Mr Melvyn Low, our Head of Global Transaction Banking, spoke about this with BNY Mellon’s Global Head of Client Insight and Innovation Mr Fabian Khoshbakht at Singapore Fintech Festival today, as part of MAS’ Project Guardian showcase.įind out more at our dedicated onstage presentation on 17th November (Friday), 11:15 – 11:30 AM at the Technology Stage. For deposits above S1 million, please contact OCBC at 18 or visit any OCBC Bank branch. The maximum placement amount for all the above Time Deposit promotions is S999,999 or equivalent. The minimum placement amount for the above SGD promotion is S20,000. We have collaborated with BNY Mellon on a proof-of-concept to improve correspondent banking, using blockchain technologies to: 1) Increase the settlement speed and cost competitiveness of forex payments, and 2) Establish mutual 24/7 operations to support institutional clients globally. Branch (using CPF Ordinary Account Funds) 12. Some traditional constraints to this include diverging operating hours, fragmented banking capabilities by jurisdiction, and inefficient processes. Correspondent banking, where banks tap on banks in other jurisdictions to facilitate cross-border payments and transactions, is an integral part of the global financial system.
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