DBS Bank, one of Singapore’s largest banks, said it completed a trade financing deal on Onyx, the blockchain-based trading network of JPMorgan Chase.
The development makes DBS the first Asian bank to do so, joining the ranks of Paris-headquartered BNP Paribas and US-based Goldman Sachs.
Photo credit: Deyoadutrys
Launched in 2020, Onyx’s platform uses blockchain tech to settle transactions within hours instead of the current norm of about two to three business days.
DBS announced that it has closed an intraday repurchase transaction, which typically involves an investor acquiring government-backed securities and letting them go a day after at a slight premium.
“Through leveraging efficiencies of a blockchain-based solution, we are able to raise US dollar funding in compressed timeframes which are beneficial to our liquidity needs,” said Andrew Ng, head of treasury and markets at DBS.
See also: Behind the crypto project backed by Temasek, JP Morgan, DBS
Other Onyx offerings include Liink, which enables data sharing between institutions, and Onyx Digital Assets, a network that enables exchange of value for digital assets.
Editing by Eileen C. Ang
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