DBS Bank, OCBC and UOB have completed a local tokenized deposit payment in Singapore dollars on Swift’s blockchain ledger, according to Odaily. The transaction marks the first interbank tokenized deposit deal completed among the three institutions. The banks had previously carried out cross-border transactions on Swift Ledger. With local interoperability now in place, corporate clients will be able to make tokenized payments across participating institutions. The update points to a new step in applying tokenized bank deposits to domestic payment flows in Singapore, based on the details provided in the brief. No additional transaction size or settlement timeline was disclosed in the source item.
DBS Bank, Oversea-Chinese Banking Corporation (OCBC) and United Overseas Bank (UOB) have completed a local tokenized deposit payment in Singapore dollars on Swift’s blockchain ledger, according to Odaily.
The transaction was the first interbank tokenized deposit deal completed among the three banks. The institutions had previously completed cross-border transactions on Swift Ledger.
Following the rollout of local interoperability, corporate clients can make tokenized payments across institutions.
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