DBS and Citi Smash Weekend Payment Barrier with Tokenised Deposits

DBS and Citi have successfully completed a weekend cross-border payment in USD between Singapore and the US, using tokenized deposits on the Swift Digital Ledger. This transaction settled in minutes, bypassing the typical two-business-day wait time for such payments.

The banks' joint announcement highlighted that this move is crucial for businesses operating in a global digital economy where speed and efficiency are key to staying competitive. According to Rachel Chew, DBS' group chief operating officer and co-head of digital assets for global transaction services, 'In a global digital economy that never sleeps, businesses need to move money more quickly and efficiently across borders to stay competitive.'

This achievement builds on Citi's earlier efforts in completing live transactions on the network. The settlement also marks a significant milestone for DBS, which has been exploring blockchain-powered capabilities for liquidity and foreign-exchange management.

DBS launched its tokenized money business, DBS Token Services, in 2024, including its DBS Treasury Tokens for treasury and liquidity management. This effort reflects the bank's commitment to modernizing cross-border rails, with Asia's outbound cross-border payments projected to reach $24 trillion by 2033.