Singapore's three banks net tokenized deposits on Swift's ledger, then settle elsewhere
DBS, OCBC and UOB moved Singapore dollars between each other as tokenized deposits, which is the first time a domestic interbank market has done it.
Bank
Oversea-Chinese Banking Corporation Limited
The longest established Singapore bank and the second largest financial services group in Southeast Asia by assets, one of the three that moved tokenized deposits between each other over Swift's ledger on 10 September 2026 in what the banks call the first live interbank Singapore dollar transactions of their kind.
The profile
OCBC describes itself as the longest established Singapore bank, formed in 1932 from the merger of three local banks, the oldest of which was founded in 1912, and as the second largest financial services group in Southeast Asia by assets. It is rated Aa1 by Moody's and AA- by both Fitch and S&P. The group runs consumer, corporate, investment, private and transaction banking alongside treasury, insurance, asset management and stockbroking, with private banking through Bank of Singapore, insurance through Great Eastern Holdings, asset management through Lion Global Investors and brokerage through OCBC Securities. It names Singapore, Malaysia, Indonesia and Greater China as its key markets and reports close to 390 branches and representative offices in 19 countries and regions. On this beat it is one of the three Singapore banks on Swift's blockchain-based ledger. The joint release of 10 September 2026 says OCBC, DBS and UOB completed live domestic Singapore dollar transactions using tokenized deposits over that ledger, and its own quotation in the release refers to an earlier live United States dollar cross-border transaction of its own. The bank frames the work as part of a broader digital assets strategy and as an exploration of how trusted forms of digital money can enable more efficient, programmable and interoperable financial services, which is the language of a capability rather than a product: neither the release nor any of the three banks states a value, a count of transactions or a client.
Products and services
- Tokenized deposits on Swift's ledger
- Bank-issued digital money recorded as a tokenized deposit obligation on OCBC's own infrastructure. Swift's ledger matches and nets the obligations against the other banks before final settlement runs through existing systems, which the release does not name.
Coverage
Developments in which Oversea-Chinese Banking Corporation Limited is a named party, newest first.
On the record
DBS, OCBC and UOB exchange tokenised deposits in Singapore dollars
The three banks said they had completed the first live domestic interbank Singapore dollar transactions using tokenized deposits over Swift's ledger. Their release describes the ledger as an orchestration layer that matched and netted the obligations before final settlement ran through existing systems, and gives no value, count, fee or client.