Singapore’s OCBC Bank says it has become the first bank in South East Asia to use blockchain technology in national and international payments. A pilot payment transaction took place on 8 November, involving a cross-border funds transfer between OCBC Bank and OCBC Malaysia, and a local funds transfer between OCBC Bank and Bank of Singapore. “This is a milestone not only for us but for Singapore as Asia’s financial hub as we pave the way to revolutionising the traditional cross-border payments model,” says Praveen Raina from OCBC Bank.
- Garmin Pay expands to three new smartwatches
- Barclays files blockchain funds transfer and KYC patents
- More than half a billion Chinese consumers now use mobile payments
- Mastercard patent proposes combining blockchain with existing payments systems
- Shoppers prefer Apple Pay over Walmart Pay