PANews reported on November 6 that according to Mobile Payment Network, OCBC Bank and Ant International announced a strategic partnership aimed at using tokenized deposits and leveraging advanced encryption technology and artificial intelligence to simplify cross-border fund settlements. The partnership will prioritize real-time payments between Singapore and Malaysia around the clock through Ant International's Whale platform. The platform uses blockchain technology, advanced encryption technology and artificial intelligence to improve the speed, efficiency and transparency of cross-border transactions.
The partnership marks OCBC Bank’s first foray into tokenization with Ant International and builds on the existing relationship between the two parties, with OCBC Bank previously partnering with Ant International to join the Alipay+ network in 2023 to facilitate cross-border payments between Singapore, Malaysia and South Korea.