UOB Becomes the First Singapore Bank to Complete a Live Tokenised Deposit Transaction With HSBC on Swift
UOB completed a live cross-border transaction with HSBC using tokenised deposits on Swift's blockchain-based shared ledger, denominated in Hong Kong dollars — the first time a Singapore-headquartered bank has executed such a transaction. UOB plans to run Singapore-dollar and US-dollar transactions with additional partner banks in September, testing how the technology could improve liquidity management and enable round-the-clock interbank payments.
UOB's head of group transaction banking, So Lay Hua, said the transaction demonstrated "how banks can work together to advance the next generation of payment infrastructure through shared-ledger solutions." HSBC Singapore's head of global payments solutions, Winnie Yap, added that it showed tokenised deposits "can work across institutions in a way that is secure, interoperable and designed for real-world payment flows." Swift's shared ledger matches and nets payment obligations among participating banks in real time, a mechanism aimed at reducing friction and enabling 24/7 liquidity access across borders.
Boost Bank and Parkson Credit Team Up to Reach Underserved Malaysians
Boost Bank and Parkson Credit formed an alliance combining Boost Bank's digital banking infrastructure with Parkson Credit's consumer-financing base, aimed at expanding digitally enabled banking and financing to underserved communities across Malaysia. The partnership covers loans, insurance products, and current/savings accounts, delivered through simplified digital onboarding.
Boost Bank chief executive Fozia Amanulla said "financial inclusion is most impactful when banking becomes part of people's everyday lives," framing the alliance around making banking "simpler, more convenient and more relevant." Parkson Credit chief executive Danny Poh called it "an important step" toward accessible financial services, aiming to "create a more seamless and efficient financing ecosystem" for everyday Malaysians.
StashAway Acquires Digital-Wills Platform MakeGoodwill, Its First Move Into Legacy Planning
Singapore robo-advisor StashAway acquired MakeGoodwill, a digital wills platform charging S$179 per will (with a year of unlimited edits, lifetime document access and a 30-day money-back guarantee, plus S$89.50 for a second will as a couple), marking StashAway's first move into legacy and estate planning. MakeGoodwill, which has created more than 1,100 wills since its 2020 launch, will continue operating as a standalone brand under StashAway's ownership. The platform's templates, developed by Singapore lawyers, walk users through drafting a legally valid will in roughly an hour, which must then be printed and signed before two independent witnesses.
StashAway chief executive Michele Ferrario framed the acquisition against a gap in wealth planning: "Our clients spend years building wealth for a better future... Yet many never plan how to protect that wealth and pass it on." A YouGov study cited alongside the deal found only 22% of Singaporeans have a legally drafted will. MakeGoodwill founder Priya Surya said the appeal was making legacy planning simple enough to act on: "the best products cut through complexity."
Eyes on the Day Ahead
Techsauce Global Summit 2026 wraps its final day in Bangkok on August 28 — worth watching for closing announcements before the conference ends. Nothing else is scheduled in the next 24-48 hours.
Layer 7 Ventures is a research-driven firm focused on AI and cryptocurrency in Southeast Asia. Views expressed are those of the firm and do not constitute investment advice.
