(25 August 2025 – Singapore) Singapore’s OCBC has rolled out a US$1 billion digital US commercial paper (USCP) program, leveraging blockchain to secure near-instant access to short-term US dollar funding.
The initiative uses tokenised securities and funds to enable settlement within minutes, with record-keeping and servicing also conducted on-chain. The program is supported by JP Morgan’s Digital Debt Service on its Kinexys platform, with the US bank acting as sole dealer.
Kenneth Lai, head of global markets at OCBC, said: “Singapore’s blockchain ecosystem is advancing fast, and asset tokenisation is gaining real momentum. Our focus is now firmly on commercialisation. We have already tapped blockchain for intraday repo and reverse repo transactions—capabilities added last year—and are now expanding into the USCP market to strengthen liquidity and resilience.”