DBS and Citi partner to enable instant 24/7 cross-border USD payments with tokenised deposits
Weekend transaction demonstrates how institutions can instantly move money any time, any where
Capability helps organisations unlock greater efficiency and agility in an always-on digital economy
Singapore, Regional, 07 Sept 2026 - Companies that transact in USD across different jurisdictions and time zones will now have the ability to execute cross-border payments without the constraint of traditional banking hours. This was made possible with the first successful USD payment between Singapore and the United States executed over a weekend. The transaction, completed by DBS and Citi’s New York office on 5 September 2026, was executed using tokenised deposits via the Swift Digital Ledger[1].
The transaction took minutes to complete, marking a significant improvement from the industry norm of up to two business days for cross-border payments, as companies no longer lose days to time zone and weekend gaps. For institutions operating in round-the-clock borderless industries like e-commerce and digital services, this provides greater certainty and faster access to cash for suppliers and customers. In addition, corporate treasurers can respond more effectively to changing market conditions by moving liquidity across entities and markets at a moment’s notice.
Amid market volatility and expansion into new markets, institutions are seeking smarter ways to manage liquidity and foreign exchange (FX) risk to build resilience. According to DBS’ New Realities, New Possibilities report, 50% of finance leaders are exploring blockchain-powered capabilities as part of their liquidity and FX management toolkit. In addition, the capability helps meet growing demand for cross-border transactions in Asia, with the region’s outbound cross-border payments projected to surge to USD 24 trillion by 2033, almost double that of 2025 volumes (USD 13.5 trillion)[2].
Rachel Chew, Chief Operating Officer and Co-Head of Digital Assets, Global Transaction Services, 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. 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, nimble and always-on global financial system.”
Mridula Iyer, Head of Services for Asia South, 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. Processing a live transaction over a weekend demonstrates that always-on cross-border payments are already a reality. This work is a natural extension of our strategy in the Services business to integrate our traditional cash management and securities capabilities with emerging tokenised networks and assets and deliver value to institutional clients across their local and global operating models.”
The transaction builds on DBS’ expertise in tokenised money and payments as the bank continues to expand its complete suite of digital asset solutions. In 2024, the bank launched DBS Token Services, its suite of blockchain-powered banking services that enables 24/7, programmable, secure and instantaneous value transfers. This includes DBS Treasury Tokens, the bank’s treasury and liquidity management solution powered by its permissioned blockchain. In addition, DBS is the only Asian-headquartered bank in the Swift digital ledger core design group of 12 banks shaping its architecture.
[1] https://www.swift.com/distributed-ledger-technology-dlt
[2] The new era of Asia’s cross-border payments (Money 20/20 and FXC Intelligence, April 2026)
About DBS
DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.
Recognised for its global leadership, DBS has been named “World’s Best Bank” by Global Finance, “World’s Best Bank” by Euromoney and “Global Bank of the Year” by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best AI Bank” by Global Finance, “World’s Best Digital Bank” by Euromoney and the winner of multiple digital assets awards. In addition, DBS has been accorded the “Safest Bank in Asia“ award by Global Finance for 17 consecutive years from 2009 to 2025.
DBS provides a full range of services in consumer, Wealth, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets.
DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by uplifting lives and livelihoods of those in need. It provides essential needs to the underprivileged, and fosters inclusion by equipping the underserved with financial and digital literacy skills. It also nurtures innovative social enterprises that create positive impact.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.
The transaction took minutes to complete, marking a significant improvement from the industry norm of up to two business days for cross-border payments, as companies no longer lose days to time zone and weekend gaps. For institutions operating in round-the-clock borderless industries like e-commerce and digital services, this provides greater certainty and faster access to cash for suppliers and customers. In addition, corporate treasurers can respond more effectively to changing market conditions by moving liquidity across entities and markets at a moment’s notice.
Amid market volatility and expansion into new markets, institutions are seeking smarter ways to manage liquidity and foreign exchange (FX) risk to build resilience. According to DBS’ New Realities, New Possibilities report, 50% of finance leaders are exploring blockchain-powered capabilities as part of their liquidity and FX management toolkit. In addition, the capability helps meet growing demand for cross-border transactions in Asia, with the region’s outbound cross-border payments projected to surge to USD 24 trillion by 2033, almost double that of 2025 volumes (USD 13.5 trillion)[2].
Rachel Chew, Chief Operating Officer and Co-Head of Digital Assets, Global Transaction Services, 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. 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, nimble and always-on global financial system.”
Mridula Iyer, Head of Services for Asia South, 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. Processing a live transaction over a weekend demonstrates that always-on cross-border payments are already a reality. This work is a natural extension of our strategy in the Services business to integrate our traditional cash management and securities capabilities with emerging tokenised networks and assets and deliver value to institutional clients across their local and global operating models.”
The transaction builds on DBS’ expertise in tokenised money and payments as the bank continues to expand its complete suite of digital asset solutions. In 2024, the bank launched DBS Token Services, its suite of blockchain-powered banking services that enables 24/7, programmable, secure and instantaneous value transfers. This includes DBS Treasury Tokens, the bank’s treasury and liquidity management solution powered by its permissioned blockchain. In addition, DBS is the only Asian-headquartered bank in the Swift digital ledger core design group of 12 banks shaping its architecture.
[1] https://www.swift.com/distributed-ledger-technology-dlt
[2] The new era of Asia’s cross-border payments (Money 20/20 and FXC Intelligence, April 2026)
[END]
About DBS
DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.
Recognised for its global leadership, DBS has been named “World’s Best Bank” by Global Finance, “World’s Best Bank” by Euromoney and “Global Bank of the Year” by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best AI Bank” by Global Finance, “World’s Best Digital Bank” by Euromoney and the winner of multiple digital assets awards. In addition, DBS has been accorded the “Safest Bank in Asia“ award by Global Finance for 17 consecutive years from 2009 to 2025.
DBS provides a full range of services in consumer, Wealth, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets.
DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by uplifting lives and livelihoods of those in need. It provides essential needs to the underprivileged, and fosters inclusion by equipping the underserved with financial and digital literacy skills. It also nurtures innovative social enterprises that create positive impact.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.
Useful Links
Awards
World's Best Bank 2025, 2018 - 2022
Euromoney, Global Finance, The Banker
Asia’s Safest Bank, 2009 – 2025
Global Finance
