DBS, Citi Complete First Weekend Cross-Border Payment

DBS (SGX: D05) and Citi (NYSE: $C) have completed a cross-border US dollar payment between Singapore and the United States over the weekend, showing how tokenized bank deposits could help move money outside traditional banking hours.

The transaction was carried out on Saturday, September 5, between DBS in Singapore and Citi’s New York office using tokenized deposits on Swift’s Digital Ledger. The payment took minutes to settle, compared with the one to two business days that cross-border payments can take through traditional banking systems, the banks said in a Monday announcement.

The weekend transaction is the second confirmed live payment on Swift’s blockchain-based ledger. HSBC and Standard Chartered completed the first in August, as Swift tests whether its infrastructure can support payments that run continuously rather than stopping around weekends and holidays.

“In a global digital economy that never sleeps, businesses need to move money more quickly and efficiently across borders to stay competitive,” Rachel Chew, DBS’ group chief operating officer and co-head of digital assets, said.

Stablecoins and tokenized deposits allow value to move on digital networks around the clock, proving to be more efficient than the current banking system and forcing financial institutions to explore blockchain solutions to remain competitive.

DBS said 50% of finance leaders surveyed by the bank are exploring blockchain-based tools for liquidity and foreign-exchange management. Meanwhile, Asia’s outbound cross-border payments are expected to reach $24 trillion by 2033, up from $13.5 trillion in 2025, according to figures cited by DBS from Money20/20 and FXC Intelligence.

Swift launched its blockchain ledger in July with 17 banks across six continents to connect existing banking infrastructure with newer digital payment networks.

In June, it was reported that JPMorgan Chase (NYSE: $JPM), Bank of America (NYSE: $BAC), and Citigroup (NYSE: C) are developing a shared tokenized deposit network that could launch by the first half of 2027 and be operated by The Clearing House. The system would turn traditional bank deposits into blockchain-based tokens, allowing faster transfers.