Author(s)

Shuyu Ye¹, Yingjing Zhu^2*, Erzhuo Lu^2*

¹School of Economics and Commerce, South China University of Technology, Guangzhou, China.
²Business School, University of Birmingham, Birmingham, UK.

This article takes Singapore Oversea-Chinese Banking Corporation as an example to illustrate the radical reform brought by the blockchain network in the bank payment system. By comparing the traditional payment forms with that under the blockchain network, this paper expounds that the blockchain-based cross-border payment fund transfer system is securer, more transparent and reliable, as well as more efficient. It also discusses the open legal environment in Singapore that promotes the practice of blockchain in the banking industry. However, the establishment and maintenance of the blockchain network are costly, and the banks using blockchain technology are exposed to potential loopholes in the network.

Blockchain, Cross-Border Payment, Retail Banks

Ye, S. , Zhu, Y. and Lu, E. (2019) The Innovation of Retail Banks in the Cross-Border Payment Fund Transfer System: Take OCBC as an Example. Modern Economy, 10, 1479-1486. doi: 10.4236/me.2019.105098.