With a friendly government, large capital flows and a robust infrastructure, Singapore is often touted as the epicenter of the blockchain revolution. It comes as no surprise when UOB, one of the largest banks in the region takes a step towards that direction with its recent collaboration with HashCash Consultants.
The Singaporean bank has over 60 branches locally and is spread across 19 countries in southeast Asia, Europe and North America. UOB is into corporate and personal banking services, insurance, venture capital and asset management.
Until last year, R3 and Ripple had been popular names in blockchain news as far as collaboration with large banks went.
This year observers are witnessing the rise of HashCash, the silicon valley company that has attracted the likes of UAE exchange, Russia’s Alfa-Bank, Commonwealth Bank of Australia, and Germany’s Commerzbank among others.
Banks, Corporations and Currency exchanges are onboarding to the network, HC NET for retail remittances, vendor payments, wage disbursements, trade finance and several other business cases. The network uses HCX as its native currency but can also use fiat currency for settlement.
Banks believe that Incorporating blockchain in banking processes would boost speed and cut the cost of money transfer by eliminating SWIFT cost among several other advantages. “Blockchain is leading to systemic changes within the banking industry. It enables banks with a far more efficient and cost effective settlement network”, said Raj Chowdhury, Managing Director at HashCash and a well regarded blockchain expert.