India’s largest private sector lender, ICICI Bank had tied up with Emirates NBD — a leading banking group in the Middle East — to execute transactions in international trade finance and remittance using blockchain technology.
ICICI Bank is the first few banks globally to exchange and authenticate remittance transaction messages electronically on blockchain in real time. The usage of blockchain technology simplifies the process and makes it almost instant—to only a few minutes. “We have also marked a milestone by piloting a blockchain network with Emirates NBD as a partner and have successfully executed cross-border open account trade finance and remittance transactions,” Chanda Kochhar, MD & CEO, ICICI Bank said. Kochhar added that the emergence of blockchain will play a significant role in banking in the coming years by making complex bilateral and multi-lateral banking transactions seamless, quick and more secure.