Singapore's Three Big Banks Move Tokenized Deposits on Swift's Ledger

Singapore's three major domestic banks completed live interbank transactions using tokenized deposits, according to a joint announcement led by DBS.

Payment messages moved between UOB, DBS and OCBC through Swift's ledger. The resulting obligations were recorded on each bank's tokenized-deposit infrastructure, then matched and netted before final settlement through existing systems.

That distinction matters. These were live transactions rather than a concept-only demonstration, but the blockchain ledger operated as an orchestration layer rather than replacing the entire banking settlement stack.

The test points toward round-the-clock domestic payments while keeping the underlying money as regulated commercial-bank deposits. It also extends Swift's effort to connect separate tokenized-deposit systems across institutions.

The next evidence is repeat use at scale: transaction volumes, operating hours, corporate access and whether interoperability survives beyond a coordinated pilot environment.

Sources and disclosures

Primary source: DBS official newsroom, September 10, 2026. Operational descriptions are bank-reported.

Update note

Observed September 10, 2026 BRT. Final settlement continued through existing systems.