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OCBC Became the First to Join JP Morgan Blockchain Network in Singapore

Abstract : JP Morgan, the leader in American banks, made an announcement that the OCBC, the second largest bank in Southeast Asia joined Interbank Information Network (IIN). IIN is a real-time blockchain service announced by JP Morgan.

ChainDD
ChainDD

Sep 28

Business Times Singapore reported on 20th September that JP Morgan, the leader in American banks, made an announcement that the OCBC, the second largest bank in Southeast Asia joined Interbank Information Network (IIN). IIN is a real-time blockchain service announced by JP Morgan. OCBC has become the first in Singapore to join IIN. By now, 134 banks in Asia-Pacific region joined IIN, accounting for 40% of member banks of IIN.

Since IIN accepted registration of banks last year, there have been 343 banks joining the network service. IIN was a pilot project in 2017 with an aim to reduce conflicts in international payment. This network is operating on Quorum, an authorized blockchain developed by JP Morgan. And Quorum is based on Ethereum blockchain.

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