OCBC Trials Blockchain for Interbank Payments

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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