LTA to pilot blockchain-based conditional payments solution with OCBC

Nurdianah Md Nur11-06

The move aims to digitally transform LTA’s disbursement of mobilisation advance payments to contractors.The Land Transport Authority of Singapore (LTA) will be piloting a blockchain-based conditional ...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2481466602?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2024-11-06 02:02","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2481466602","market":"other","top_or_hot":-1,"title":"LTA to pilot blockchain-based conditional payments solution with OCBC","media":"Nurdianah Md Nur","content":"<div>\n<p>The move aims to digitally transform LTA’s disbursement of mobilisation advance payments to contractors.The Land Transport Authority of Singapore (LTA) will be piloting a blockchain-based conditional ...</p>\n\n<a href=\"https://www.theedgesingapore.com/digitaledge/digital-economy/lta-pilot-blockchain-based-conditional-payments-solution-ocbc?utm_source=Blog&utm_medium=RSS&utm_campaign=Tiger_Brokers_app_RSS\">Source Link</a>\n\n</div>\n","source":"edge_highlight","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>LTA to pilot blockchain-based conditional payments solution with OCBC</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nLTA to pilot blockchain-based conditional payments solution with OCBC\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-06 02:02 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.theedgesingapore.com/digitaledge/digital-economy/lta-pilot-blockchain-based-conditional-payments-solution-ocbc?utm_source=Blog&utm_medium=RSS&utm_campaign=Tiger_Brokers_app_RSS><strong>Nurdianah Md Nur</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The move aims to digitally transform LTA’s disbursement of mobilisation advance payments to contractors.The Land Transport Authority of Singapore (LTA) will be piloting a blockchain-based conditional ...</p>\n\n<a href=\"https://www.theedgesingapore.com/digitaledge/digital-economy/lta-pilot-blockchain-based-conditional-payments-solution-ocbc?utm_source=Blog&utm_medium=RSS&utm_campaign=Tiger_Brokers_app_RSS\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"SG9999001135.SGD","symbol_name":"United ASEAN Fund SGD","start_time":0,"source_url":"https://www.theedgesingapore.com/digitaledge/digital-economy/lta-pilot-blockchain-based-conditional-payments-solution-ocbc?utm_source=Blog&utm_medium=RSS&utm_campaign=Tiger_Brokers_app_RSS","article_id":"2481466602","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2481466602","pubTimestamp":1730829769,"sourceInfo":{"source_id":"edge_highlight","name":"Edge"},"weMediaInfo":null,"summary":"The move aims to digitally transform LTA’s disbursement of mobilisation advance payments to contractors.","collect":0,"end_time":0,"defaultTopTitle":"theedgesingapore.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"SG9999001135.SGD":"United ASEAN Fund SGD","SG9999000475.SGD":"Aberdeen Standard Singapore Equity SGD","SG9999013486.USD":"LIONGLOBAL SINGAPORE DIVIDEND EQUITY (USD) INC A","LU0251143029.SGD":"Fidelity ASEAN A-SGD","LU0048573645.USD":"富达东盟基金","LU1634259557.SGD":"Eastspring Investments - Asian Low Volatility Equity Fund AS SGD-H","IE0008368411.USD":"FSSA ASIAN GROWTH \"I\" (USD) ACC","BK6112":"综合性银行","LU0210637038.USD":"HSBC GIF THAI EQUITY \"AD\" INC","SG9999006266.SGD":"MANULIFE SINGAPORE EQUITY \"A\" (SGD) ACC","LU0737861269.HKD":"FIDELITY ASEAN \"A \" (HKD) ACC","SG9999000459.SGD":"Aberdeen Standard Pacific Equity SGD","SG9999002414.USD":"LIONGLOBAL SINGAPORE TRUST (USD) ACC","LU0264606111.USD":"Janus Henderson Horizon Asian Dividend Income A2 USD","LU0261945553.USD":"FIDELITY ASEAN \"A\" ACC","FTVI":"Fintech Acquisition Corp VI","LU0532188223.SGD":"JPMorgan Funds - ASEAN Equity A (acc) SGD","O39.SI":"华侨银行","PBM":"Psyence Biomedical Ltd","LU0181495838.USD":"施罗德新兴亚洲A Acc","LU1497733557.USD":"EASTSPRING INV ASIAN LOW VOLATILITY EQUITY FUND \"A\" (USD) INC A","SG9999003826.SGD":"日兴资管新加坡股息基金 SGD","IE0031814969.USD":"FSSA ASEAN ALL CAP FUND \"I\" (USD) ACC","LU0572940350.SGD":"Janus Henderson Horizon Asian Dividend Income A3 SGD","BK6523":"ESG概念","LU1048588211.SGD":"Blackrock Asian Dragon A2 SGD-H","SG9999016042.SGD":"Schroder Singapore Trust A Acc SGD","SG9999002406.SGD":"利安新加坡信托基金","LU1206713676.USD":"Aviva Investors - Multi-Strategy Target Return Ah USD","LU0821914370.USD":"贝莱德亚洲成长领袖A2","IE0032834883.USD":"FSSA ASIAN EQUITY PLUS \"I\" (USD) INC","SG9999004360.SGD":"Nikko AM Shenton Thrift Fund SGD","IE00B0169L03.USD":"FSSA ASIA FOCUS FUND \"I\" (USD) ACC","LU1130305938.SGD":"Schroder ISF Asian Dividend Maximiser A Dis SGD-H","BK4139":"生物科技","SG9999000327.SGD":"Schroder Asian Growth A Dis SGD","LU0955623706.USD":"SCHRODER ISF ASIAN DIVIDEND MAX \"A\" (USD) ACC","SG9999001903.USD":"Aberdeen Standard Pacific Equity USD","LU1206712785.SGD":"Aviva Investors - Multi-Strategy Target Return Ah SGD","IE00B067MR52.USD":"FSSA ASIAN EQUITY PLUS \"I\" (USD) ACC","SG9999008742.SGD":"Eastspring Investments Unit Trusts - Singapore ASEAN Equity SGD","SG9999000343.SGD":"Schroder Singapore Trust A Dis SGD","SG9999013478.USD":"利安新加坡股息基金","LU1981816686.USD":"EASTSPRING INV ASIAN MULTI FACTOR EQUITY \"A\" (USD) ACC","LU1522347837.USD":"EASTSPRING INV ASIAN LOW VOLATILITY EQUITY FUND \"A\" (USD) ACC A","LU1048596156.SGD":"Blackrock Asian Growth Leaders A2 SGD-H","SG9999002679.SGD":"LionGlobal Singapore Balanced SGD","SG9999001689.USD":"施罗德亚洲成长股票","SG9999005177.SGD":"Legg Mason Martin Currie - Southeast Asia Trust A Acc SGD","IE00B97KM107.HKD":"FSSA ASIAN EQUITY PLUS \"I\" (HKD) ACC"},"translate_title":"LTA将与华侨银行试点基于区块链的有条件支付解决方案","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"O39.SI":1,"PBM":1,"FTVI":0.6},"content_text":"The move aims to digitally transform LTA’s disbursement of mobilisation advance payments to contractors.The Land Transport Authority of Singapore (LTA) will be piloting a blockchain-based conditional payments solution from Oversea-Chinese Banking Corporation (OCBC) to disburse mobilisation advance payments efficiently with greater transparency to its main contractors.