Go Unlimited with Magzter GOLD
Get unlimited access to 10,000+ magazines, newspapers and Premium stories for just
Try GOLD - Free
OCBC unveils blockchain-powered CBDCs at Singapore Fintech Festival
Asian Banking & Finance
|Issue 113
OCBC is aiming to commercialise one or two of its blockchain solutions in 2024.
-
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) could be used for instantaneous interbank settlement. Visitors were able to avail of 5 Digital Singapore Dollars from OCBC, which they were then able to spend at the UOB booth. The Digital Singapore Dollars were issued by OCBC and UOB and are fungible across each other.
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, such as OCBC and UOB in this case, will no longer need to wait days for the transaction to be settled in the back end. It can happen instantaneously.
Blockchain expertise
This story is from the Issue 113 edition of Asian Banking & Finance.
Subscribe to Magzter GOLD to access thousands of curated premium stories, and 10,000+ magazines and newspapers.
Already a subscriber? Sign In
MORE STORIES FROM Asian Banking & Finance
Asian Banking & Finance
MOHD FAIZUDDIN, ARIF FADILAH, MUHAMMAD HAFIZ
Young Malaysians, big money mistakes
3 mins
Issue 119
Asian Banking & Finance
DCS launches card for cash access on stablecoins
A stablecoin conversion card offers a bridge between crypto and cash.
2 mins
Issue 119
Asian Banking & Finance
Malaysia's development banks told to plug lending gap for MSMEs
Productive sectors need more capital to stimulate the slowing economy.
2 mins
Issue 119
Asian Banking & Finance
Citi almost triples wealth transactions after digital platform revamp
Four of five clients use the bank's mobile app regularly.
2 mins
Issue 119
Asian Banking & Finance
THAI BANKS FACE LITTLE THREAT FROM VIRTUAL ENTRANTS
Thailand's incumbent banks are safe in the near term from disruption that may come from the new virtual banks that are launching in 2026.
1 min
Issue 119
Asian Banking & Finance
Companies seek real-time liquidity management to avert cash-flow crisis
There is increased corporate demand for liquidity and risk coverage, says HSBC.
3 mins
Issue 119
Asian Banking & Finance
Talents shun banks on lengthy hiring processes
Hiring rose 2.5% amongst 15 lenders in Asian Banking & Finance's survey.
4 mins
Issue 119
Asian Banking & Finance
Stablecoins bill brings stricter oversight, opportunity to Hong Kong
The digital tokens could support cross-border payments and smart escrow.
2 mins
Issue 119
Asian Banking & Finance
SWIFT cites high cost of splintered financial world
Many digital payment platforms remain disconnected from each other.
2 mins
Issue 119
Asian Banking & Finance
Banks rethink messaging for Gen Z's eight-second attention
Al can help financial institutions' marketing teams get the job done.
2 mins
Issue 119
Translate
Change font size