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Citi collaborates with FAB and OCBC for live transactions
03 September 2026 US
Image: Nataliya/stock.adobe.com
Citi, in collaboration with First Abu Dhabi Bank (FAB) and Oversea-Chinese Banking Corporation (OCBC), has processed live transactions on Swift’s blockchain-based ledger in a joint global initiative.
The firm says the initiative is a key part of the strategy for Citi’s Services business to advance its digital asset capabilities across cash and securities, and builds on newly integrated solutions like Citi Custody+ and 24/7 USD Clearing.
As a demonstration of the viability of using distributed ledger technology for uninterrupted, 24/7 payments and settlements not restricted by traditional cut-off times, Citi says the live transactions already completed are the first to be processed in the Middle East region with FAB, and Southeast Asia region with OCBC.
Citi also expects similar, pilot transactions to take place as part of a proof-of-concept phase running from July to December 2026 with other key collaborators like DBS and United Overseas Bank (UOB).
Carmen Chan, deputy head of global translation banking at Singapore’s OCBC, says: “Our successful live pilot transactions with Citi marks an important step towards enabling bank-issued digital money to move efficiently and securely across borders.”
Chan continues: “Interoperable shared infrastructure can help connect banking networks across jurisdictions while preserving the trust and reach of the global banking system.”
Rachel Chew, group chief operating officer and co-head of digital assets, global transaction services at DBS, adds: “Initiatives such as the Swift Digital Ledger are bridging traditional banking infrastructures with emerging digital networks.
“By fostering deeper interoperability across these different ecosystems, we can achieve seamless transactions and establish common standards, which are essential for the wider adoption of tokenised money.”
The firm says the initiative is a key part of the strategy for Citi’s Services business to advance its digital asset capabilities across cash and securities, and builds on newly integrated solutions like Citi Custody+ and 24/7 USD Clearing.
As a demonstration of the viability of using distributed ledger technology for uninterrupted, 24/7 payments and settlements not restricted by traditional cut-off times, Citi says the live transactions already completed are the first to be processed in the Middle East region with FAB, and Southeast Asia region with OCBC.
Citi also expects similar, pilot transactions to take place as part of a proof-of-concept phase running from July to December 2026 with other key collaborators like DBS and United Overseas Bank (UOB).
Carmen Chan, deputy head of global translation banking at Singapore’s OCBC, says: “Our successful live pilot transactions with Citi marks an important step towards enabling bank-issued digital money to move efficiently and securely across borders.”
Chan continues: “Interoperable shared infrastructure can help connect banking networks across jurisdictions while preserving the trust and reach of the global banking system.”
Rachel Chew, group chief operating officer and co-head of digital assets, global transaction services at DBS, adds: “Initiatives such as the Swift Digital Ledger are bridging traditional banking infrastructures with emerging digital networks.
“By fostering deeper interoperability across these different ecosystems, we can achieve seamless transactions and establish common standards, which are essential for the wider adoption of tokenised money.”
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