Singapore banks complete interbank tokenized deposit pilot via SWIFT blockchain

Three major Singaporean banks—DBS, OCBC, and UOB—successfully conducted interbank transactions using tokenized deposits on a blockchain ledger developed by SWIFT (Society for Worldwide Interbank Financial Telecommunication). This pilot, which also involved institutions like HSBC, Citibank, and Standard Chartered, marks a significant milestone for the Singaporean banking sector in utilizing distributed ledger technology for cross-bank settlements.