OCBC Trials Blockchain for Interbank Payments
One of the five largest banks in Singapore has tested a blockchain-based payment service, with an eye to develop commercial products around the tech. OCBC Bank used the tech to send funds between its operations in Singapore and Malaysia, as well as transmit money to the Bank of Singapore, a private banking business it owns. The bank said it worked with BCS Information Services, a local payments firm, to develop the prototype. The test is the latest for Asia’s banking sector, the members of which have spent much of the past two years investigating use cases, investing in startups and....
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The Oversea-Chinese Banking Corporation (OCBC), a publicly-listed banking corporation headquartered in Singapore will begin inter-bank payments powered by blockchain technology in Southeast Asia. The announcement, revealed by regional publication FintechNews Singapore, follows a successful duo of pilot payment transactions conducted between the bank and a regional and an international banking partner. The pilot utilized a blockchain platform jointly developed by OCBC Bank and BCSIS, a local payments startup in Singapore. Two blockchain pilot payment transactions were revealed. First, a....
The pilot involved the settlement on a private blockchain of around €2 million.
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