Citi and DBS Complete First Weekend US Dollar Payment from Singapore to the US
The transaction, executed via tokenized deposits on Swift's digital ledger, settled in minutes—bypassing the typical two-day wait for cross-border payments.
Citi and DBS Bank completed the first weekend US dollar payment transaction from Singapore to the US on Saturday, September 5, using tokenized deposits on Swift's digital ledger. According to a joint announcement from the two banks on September 6, the transaction settled within minutes, whereas traditional cross-border payments typically take up to two business days.
This milestone enables businesses across different time zones and jurisdictions to conduct US dollar cross-border payments outside regular banking hours. The announcement noted that for industries operating around the clock, such as e-commerce and digital services, this accelerates access to funds for suppliers and customers. Corporate treasurers also gain greater flexibility in moving liquidity across entities and markets.
The announcement cited data showing that half of corporate treasurers are currently exploring integrating blockchain capabilities into their liquidity and foreign exchange management tools. Demand for cross-border payments in Asia continues to grow, with the region's outward cross-border payment volumes projected to reach $24 trillion by 2033—roughly double the 2025 level. Citi had just announced related partnership plans the previous week.
Source: https://www.pymnts.com/news/cross-border-payments/2026/citi-dbs-mark-1st-singapore-united-states-weekend-dollar-transaction/
Provenance & status
- Byline
- OceanAlt Editorial
- First published
- 2026-09-08
- Last updated
- 2026-09-08
- Content type
- Newsflash
- Source material
- View original ↗
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