Citi and DBS Mark 1st Singapore-to-US Weekend Dollar Transaction
Citi and DBS made the first successful Singapore-to-U.S. dollar payment conducted on a weekend, according to a Sunday (Sept. 6) press release. The Saturday (Sept. 5) transaction was executed using tokenized deposits via the Swift Digital Ledger, the release said. Companies that transact in U.S. dollars across jurisdictions and time zones can now execute cross-border […] The post Citi and DBS Mark…
Citi and DBS successfully completed the first Singapore-to-U.S. dollar transaction on a weekend, as announced in a press release on Sunday, September 6. The payment was made using tokenized deposits via the Swift Digital Ledger, highlighting the advancement of cross-border payments outside of regular banking hours. The transaction was completed in minutes, a significant improvement from the industry norm of up to two business days for cross-border payments.
This innovation benefits institutions in borderless industries such as eCommerce and digital services by providing faster access to cash for suppliers and customers. It also allows corporate treasurers to respond more effectively to changing market conditions. As half of finance leaders explore blockchain-powered capabilities, the partnership between Citi and DBS addresses the growing demand for cross-border transactions in Asia, with outgoing payments forecast to reach $24 trillion by 2033.
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