ICICI Bank Teams with Emirates NBD to Execute Cross-Border Blockchain Transactions

By October 21, 2016Bitcoin Business

Emirates NBD, a leading banking group in the Middle East, has tied up with IT supplier EdgeVerve Systems and ICICI Bank, India’s largest private sector bank, to launch a blockchain-based network for international remittances and trade finance. The pilot transactions were made on a custom-made blockchain application, co-created with EdgeVerve Systems, a subsidiary of Infosys. The new experiment reflects the rising profile of blockchain technology in both India and UAE. Within our upcoming QIR report, we will delve into fintech implications for the MENA’s finance industry, and briefly outline what comes in this realm and what aspects of it can actually disrupt to help for greater inclusion. This includes the efforts made by regional governments to promote financial technology and digitized interactions, in addition to some success stories in the MENA, particularly in the United Arab Emirates. Through the blockchain network’s integration with the Infosys’s core banking platform Finacle and other host systems, the banks were able to automate inter-bank processes, securely exchange digital documents, and transfer invoices and purchase orders in a transparent and secure manner. Although Emirates NBD and ICICI initiative is the first of its kind in the Middle East and India, but on a global basis they are not alone with other banks planning similar projects. Examples include Bank of America Merrill Lynch, which will join Microsoft to test the technology that powers Bitcoin to create a framework that may eventually be sold to other businesses. In addition, ICICI Bank and Emirates NBD plans to build a network consortium for further participation by interested member banks in a bid to expand the new ecosystem and create common working standards that contributes to the commercial adoption of this initiative. Commenting on the partnership, his highness Shaikh Ahmed bin Saeed Al Maktoum, Chairman of Emirates NBD said: […]

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