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First bank in Asia to complete intraday repurchase transaction on a blockchain based network

DBS today completed an intraday redemption transaction on JP Morgan’s intraday redemption application for Onyx Digital Assets, a blockchain-based network that supports instant settlement and maturity of transactions within hours, rather than the current industry standard. Announced becoming the first bank in Asia. 1-2 business days.

Andrew Ng, Head of Finance and Markets at DBS, said: Until now, banks around the world have had to seek alternative routes for intraday funding requirements. By leveraging the efficiencies of blockchain-based solutions, you can raise US dollar funding in short timeframes that are beneficial for your liquidity needs. ”

Scott Lucas, Head of Market Distributed Ledger Technology at JP Morgan, said: As the network continues to grow, we are thrilled to have our first Asia-based client working on our application. ”

Ed Bond, Head of Trading Services Asia Pacific at JP Morgan, said: DBS is a great partner in this project and will continue to seek innovative ways to help clients navigate market challenges. ”

“As a bank known to be at the forefront of digital transformation, we continue to leverage cutting-edge technology to provide market participants with faster access to liquidity and better risk management,” Ng said. I will continue.”

About DBS
DBS is Asia’s leading financial services group with a presence in 18 markets. Headquartered and listed in Singapore, DBS is located in his three key growth axes in Asia: Greater China, Southeast Asia and South Asia. The bank’s ‘AA-‘ and ‘Aa1’ credit ratings are among the highest in the world.
Recognized for its global leadership, DBS isbest bank in the world”by Global Finance“best bank in the world“When”Global Bank of the Year” by Bunker. Banks are at the forefront of shaping the future of banking through the use of digital technology.World’s best digital bank“Euromoney and the World”Most Innovative in Digital Banking” by Bunker. In addition, DBSAsia’s safest bankAwarded by Global Finance for 14 consecutive years from 2009 to 2022.
DBS offers a full range of services in consumer, small business and corporate banking. As a bank born and raised in Asia, DBS understands the complexities of doing business in the region’s most dynamic market. DBS is committed to building lasting relationships with its customers to bank the Asian way. Through the DBS Foundation, banks create impact beyond banking by supporting social enterprises. This is a business with a double return of profit and social and/or environmental impact. The DBS Foundation also gives back to society in many ways, including providing future-ready skills to communities and building food resilience.
DBS offers exciting career opportunities due to its extensive network of operations in Asia and its focus on staff engagement and empowerment.
For more information, see:www.dbs.com.

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