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Singapore’s first bank joins JPMorgan’s Blockchain Payments Initiative

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OCBC Singapore bank JPMorgan blockchain platform processed transaction Asia, Singapore’s first bank joins JPMorgan’s Blockchain Payments Initiative

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JPMorgan’s blockchain payment platform just processed its first transaction to Singapore-based bank.

OCBC- the second largest bank in Southeast Asia. Interbank Information Network (IIN) now has over 345 banking members across the globe. And 40% of these are from Asia- Pacific region.

A permission blockchain based on ethereum, created in-house by JPMorgan and built on Quorum. IIN was created to give member banks to “exchange information in real-time as a way to verify that a payment has been approved,” based to recent news from JPMorgan.

According to reports on friday, John Hunter- global head of clearing for JPMorgan Chase, said:

“The intent with IIN was always to develop a meaningful ecosystem of bank users, all focused on harnessing emerging technologies such as blockchain to better address the complex cross border payments industry.”

The recent collaboration of OCBC comes just few days after Deutsche Bank – the world’s biggest clearer of euro payments joined IIN. They have a goal to have 400 members before 2019 ends.

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