A successful pilot payment transaction between the bank and its subsidiaries, OCBC Malaysia and Bank of Singapore, was conducted on 8 November 2016, using a payment blockchain solution jointly designed by OCBC Bank and local banking payment solutions company BCS Information Systems (BCSIS).

With the successful pilot, and after full integration of this payment solution, the BCSIS blockchain platform will allow inter-bank payments between banks in Singapore and overseas without requiring a payment intermediary. In addition, OCBC Bank will extend the use of blockchain technology to other financial products and service applications.

OCBC Bank’s latest fintech innovation initiative supports the Monetary Authority of Singapore’s (MAS) vision of a Smart Financial Centre and a culture of innovation within the financial industry. MAS Managing Director Ravi Menon had shared this vision, which is part of the government’s “Smart Nation” initiative, at the Global Technology Law Conference on 29 June 2015.

According to fintechnews