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DBS Group, Citi Tie-Up for Instant Cross-Border Payments

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DBS Group Holdings Ltd (SGX:D05) has partnered with financial services peer Citi to execute cross-border payments outside traditional banking hours, according to a Monday statement by the company.

The first tokenized US dollar payment between Singapore and the US was executed by the two companies on Saturday.

The transaction was completed in minutes by DBS and Citi's New York office using tokenised deposits via the Swift Digital Ledger. This was a sharp improvement from the industry norm of up to two business days for cross-border payments, the company said.

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