FINANCIAL SERVICES
Conference-goers who visited OCBC's booth display during the Singapore Fintech Festival 2023 were in for a treat: they were the first to get a taste of how the
Monetary Authority of Singapore (MAS)’ central bank digital currencies (CBDCs) will be used. Visitors were able to avail of 5 Singapore digital dollars from OCBC, which they were then able to redeem at the UOB booth.
Whilst such digital novelties may seem routine to a country where almost 1 in 2 payment transactions are done electronically, the real magic lies behind the scenes: atomic settlement. Institutions– in this case, OCBC and UOB– will no longer need to wait days for their transaction to be settled in the system back-end.
What enabled OCBC to build up and become a main participant in Singapore’s CBDC ambitions is its expertise in blockchain technology: from payments, to a metaverse, and even in its in-house app for employees, the bank is making use of blockchain.
Ravindra Kumar, managing director of Group Technology Architecture at OCBC, shared their plans to launch to the public in 2024 at least one or two of the blockchain projects they featured at the event .
Diese Geschichte stammt aus der Issue 106-Ausgabe von Singapore Business Review.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der Issue 106-Ausgabe von Singapore Business Review.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
Singapore's health data bill mandates regulated information sharing
To ensure data disclosure and sharing, the Ministry of Health can impose up to $1m in fines for non-compliance.
Venture capitalists sharpen focus on targeting startups' profit paths
Deal activity in Asia Pacific fell 26.3% YoY in 2023, reflecting VC firms' caution.
Strategic locations and value-added services drive growth in self-storage sector
In Singapore, StorHub has introduced online booking for storage spaces of various sizes.
Why Tim Hortons vies for top spot in Singapore's 'third place' Western coffee scene
Capturing this market is better than competing directly with kopitiams and grab-and-go concepts.
CEO Justin Quek steers OrangeTee to real estate centered around customers
A step toward this commitment is the launch of the consumer-centric event 'Property Festival' in 3Q24.
Retailers are urged to view returns management as loyalty drivers
15% of customers abort a transaction if the return policy is subpar.
National security is put front and center with new Significant Investments Review bill
Legal experts believe cybersecurity and AI entities are likely to be affected by the measure.
Three strategies to mitigate BEPS 2.0's tax impact for MNEs
Should the directive be implemented, selected MNES will be subject to a global minimum tax of 15%.
JustCo debuts first pay-per-minute airport hub for business nomads
The co-working space has around 50 hot desks and nap pods, allowing travellers to 'check-in' at work.
Fr8Labs secures major backing to digitalise Asia's freight sector
Investors are showing strong support for Fr8Labs, a company set on transforming the freight forwarding sector traditionally bogged down by manual processes.