Singapore’s OCBC has joined JP Morgan’s live blockchain network, becoming the first Singapore bank to do so. According to the announcement on Friday, September 20, 2019, the bank will now be part of the Interbank Information Network (IIN) delivered by JP Morgan.
OCBC bank now joins 112 other banks in the Asia-Pacific region that already utilize the IIN, with new entrants being regional banks. Up to 134 Asia-Pacific banks have registered for the service, which makes about 40 percent of the 343 banking institutions that have registered for the service since 2018. In Japan, 80 banks signed up for the service, making it the largest block worldwide.
Interbank Information Network (IIN)
The Interbank Information Network (IIN) was established as a pilot project in 2017. The blockchain-based service aims to reduce the friction witnessed in global payment processing. IIN operates on a permission blockchain known as Quorum, developed by JP Morgan.
JP Morgan Chase’s global head of clearing John Hunter said:
“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.”
JP Morgan’s Performance in the Stock Market
The latest JP Morgan Chase stock price (NYSE: JPM) reveals that the company is down -0.32% with the price per share of $119,70 in the last 24 hours. However, it appears that JP Morgan’s Indian Investment Trust PLC (LSE: JII.L) is doing better in the stock market after recording a 5.43% gain and $9.93 stock price per share in the last 24 hours.
Several clients of JP Morgan Chase and Co. are worried that the increase in bond yields is a threat to the stock market rally, which of course is an advantage to brokers and fund managers. Earlier this week (Sept 18), JP Morgan’s team of strategists led by Mislav Matejka advised their clients that the widening of the gains to include value and cyclical stocks would actually support the rally.