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Photo by Terence Ong via Wikimedia Commons.

OCBC taps LTA for blockchain payment pilot in construction projects

Over S$22m has been disbursed under the pilot.

OCBC has partnered with the Land Transport Authority (LTA) to pilot its blockchain-based conditional payment solution.

The solution will enable LTA to automate the disbursement of mobilisation advance payments to contractors once smart contract conditions are met.

Integrated into OCBC’s business banking platform, the solution provides LTA real-time visibility into transactions and bank balances, improving oversight of mobilisation advances.

Over S$22m has been disbursed to three main contractors and subcontractors involved in the Cross Island Line pilot.

 

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