DBS and Citi have completed a cross-border U.S. dollar payment between Singapore and New York during a weekend. The transaction marks a major step toward round-the-clock international banking.
The two institutions made the payment using tokenized deposits on the Swift Digital Ledger on September 5. Within minutes the transfer happened, against the odds of a traditional settlement that can take two business days.
Faster Cross-Border Liquidity
The innovation may enable multinational firms to control cash across markets without relying on banking hours. Moreover, more rapid settlement would mean fewer delays for businesses running across time zones. E-commerce firms and digital service providers could benefit from quicker supplier payments and improved cash availability.
As a result, the corporate treasury could be more flexible in their liquidity and foreign exchange management. Significantly, the system could also help companies respond faster during periods of market volatility.
Growing Tokenized Finance
DBS said 50% of surveyed finance leaders are exploring blockchain-based tools for liquidity and FX management. Moreover, Asia’s outbound cross-border payments could reach $24 trillion by 2033. That figure compares with $13.5 trillion recorded in 2025.
But for wider use, the financial networks must be interoperable with existing banking systems. In 2024, DBS introduced its Token Services suite to facilitate programmable, secure and instant transfers. In addition, DBS is the only Asian-based bank in the 12 member core design group of the digital ledger initiative of Swift.
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