A senior trade finance executive for JPMorgan Chase has offered new details on the bank’s work with blockchain technology.
Speaking to Financial News, Jeremy Shaw, head of trade finance for Europe, the Middle East and Africa, said that the area is just one in which the bank is looking at possible distributed ledger applications. The comments came during a broader conversation about the topic of trade finance and its future.
He told the publication.
“I think you need to take a different view and reinvent how you do business. We have a team looking at it from the blockchain perspective, for example, to look at how the distributed ledger can be used across multiple different products, and trade is one of those. I personally believe we need to look at the business from a different perspective.”
The bank disclosed earlier this year that it is testing blockchain for international money transfers, a trial performed in conjunction with Digital Asset Holdings, a startup led by former JPMorgan executive Blythe Masters.