Shortly after signing Germany’s largest bank, JP Morgan’s blockchain-based payments network has added Southeast Asia’s second largest.
According to The Block, the Oversea-Chinese Banking Corporation, popularly known as OCBC, has joined JP Morgan’s Interbank Information Network (IIN). OCBC is the first Singaporean firm to join to network, and it brings the total number of banks in the system to over 300.
“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,” said John Hunter, global head of clearing at JPMorgan, in a statement Thursday.
JP Morgan launched IIN two years ago with two partners, the Royal Bank of Canada and Australia and New Zealand Banking Group. It has added several large banks since then, including Société Générale, Sumitumo Mitsui, and China CITIC Bank. Takis Georgakopoulos, head of payments at JP Morgan, recently said that they hope to sign 400 banks by the end of 2019.
Photo: Terence Ong
