Fifteen banks to start using a new trade finance system using blockchain
In order to eradicate paperwork and scale back transaction time to a couple of years in a safe way, fifteen banks have agreed to form a new company which is able to use blockchain know-how for trade finance. The firm referred to as Indian Banks'' Blockchain Infrastructure Co Pvt Ltd (IBBIC) will have fifteen shareholders holding an identical 6.66% stake within the firm. Each financial institution has agreed to make investments of INR 5 crore (US$0.68m) in this firm which was registered within the final week of May.
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Posted on Jun 16, 2021 Region: Global
blockchain, trade finance blockchain, trade finance
