Singapore Bank Giant OCBC Joins JPMorgan’s Blockchain Network
Marie Huillet's original article for cointelegraph.com reduced by 57%
OCBC has become the first Singapore-based bank to join JPMorgan Chase's interbank blockchain network. According to a Business Times Singapore report on Sept. 20, a total of 134 banks from the Asia-Pacific region are now participants in JPMorgan's blockchain-powered interbank information network.
OCBC is the second-largest bank in Southeast Asia by assets and among the larger financial institutions in Asia-Pacific. 343 banks have joined JPMorgan's network since 2018. "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." JPMorgan has said it is targeting a total of 400 agreements with banks by the end of 2019, hinting that further leading banks are poised to join the network in the near future.
Beyond its IIN and other Quorum innovations, the banking giant has been in the industry limelight for its blockchain-powered stablecoin dubbed JPMCoin, unveiled in February of this year.
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