Singapore's DBS and J.P. Morgan's blockchain platform Kinexys announced on November 10, 2025 a joint initiative to develop an interoperability framework for cross-bank tokenized deposit transfers. The framework aims to enable seamless value movement across both public and permissioned blockchain ecosystems, operating 24/7 for instant settlement. This marks a significant step toward unifying digital money systems across borders.
Interoperability Highways Between Two Banking Giants
The partnership will create “interoperability highways” spanning both blockchain environments, allowing clients of DBS—the largest bank in Southeast Asia—and J.P. Morgan—the largest bank in the United States—to pay each other, exchange or redeem tokenized deposits on either platform in real time. Rachel Chew, Group Chief Operating Officer and Head of Digital Currencies at DBS, stated: “Instant 24/7 payments provide businesses with the optionality, agility and speed to navigate global uncertainties and capture emerging opportunities.” Naveen Mallela, Global Co-Head of Kinexys by J.P. Morgan, emphasized the collaboration’s role in maintaining the “singleness of money” through interoperable tokenized systems—ensuring that tokenized deposits across different networks retain equivalent value and fungibility.
Kinexys is a bank-led blockchain platform designed to transform how money, assets, and financial data are transferred. This collaboration leverages Kinexys’ existing infrastructure and DBS’s digital asset expertise to expand institutional payment capabilities across Asia and the US.
Setting New Standards for Tokenized Deposits
The long-term goal of the project is to advance the usability and scalability of tokenized deposits. In their announcement, the banks noted: “Through this collaboration on a cross-issuer cross-network interoperability framework, DBS and Kinexys by J.P. Morgan are committed to advancing the usability and scalability of tokenized deposits, transforming how global businesses manage their finances, while ensuring robust regulatory adherence.” The initiative reinforces both institutions’ commitment to shaping global digital asset infrastructure amid accelerating tokenization trends.
Industry observers view this framework as a potential blueprint for future financial infrastructure, particularly for cross-border trade and capital flows between the two largest economies. As central banks and regulators worldwide intensify scrutiny of tokenized deposits, hybrid public-permissioned blockchain solutions like this one may become essential for achieving both efficiency and compliance.