UOB and HSBC have completed live cross-border Hong Kong dollar transactions using tokenised deposits on Swift’s ledger.

The transactions make UOB the first Singapore-headquartered bank to conduct live transactions on the blockchain-based ledger.

Swift announced in July 2026 that the ledger was ready for initial use, with 17 banks across six continents preparing to pilot live tokenised deposit transactions.

UOB expects to conduct Singapore dollar and US dollar transactions with other partner banks on the ledger in September.

The transactions will examine how the technology could improve liquidity management and support round-the-clock interbank payments.

The initiative will also explore the potential of shared-ledger infrastructure to support domestic and cross-border payments across multiple currencies and banking partners.

“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.”

“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.”

The Swift ledger matches and nets payment obligations among participating banks in real time.

According to HSBC, this could reduce friction in cross-bank transfers and give clients greater access to round-the-clock liquidity and treasury management across key financial hubs.

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