What happened
- Specific facts/numbers: Citi said on September 2, 2026 that it had processed live transactions on Swift’s blockchain-based ledger; Citi, FAB and OCBC were identified as the first banks to conduct live USD transactions in the Middle East and Southeast Asia, and Citi said DBS and UOB are expected to join later in September.
- Institutions involved: Citi, Swift, First Abu Dhabi Bank (FAB), Oversea-Chinese Banking Corporation (OCBC), DBS and United Overseas Bank (UOB) were named in the rollout.
- Regulatory/technical context: The initiative uses Swift’s blockchain-based ledger to support tokenised deposits and aims for always-on, cross-currency and interoperable cross-border payments on regulated banking infrastructure.
- What to watch next: Watch for the planned addition of further collaborating banks, including DBS and UOB later in September; beyond that, no further milestone was identified.
Why it matters
This shows large banks moving tokenised-deposit payments from pilots into live cross-border use, which could improve 24/7 liquidity and payment availability for institutional clients.
HKMA Relevance
Indirect: The project advances cross-border tokenised payment infrastructure in Asia, a topic relevant to Hong Kong’s broader digital money and payment modernization agenda.