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 the Interbank Information Network (IIN).
OCBC is the second-largest bank in South East Asia by assets and among the larger financial institutions in Asia-Pacific.
343 banks have joined JPMorgan’s network since 2018
A total of 343 banks have joined IIN since 2018. The network’s largest national bloc is Japan, where 80 banks are participants.
IIN first launched as a pilot in 2017, designed to reduce friction in the interbank exchange of global payments data.
In a statement, John Hunter — global head of clearing at JPMorgan Chase — outlined that:
“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.”
Deutsche Bank a recently announced network member
As reported, Germany’s largest bank, Deutsche Bank, joined IIN earlier this month.
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.