payments infra

Singapore banks complete first domestic tokenized deposit payments via Swift blockchain

Briefing date

What happened

  • Specific facts/numbers: Swift said its blockchain-based ledger is ready for initial use, with 17 banks from six continents preparing to pilot live transactions using tokenized deposits for 24/7 payments; Swift previously said the ledger moved from concept to activation in nine months and that its MVP is aimed at validating and synchronizing interbank payment commitments using tokenized deposits.
  • Institutions involved: Swift is the core infrastructure provider, and Singapore banks named in the story context include DBS, OCBC and UOB; MAS-regulated local banks in Singapore include DBS Bank Ltd. and Oversea-Chinese Banking Corporation Limited, supporting the Singapore banking linkage.
  • Regulatory/technical context: Swift has described the ledger as a shared orchestration layer for regulated digital value that supports interoperability with existing payment systems and uses an EVM-compatible architecture based on Hyperledger Besu; the work sits within broader regulated-bank experimentation around tokenized deposits and always-on cross-border payments.
  • What to watch next: Watch for confirmation of live pilot activity by the Singapore banks on Swift’s ledger, details on domestic-payment use cases beyond the initial cross-border focus, and any MAS-linked supervisory or industry statements; no specific next milestone date was identified.

Why it matters

If domestic tokenized deposit transfers can run over shared Swift-linked infrastructure, banks could extend always-on treasury and payment services without abandoning existing rails and standards.

HKMA Relevance

Indirect: Hong Kong banks are also active in tokenized deposits and Swift’s ledger work, so successful Singapore implementations could influence regional infrastructure and supervisory thinking relevant to the HKMA.

Story details

Where
Singapore
Category
payments infra

Sources