Oversea-Chinese Banking Corporation (OCBC), Citi, and First Abu Dhabi Bank (FAB) processed live transactions on Swift's new blockchain-based ledger. This marks Southeast Asia's first live transaction of its kind. The initiative aims to develop an "always-on" global payment system, operating 24/7 without traditional cut-off times.
The transactions are part of a controlled proof-of-concept phase. This phase runs through December 2026. It tests the viability of distributed ledger technology (DLT) for instant cross-border payments. The project bridges traditional finance with digital assets. It uses tokenized deposits to improve the speed and efficiency of international settlements. DBS and UOB, other major Singaporean banks, are expected to join the pilot later in September.