DBS and Citi settled a US dollar cross-border payment between Singapore and New York on September 5 using tokenized deposits on SWIFT’s shared ledger. The transaction cleared in minutes over a weekend, whereas a conventional payment can take up to two business days. DBS, Southeast Asia’s largest bank, is the only Asian-headquartered bank in the 12-member core design group behind SWIFT’s ledger. Asia’s outbound cross-border payments are projected to reach 24 trillion dollars by 2033, up from 13.5 trillion dollars in 2025.
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