First Singapore Bank Joins JPMorgan's Blockchain Payments Initiative

JPMorgan's blockchain payments platform has just onboarded its first Singapore-based bank.

With the addition of OCBC – the second-largest bank in Southeast Asia by assets – JPMorgan's Interbank Information Network (IIN) now has around 345 banking members across the globe. Roughly 40 percent of those are from the Asia-Pacific region.

Built on Quorum,  a permissioned blockchain based on ethereum and developed in-house by JPMorgan, IIN is designed to enable member banks to "exchange information in real-time as a way to verify that a payment has been approved," according to recent announcement from JPMorgan.

In a report on the news Friday, The Business Times cites John Hunter, global head of clearing for JPMorgan Chase, as saying:

The addition of OCBC comes just days after Deutsche Bank – the world's biggest clearer of euro payments – joined IIN. IIN is aiming to have 400 members by the end of 2019.

OCBC image via Shutterstock