OCBC first in Southeast Asia for interbank blockchain payments
OCBC says it is the first bank in Southeast Asia to use blockchain for local and cross-border interbank fund transfers.
A successful pilot payment transaction was carried out between the bank and its subsidiaries, OCBC Malaysia and Bank of Singapore, using a payment blockchain solution designed by OCBC and local payments firm BCS Information Systems (BCSIS).
OCBC says after full integration of the blockchain platform it will allow inter-bank payments between banks in Singapore and overseas without requiring a payment intermediary.
Praveen Raina, OCBC’s senior vice-president, group operations and technology says it is a “milestone not only for us but for Singapore as Asia’s financial hub”.
Raina hopes this development will also be a “catalyst” for more banks to adopt blockchain.
As with everyone else, OCBC says blockchain-powered payments are faster, more secure, cheaper etc.
It also plans to use blockchain for other unspecified financial products and service applications.