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