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Telecommunications & Media

DBS, Citi cut Singapore-New York transfers from 2 days to minutes

DBS and Citigroup processed their first live weekend transaction sending U.S. dollars from Singapore to New York, using tokenised deposits via the Swift digital ledger, reports said. The banks said the approach reduced cross-border settlement time from up to 2 business days to minutes by avoiding delays from weekends and time zones. No separate cryptocurrency was used. The banks are pitching the capability to corporates including e-commerce and digital services firms.

Crypto

Sooho IO partners with Partior on cross-border payment cooperation

Sooho IO, a blockchain-based financial infrastructure company, has partnered with global settlement network Partior to build cross-border payment and settlement infrastructure, it said on Aug. 26. Partior settles cross-border transactions in real time based on the U.S. dollar, Singapore dollar and euro, with shareholders including DBS, JPMorgan and Standard Chartered. Under the agreement, Sooho PartnerHub will enable settlement of multi-currency cross-border payments on Partior’s tokenised deposit network.

Crypto

Tokenised market outgrows XRP spot ETF as XRPL RWA tops $4 billion

Tokenised real-world assets on XRP Ledger (XRPL) rose to $4.06 billion, with the number of holders increasing to 199, data showed. Over the past 30 days, tokenised asset value gained 2.18 percent and the number of holders rose 25.16 percent. XRPL hosts 373 tokenised RWAs, with distributed asset value at $368.82 million. Ripple recently announced investments in ZILO and Licuido to expand institutional capabilities. Stablecoin market value reached $901.4 million, though recent transfer volumes declined.