Southeast Asia’s Banking Giants Joins JPMorgan Blockchain Network
JPMorgan IIN has a new member in the name of Oversea-Chinese Banking Corporation (OCBC) bank from Singapore. Ever since the JPM Coin created a buzz in the crypto industry, JPMorgan have been cruising on a wave of success.
Moreover, in a recent press release, JPMorgan Chase confirmed more than 300 banks are now involved in the Interbank Information Network (IIN). These 300 banks now include Oversea-Chinese Banking Corporation (OCBC), the second largest bank in Southeast Asia by assets.
In particular, IIN revolves around Quorum based on the Ethereum Blockchain. Quorum is JPMorgan’s solution to digital currency innovation in the cross boarder payment space. Additionally, it vies with tokens such as Ripple for the banking sector custom.
In addition, back in 2018, JPMorgan had signed a total of 343 banks as members of its now famed network. OCBC is the first from Singapore to join the list and the latest overall. The addition of OCBC will likely to encourage other Singapore Banks to follow suit.
Particularly, Asia-Pacific banks have joined IIN overwhelmingly. They boast a majority 40 percent of the 343 banks on the network. This is about 112 banks from the region alone. However, the majority of Asia-Pacific banks come from Japan. Out of the one hundred and twelve on the network, eighty come from Japan.
THE INTENT WITH IIN WAS ALWAYS TO DEVELOP A MEANINGFUL ECOSYSTEM OF BANK USERS, ALL FOCUSED ON HARNESSING EMERGING TECHNOLOGIES SUCH AS BLOCKCHAIN TO BETTER ADDRESS THE COMPLEX CROSS BORDER PAYMENTS INDUSTRY… IN JUST ONE YEAR, WE’VE SEEN IIN SCALE AS WELL AS EXPAND IN TERMS OF ROLE AND CAPABILITIES – AND WE ARE EXCITED AT THE GROWTH TO COME.
JPMorgan Making Huge Progress
Furthermore, the JPMorgan IIN project kicked off back in 2017.Its sole aim is to streamline global payments including the crypto transactions.
According to John Hunter, Global Head of Clearing for JPMorgan, IIN has scaled new heights in mere two years. It has both acquired a huge cache of clients and also expanded its financial and transnational capabilities. He noted the team was excited to enter new realms and explore additional opportunities.
In conclusion, JPM coin runs this network and it is used by the member banks to process USD payments.
About The Author
Mary BrendahMy first love is music – then goes writing. I don’t write fiction, I analyze bulls and bears in markets. I call it my jungle, the digital jungle of crypto and chains.
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