Stellars blockchain powers ICICI Banks money transfers in India

Besides the bank, other three new partners in some of the largest remittance markets in the world were revealed by Stellar including: Philippines-based financial inclusion-focused fintech startup Coins.ph, pan-African fintech company Flutterwave which is notably plugged into the popular M-Pesa network, and French remittance provider Tempo Money Transfer, a licensed money transfer operator in Europe.

Therefore, Stellar customers will be able to move money from France to Nigeria to Kenya to India in real-time and securely. The new partnerships could have a telling and timely impact, particularly in India, a country still trying to find its feet following an unprecedented cash-freeze due to its government’s recent demonetization drive, according to CryptoCoins News.

ICICI Bank is already integrating with the Stellar blockchain network the announcement added, leading up to the launch of a mobile wallet application powered by Stellar. This mobile app will see a rollout among university and office campuses around the country.

Also, the bank has notably piloted a previous blockchain project in partnership with Emirates NDB, a large private bank in the Middle East. Developed by a subsidiary of Indian IT giant Infosys, the blockchain platform saw two successful transactions – a remittance transfer and a trade finance transaction, between India and Dubai.