Saturday, July 2, 2022

First Singapore bank, OCBC, to join JP Morgan’s blockchain network

The Takeaway:

OCBC becomes the first Singapore bank to join JP Morgan's blockchain network IIN. Currently, there are 343 banks that use IIN for settling cross border transactions and out which are 112 banks are from Asia Pacific region.

According to a Business Times report, OCBC has become the first bank in Singapore to join JP Morgan’s interbank information network today. OCBC will join other 112 banks from Asia Pacific region to use JP Morgan’s IIN. Since 2018 a total of 343 banks have signed up with JP Morgan. 

JPM introduced Interbank Information Network back in 2017 with the aim to reduce the hassle involved in global payment processes. IIN runs on the blockchain developed by JPM known as Quorum, which is also described as a variant of Ethereum blockchain

John Hunter, global head of clearing for JPMorgan Chase said that the intent with IIN was always to develop a meaningful ecosystem of banks users, all focused on harnessing emerging technologies such as blockchain to better address the complex cross border payments industry. 

He further added that in just one year, they have seen the IIN scale and expand in terms of role and capabilities, and they are excited about the growth to come. Let us know in comments what do you think about the JPM’s blockchain network?

Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

David Hayes
David Hayes
David got to know about bitcoin back in 2012 and has never looked back since, writing and exploring about cryptocurrencies or blockchain technology. He used to write for his own blog before joining ChainTimes as a writer and market research executive in 2017.

Leave A Reply

Please enter your comment!
Please enter your name here