[Citibank and DBS Bank Complete First Weekend Cross-Border Tokenized Deposit Transaction]
Citibank and DBS Bank have completed the first weekend cross-border tokenized deposit transaction between Singapore and the United States via the Swift digital ledger. This transaction utilized tokenized deposits to bypass the limitations of traditional banking operating hours, achieving settlement within minutes. DBS Bank stated that compared to the approximately two business days required for traditional cross-border transfers, the transaction significantly improved efficiency. Swift plans to pilot tokenized cross-border payments with 17 major banks, including Citibank, DBS, HSBC, BNP Paribas, UBS, ANZ, and Standard Chartered.