DBS, OCBC and UOB have completed Singapore’s first local interbank tokenized deposit payment in Singapore dollars on Swift’s blockchain ledger. The transaction marks the first local tokenized deposit payment completed among the three institutions. The banks had previously completed cross-border transactions on the Swift Ledger. Unlike most tokenized deposit platforms, which operate as single-bank systems and restrict payments to customers of the same bank, local interoperability allows corporate clients to make tokenized payments across institutions.