Singapore’s OCBC has established a US$1 billion digital US commercial paper programme using blockchain technology. OCBC says the programme unlocks near-instantaneous short-term US dollar funding capabilities. This near-instant settlement is made possible by tokenised securities and funds being on-chain, enabling OCBC to receive funds within minutes. Besides issuance and settlement, the programme’s record-keeping and servicing will also be done on-chain. JP Morgan’s Digital Debt Service application, built on its Kinexys platform, will facilitate OCBC programme, with the US giant also acting as sole dealer. Kenneth Lai, head, global markets, OCBC, says: “Singapore’s blockchain ecosystem is advancing fast, and asset tokenisation is gaining real momentum. Our focus is now firmly on commercialisation.