Singapore Banking Corporation OCBC Bank joins JP Morgan Chase Blockchain Network

According to Cointelegraph's report on September 20, OCBC Bank became the first Singaporean bank to join the JPMorgan Chase Interbank Blockchain Network.

Screen Shot 2019-09-21 at 8.40.09 AM (Source: coindesk )

According to Singapore Business Times, a total of 134 banks in the Asia-Pacific region have joined the Inter-Bank Information Network (IIN).

OCBC Bank is the second largest bank in Southeast Asia and one of the largest financial institutions in the Asia Pacific region.

Since 2018, 343 banks have joined the network of JPMorgan Chase

Since 2018, a total of 343 banks have joined the interbank information network. The most active country to join the network is Japan, which is reported to have 80 banks involved.

The interbank information network was originally launched as a pilot in 2017 and was launched to reduce the friction of global payment data in interbank transactions.

The network is based on JPMorgan Chase's proprietary, licensed blockchain Quorom.

John Hunter, head of global clearing at JPMorgan Chase, outlined in a statement:

The purpose of the interbank information network is to develop a meaningful banking user ecosystem. We focus on using emerging technologies such as blockchain to better address the complex cross-border payment industry.

Deutsche Bank recently announced that it is a member of the interbank information network

According to reports, Germany's largest bank, Deutsche Bank, also joined the interbank information network earlier this month.

JPMorgan Chase said it plans to sign a total of 400 agreements with banks by the end of 2019, and hinted that more global leading banks will join the network in the near future.

In addition to the interbank information network and Quorum, the banking giant has also become the focus of attention in the industry due to its blockchain-based JPMCoin stable currency, which was launched in February this year.