\nOften amounting to millions due to the scale of the construction projects, mobilisation advance payment helps the main contractors defray heavy upfront capital outlays at the start of their construction project, and is usually a percentage of the total project value.\nWith OCBC’s blockchain-based conditional payments solution, the mobilisation advance payments are automatically disbursed to the intended contractor once the smart contracts verify that the conditions are met.  \n“The key concern we have today is the lack of visibility over the use of the funds. Another issue is the payment flow to the contractors; it can take several months because of manual verification document processing,” says Yong Yenn Leng, LTA’s chief financial officer, during one of the panel discussions at the Singapore Fintech Festival 2024.\nAs such, the blockchain-based conditional payments solution is designed to empower LTA with full transparency over the use of the mobilisation advance. LTA will also gain a real-time overview of the transactions and bank balances since the solution is integrated with OCBC’s business banking platform.\nTo encourage adoption among contractors, the solution is developed with user-friendliness and inclusivity in mind. “We had two primary requirements. First, we wanted a simple solution because construction companies vary in sizes and their tech capability. So, we told OCBC we wanted something straightforward and would not require significant efforts from the contractors or even changes to their payment system,” says Yong.\nShe continues: “We also wanted something that worked for all contractors regardless of their banking relationships because not all contractors have an OCBC bank account and it is not possible for us to mandate our contractors to have any specific bank account. So these two requirements guided the whole collaboration with OCBC to push for a solution as both inclusive and user-friendly.”\nThe pilot involves three main contractors for the Cross Island Line projects. To date, over $22 million has been disbursed to the main contractors and sub-contractors with this solution.\n\"Moving forward, we will explore more payment types and get more contractors to onboard the solution. But we’re taking a gradual rollout approach to assure contractors that we are managing this transition together with them,” says Yong.\nMelvyn Low, head of Global Transaction Banking at OCBC, comments: \"We are excited to embark with LTA on this journey of transforming the way payments are handled in the construction industry. This blockchain-based conditional payment solution will improve the governance and transparency of utilisation of the mobilisation advance payments that LTA extends to its contractors.\"\nHow it works\nIn the same discussion, Low shares how the blockchain-based conditional payments solution (or purpose-bound money) works in LTA’s pilot with OCBC.\n\nFrom the panel discussion between LTA and OCBC at the Singapore Fintech Festival 2024. Photo: Nurdianah Md Nur/ The Edge Singapore\nLTA will fund a purpose-bound money (PBM) account for the contractor to access as and when they require and when the conditions are met. LTA will also upload a set of conditions to the blockchain platform for OCBC to manage and control the funds as they are dispersed.\nOnce the funds are in the account, OCBC will mint tokens off the blockchain and the smart contracts will be attached to those tokens.\nTo redeem funds, contractors will need to go into OCBC’s e-banking platform to trigger the payment they require. Once that is done, OCBC will check against the conditions that have been set within the system. If the conditions are met, the PBM will be unwrapped and funds will be disbursed to the contractor. Both LTA and the contractor will be alerted even if the transaction is rejected.\nIn the final step, the reports (of all the different payments) are availed to both the contractor and LTA to ensure visibility in the entire process.\n“All these steps used to be done manually and within an opaque process. With the use of the PBM and smart contracts that wrap around the tokens that are minted, we're able to digitalise the entire experience. At the same time, we had to ensure that the way in which the contractors executed their payments would not change… and we didn’t want contractors to have to do any extra steps [when using our blockchain-based conditional payments solution],” says Low.  \n(Updated at 12.15pm to include information from the panel discussion at the Singapore Fintech Festival 2024)","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"Company Corporation","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2481466602"}