Singapore, 26 August 2026 – UOB and HSBC have successfully completed live cross-border transactions in Hong Kong dollars on Swift's blockchain-based ledger (Swift's ledger), making UOB the first Singapore-headquartered bank to execute live transactions on the platform.

The live transactions follow Swift's July 2026 announcement that its blockchain-based ledger was ready for initial use, with 17 banks across six continents preparing to pilot live transactions using tokenised deposits.

Building on this milestone, UOB is preparing to execute Singapore dollar and US dollar transactions on Swift's ledger in September 2026. The initiative will involve other partner banks and leverage Swift's ledger to optimise liquidity.

By supporting cross-border and domestic payments across multiple currencies and banking partners, UOB's participation demonstrates the potential for interoperable shared-ledger infrastructure to enable seamless movement of value at scale, while complementing established payment networks.

So Lay Hua, head of group transaction banking, UOB, said:

"As the first Singapore-headquartered bank to execute live transactions on Swift's ledger, UOB has taken another important step from industry collaboration to real-world execution.

Our live cross-border transactions with HSBC, together with our planned SGD and USD transactions with other partner banks, demonstrate how banks can work together to advance the next generation of payment infrastructure through shared-ledger solutions. The domestic transactions will also provide valuable insights into the potential for shared-ledger infrastructure to support round-the-clock domestic interbank payments.

As the One Bank for ASEAN, UOB is committed to contributing our regional network and transaction banking expertise to help shape trusted, interoperable and scalable solutions that support businesses across Singapore, the region and beyond."

Winnie Yap, head of global payments solutions, HSBC Singapore, said:

"This live transaction with UOB on Swift's Ledger demonstrates how tokenised deposits can work across institutions in a way that is secure, interoperable and designed for real-world payment flows.

For clients, progress like this is about making cross-border and multi-currency payments more efficient and more responsive to a 24/7 economy. In Singapore, we are committed to working with industry partners to advance blockchain-based payments capabilities and help shape the future of finance, while maintaining the integrity and regulatory oversight of the financial ecosystem."

This collaboration with UOB demonstrates HSBC's commitment to advancing cross-bank interoperability on Swift's industry infrastructure. The shared digital ledger enables real-time obligation matching and netting across participating banks, reducing friction in cross-bank digital money transfers. This enhances HSBC clients' access to 24/7 liquidity and treasury management across key financial hubs, and helps pave the way for always-on, real-time digital money at scale.

Re-disseminated by The Asian Banker