks across six continents lined up to conduct live tokenised-deposit transactions.

The transactions demonstrate that shared-ledger infrastructure can support interbank settlement outside conventional processing windows, addressing one of the persistent operational gaps in domestic payment systems. OCBC’s Deputy Head of Global Transaction Banking, Carmen Chan, noted that the same institution has also completed a live USD cross-border transaction on the ledger, suggesting the rails are being stress-tested across both domestic and international flows. UOB, which describes itself as the first Singapore-headquartered bank to complete live transactions on Swift’s ledger, has now expanded its activity from Hong Kong dollar to SGD and USD.

The longer-term ambition across all three banks points toward corporate treasury, trade finance, and digital commerce use cases, though those applications remain prospective rather than operational. The more immediate signal is infrastructural: by connecting tokenised deposit ecosystems across institutions, Swift’s ledger reduces the interoperability barrier that has historically constrained digital money adoption at scale. DBS, which has been building its digital asset ecosystem since 2021, frames continued work on common standards and cross-ecosystem interoperability as the condition for broader industry uptake.