UOB and HSBC complete live HKD transactions on Swift ledger

UOB is preparing to execute SGD and USD transactions next.

United Overseas Bank (UOB) and HSBC announced that they have successfully completed live cross-border transactions in Hong Kong dollars on Swift’s blockchain-based ledger.

UOB said that it is the first Singapore-headquartered bank to execute live transactions on the platform.

UOB is preparing to execute Singapore dollar and US dollar transactions on Swift’s ledger in September 2026.

The successful transactions demonstrate potential for interoperable shared-ledger infrastructure to enable seamless movement of value at scale, whilst complementing established payment networks, UOB said.

HSBC Singapore’s head of global payment solutions, Winnie Yap, said that this progress is makes cross-border and multi-currency payments more efficient and more responsive to a 24/7 economy.

“The shared digital ledger enables real-time obligation matching and netting across participating banks, reducing friction in cross-bank digital money transfers. This enhances HSBC clients’ access to 24/7 liquidity and treasury management across key financial hubs, and helps pave the way for always-on, real-time digital money at scale,” Yap said.

So Lay Hua, UOB’s head of group transaction banking, said that the transactions will also provide valuable insights into the potential for shared-ledger infrastructure to support round-the-clock domestic and cross-border interbank payments.

“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,” So said.