DBS and Kinexys by J.P. Morgan to develop framework for interbank tokenised deposit transfers across multiple blockchains

Singapore, Regional, 11 Nov 2025 - DBS and Kinexys by J.P. Morgan are exploring the development of an interoperability framework to enable tokenised value transfers between both banks' on-chain ecosystems - DBS Token Services and Kinexys Digital Payments . The framework aims to enable the seamless exchangeability and settlement of tokenised deposits ^[1] across both public and permissioned blockchains, with the aim to set a new standard for the industry.

Both banks currently offer clients 24/7 liquidity and real-time settlement of payments within their individual ecosystems via their respective blockchain-powered banking services. This landmark collaboration serves to further scale these services. The framework, upon completion, will establish interoperability highways between the two banks, spanning both public and permissioned blockchain environments, providing clients with broader reach by enabling cross-bank transactions on-chain.

This will potentially allow the combined institutional client base of Southeast Asia's and the United States' largest bank respectively to pay each other, and exchange or redeem their tokenised deposits across either banks' platform, across borders with real-time round-the-clock availability. For example, a J.P. Morgan institutional client would be able to pay a DBS institutional client using J.P. Morgan Deposit Tokens (JPMD) on the Base public blockchain, with the recipient having the ability to exchange or redeem it for equivalent value via DBS Token Services. This aims to uphold the singleness of money, where tokenised deposits across banks and blockchains are fungible and represent the same value, a key principle that is imperative in an increasingly multi-chain, multi-issuer world.

Rachel Chew, Group Chief Operating Officer and Head of Digital Currencies, Global Transaction Services, DBS Bank, said: "Instant 24/7 payments provide businesses with the optionality, agility and speed to navigate global uncertainties and capture emerging opportunities. As the digital asset ecosystem continues to grow, interoperability remains a critical piece in reducing fragmentation and ensuring that the full value of tokenised money can be transferred safely across borders. Our collaboration with Kinexys by J.P. Morgan to develop an interoperability framework is therefore a significant milestone for cross-border money movement, with the potential to pave the way for future partnerships. We look forward to leveraging our combined capabilities to scale the next generation of financial services for our clients."

Naveen Mallela, Global Co-Head of Kinexys by J.P. Morgan, said, "We are relentlessly focused on building the next-generation financial infrastructure, backed by deep industry expertise and strong collaborations across the globe. Working with DBS on this initiative is a clear example of how financial institutions can collaborate to further the benefits of tokenised deposits for institutional clients while protecting the singleness of money and ensuring interoperability across markets."

The initiative comes amidst an accelerated growth in the world of tokenised finance. In a 2024 survey by the Bank for International Settlements, commercial banks in nearly one third of surveyed jurisdictions have launched, piloted or conducted research on tokenised deposits^[2]. Through this collaboration on a cross-issuer cross-network interoperability framework, DBS and Kinexys by J.P. Morgan are committed to advancing the usability and scalability of tokenised deposits, transforming how global businesses manage their finances, while ensuring robust regulatory adherence.

[1] Tokenised deposits are digital representations of commercial bank deposits that exist on a blockchain
^[2]Advancing in tandem - results of the 2024 BIS survey on central bank digital currencies and crypto

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About DBS
DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.

Recognised for its global leadership, DBS has been named "World's Best Bank " by Global Finance, "World's Best Bank" by Euromoney and "Global Bank of the Year" by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named "World's Best Digital Bank< /a>" by Euromoney and the world's "Most Innovative in Digital Banking " by The Banker. In addition, DBS has been accorded the "Safest Bank in Asi a" award by Global Finance for 17 consecutive years from 2009 to 2025.

DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region's most dynamic markets.

DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by uplifting lives and livelihoods of those in need. It provides essential needs to the underprivileged, and fosters inclusion by equipping the underserved with financial and digital literacy skills. It also nurtures innovative social enterprises that create positive impact.

With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.