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Cryptocurrencies

Kotak Mahindra, Deloitte test blockchain for trade finance

Friday 19 May 2017 | 10:32 AM CET

Together with Deloitte, Kotak Mahindra Bank has completed tests on blockchain trade finance solution, focused on end-to-end financing.

The project centred on digitizing the bank’s trade finance process with JP Morgan Singapore, aiming to reduce the paper-intensive processes that today dominate this sector of the global economy.

Furthermore, the Indian private bank plans to apply blockchain technology for cross-border payments, regulatory auditing, and customer verification. The move comes amid a more active time for blockchain R&D in India, with companies including the National Stock Exchange of India, ICICI Bank and YesBank recently announcing completed blockchain trials, according to CoinDesk.

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