One of the largest private sector banks in India has tested a blockchain trade finance solution focused on end-to-end financing.
As reported by The Economic Times, Kotak Mahindra Bank, partnered with Deloitte on the project, which focused on digitizing its trade finance process with JP Morgan Singapore, the partner bank in that utilized the technology in the trial.
In statements, KVS Manian, president of corporate institutional and investment banking at the firm, said that the move is one that’s aimed at the paper-intensive processes that today dominate this sector of the global economy.
Mania said:
“We are leveraging this technology to give our clients hassle-free and profitable trades finance solution on an almost real time basis.”
Elsewhere, he voiced Kotak Mahindra’s continued commitment to testing the tech, mentioning cross-border payments, regulatory auditing and customer verification as potential areas in which it could seek to apply the technology.
The move comes amid a more active time for blockchain R&D in India, with firms including the National Stock Exchange of India, ICICI Bank and YesBank recently announcing completed blockchain trials.
For more on blockchain’s potential impact on supply chains and supply chain financing, read our full research report.
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