What happened
- Specific facts/numbers: DBS, OCBC and UOB said they completed live domestic Singapore dollar interbank transactions using tokenised deposits on Swift’s blockchain-based ledger, described as the first such live use by the three local banks on the platform.
- Institutions involved: The project involved DBS, OCBC, UOB and Swift; DBS published the joint announcement and OCBC also carried the release.
- Regulatory/technical context: The transactions used tokenised deposits on Swift’s digital ledger, which Swift previously said was being activated to support 24/7 payments and interoperability for regulated tokenised value across banks.
- What to watch next: Watch for broader production rollout, additional participating banks and any move from domestic SGD use cases into cross-border or always-on payment flows; no specific next milestone was identified.
Why it matters
The test suggests large banks are moving tokenised deposit infrastructure closer to practical, always-on bank payment rails rather than keeping it in closed pilots.
HKMA Relevance
Indirect: Singapore’s progress on tokenised bank money and interoperable payment rails is relevant to Hong Kong as the HKMA is also exploring regulated tokenisation and next-generation settlement infrastructure.