One of the five largest banks in Singapore has tested a blockchain-based payment service, with an eye to develop commercial products around the tech.

OCBC Bank used the tech to send funds between its operations in Singapore and Malaysia, as well as transmit money to the Bank of Singapore, a private banking business it owns. The bank said it worked with BCS Information Services, a local payments firm, to develop the prototype.

The test is the latest for Asia’s banking sector, the members of which have spent much of the past two years investigating use cases, investing in startups and pursuing commercial applications.

Praveen Raina, OCBC senior vice president, was quoted as saying:

“We hope this will be a catalyst for more banks to adopt the blockchain technology so that, together, we can achieve efficiency and cost effectiveness while delivering more high-value financial services to our consumers.”

Though the bank announced its move on its official group website, the details of that announcement appear to have been removed at press time.

The move comes as the Monetary Authority of Singapore (MAS), the city-state’s central bank, has moved to create a pro-fintech environment within the domestic finance sector. Earlier this month, MAS has forged relationships with regional interests on the tech, coming more than a year after the institution began developing and investing in projects of its own.

Image Credit: Tang Yan Song / Shutterstock.com

Disclosure Read More

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.