Share this article
OCBC Trials Blockchain for Interbank Payments
A bank in Singapore has tested a blockchain-based payment service, with an eye to develop commercial products around the tech.
By Stan Higgins
Updated Sep 11, 2021, 12:36 p.m. Published Nov 14, 2016, 2:07 p.m.
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.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
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
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
BNB Lags Wider Market Despite Volume Surge Resistance Levels Hold
Despite uncertainty and a lack of breakout, BNB's fundamentals may be supportive, with recent developments support a bullish case.
What to know:
- BNB edged higher to top $890, gaining over 1%, but underperformed the wider crypto market which rose 2.5%.
- Trading volume surged 51% above the weekly average, suggesting possible whale participation, but BNB's price underperformance may indicate a rotation away from the token.
- Despite uncertainty and a lack of breakout, BNB's fundamentals may be supportive, with recent developments like Binance's ADGM approval and new infrastructure on BNB Chain, but traders remain cautious.
Top Stories
