DBS and Citibank's New York office completed the first weekend cross-border U.S. dollar payment between Singapore and the United States on Sept. 5, 2026, using tokenized deposits via the Swift Digital Ledger.
The transaction settled in minutes, eliminating the standard two-business-day settlement window and enabling transfers outside traditional banking hours across time zones.
For corporate treasurers managing liquidity and FX risk, the capability enables instant movement of capital across entities and jurisdictions without waiting for market reopening. E-commerce and digital services firms operating continuously gain particular benefit.
Rachel Chew, Chief Operating Officer and Co-Head of Digital Assets, Global Transaction Services at DBS, said: "In a global digital economy that never sleeps, businesses need to move money more quickly and efficiently across borders to stay competitive. Swift Digital Ledger is bridging traditional banking infrastructures with emerging digital networks to enable deeper interoperability that benefits clients."
Chew added: "We are pleased to be working with Citi to demonstrate how tokenised money is moving from experimentation to real-world adoption — laying the foundations for a more connected and always-on global financial system."
Mridula Iyer, Head of Services for Asia South at Citi, said: "This milestone with DBS on Swift's ledger reflects Citi's commitment to building financial infrastructure for our clients and partners that is always-on, interoperable and fit for the future."
The move reflects rising demand for cross-border transaction infrastructure in Asia. Outbound cross-border payments from the region are projected to reach $24 trillion by 2033, compared with $13.5 trillion in 2025.
A DBS report titled "New Realities, New Possibilities" found that 50 percent of finance leaders are evaluating blockchain solutions for liquidity and FX management.
