Reuters writes that "OCBC kicks off $​1 billion digital US commercial paper programme." They explain, "Singapore'​s second-​largest bank Oversea-​Chinese Banking Corp (​OCBC) said ... it has established a $​1 billion digital U.​S. commercial paper programme, bolstering its dollar funding capabilities. U.​S. commercial papers are a relatively inexpensive funding source that corporations use to meet their immediate cash flow needs. Through the programme, OCBC aims to tap into the $​1.​4 trillion U.​S. commercial paper market." The article says, "The bank has leveraged blockchain to establish the programme, which will complement its $​25 billion conventional U.​S. commercial paper programme established in August 2011. J.​P. Morgan'​s Digital Debt Service application will act as the sole dealer. The funds raised will be used for general funding purposes, OCBC said." Kenneth Lai, OCBC'​s head of global markets, comments, "Singapore'​s blockchain ecosystem is advancing fast, and asset tokenisation is gaining real momentum. Our focus is now firmly on commercialisation." Reuters adds, "The first U.​S. commercial paper tokenised issuance under the programme took place on August 20."

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