Singapore Banks Complete First Tokenised SGD Transactions on Swift Ledger
Tokenised deposits are digital representations of conventional bank deposits issued by regulated lenders, designed to move value more efficiently through blockchain or distributed-ledger technology. Swift's shared ledger links otherwise separate bank token systems, orchestrating the matching and netting of obligations before final settlement through existing infrastructure. The model matters because it could extend trusted interbank payments beyond normal processing windows and support programmable services in corporate treasury, trade and digital commerce.
DBS, OCBC and UOB said on Sept. 10, 2026, that they had completed Singapore's first live domestic SGD interbank transactions using tokenised deposits on Swift's blockchain-based ledger. No transaction value was disclosed. Payment messages moved among the three banks, with obligations recorded on their respective tokenised-deposit systems and netted on Swift's ledger before conventional settlement. The milestone followed tokenised U.S. dollar pilots involving DBS and OCBC with Citi; Swift said in July that 17 banks across six continents were preparing live transactions.
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The history behind this eventHSBC, Standard Chartered Complete First Live Tokenised Deposit Trade on Swift Ledger
Tokenised deposits are digital representations of commercial-bank money on distributed ledgers, designed to preserve the regulatory protections of bank deposits while enabling always-on transfers. Swift’s blockchain-based ledger seeks to connect tokenised-deposit platforms that would otherwise remain isolated within individual banks. The significance lies in interoperability: Swift is providing a shared orchestration layer for regulated digital money, rather than issuing a new currency or replacing the conventional banking system used for final settlement.
HSBC and Standard Chartered said on Aug. 19, 2026, that they completed the first live cross-border interbank transaction on Swift’s blockchain-based ledger. The banks did not disclose the amount or currency. Payment obligations were recorded on HSBC’s Tokenised Deposit Service and Standard Chartered’s tokenised-deposit infrastructure, then matched and netted through Swift’s ledger before final settlement over existing systems. The milestone followed Swift’s July 9 announcement that its ledger was ready for initial use, with 17 banks across six continents preparing to pilot live tokenised-deposit transactions.
Swift and 17 Banks Launch Tokenized Deposit Pilot on Blockchain Ledger
As financial institutions worldwide explore blockchain technology, the rise of tokenized deposits and digital assets is confronting a fragmentation problem because their ledgers cannot communicate with one another. Swift, a hub for global cross-border settlement, has introduced a shared blockchain ledger designed to connect banks’ tokenized assets. The system aims to address the shutdown of cross-border payments on weekends and overnight by enabling instant transactions around the clock, marking an important step in financial digitization.
Swift said on July 9, 2026, that its shared blockchain ledger was ready after nine months of development and that it had launched a tokenized-deposit pilot with 17 financial institutions across six continents. Participants include HSBC, Citi, DBS, ANZ and Wells Fargo. The pilot allows banks to issue and transfer tokenized deposits on their own ledgers while testing instant cross-border transactions under existing compliance and risk-control standards, laying the groundwork for programmable money.
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