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Fintech & Digital PaymentsNews|July 12, 2026, 01:51 PM
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FAB And Mashreq Join Swift Tokenised Deposit Payment Pilot

BySendTech Times Fintech DeskNewsroom-edited, source-reviewed coverage|Source: Unlock Blockchain
Newsroom brief

FAB and Mashreq are among 17 banks preparing live Swift shared-ledger transactions for tokenised deposits, putting UAE lenders inside a regulated cross-border payment pilot while transaction volumes, currency pairs and commercial timing remain public gaps.

Verified against source materialEdited by SendTech Times Fintech Desk
FAB And Mashreq Join Swift Tokenised Deposit Payment Pilot
Image source: Unlock Blockchain

FAB And Mashreq Join Swift Tokenised Deposit Pilot

FAB and Mashreq are among 17 financial institutions preparing live transactions on Swift's blockchain-based shared ledger for tokenised deposits.

Unlock Blockchain reported that the banks span six continents and will test 24/7 cross-border payments using bank-issued tokenised deposits.

The production use case gives the UAE a place in a regulated cross-border payment pilot rather than a crypto-market experiment.

The launch is presented as Swift's first production use case for the shared ledger.

The system is not framed as a replacement for existing settlement rails; it is designed to coordinate tokenised deposits issued by participating banks while leaving compliance, risk management and settlement infrastructure inside regulated finance.

Tokenised deposits are commercial-bank liabilities recorded on distributed ledger infrastructure, unlike stablecoins issued by private companies.

The report said Swift is positioning the ledger as a way to connect bank money across institutions, not as a public blockchain network or a new private currency.

Swift Keeps Settlement Inside Existing Banking Rails

Swift already connects financial institutions across more than 200 markets, according to the report.

The new ledger adds an orchestration layer that can sit above existing payment rails and help banks support continuous cross-border transfers, including overnight and weekend transactions.

The cited Swift material says participating banks should be able to improve liquidity management and client experience through the model.

Transaction volumes, processing-time results and customer-level savings from the live use case are not yet in the public record.

The launch follows Swift's ledger announcement last year.

The production step is still described as an operating pilot with regulated banks, not as a completed commercial rollout.

UAE Banks Sit Beside Global Payment Institutions

The participant list places FAB and Mashreq in a group that includes HSBC, Citi, BNP Paribas, UBS and Standard Chartered.

DBS, ANZ, BNY Mellon and Wells Fargo are also among the global banks named in the pilot.

In Gulf payment markets, UAE banks are inside a cross-border bank-money pilot run through Swift.

The project is tied to institutional settlement, bank-issued liabilities and regulated payment infrastructure rather than retail speculation or exchange trading.

The source also linked the project to wider work on tokenised money for wholesale financial markets, including initiatives involving the Bank for International Settlements and central banks.

It did not identify a UAE regulator approval for the pilot or state whether any dirham-denominated tokenised deposits are included.

Tokenised deposits are framed as a regulated alternative to privately issued stablecoins because they remain commercial-bank liabilities.

Banks can use distributed ledger technology while keeping existing compliance and settlement systems, a design choice that leaves the project closer to banking infrastructure than to a standalone crypto network.

Commercial Terms Remain Outside The Public Record

The public record still lacks transaction volumes, first live transaction dates, fee models, participating corporate customers, currency pairs, UAE regulatory approvals and a commercial launch timetable for FAB and Mashreq.

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