Reliance Industries, India’s largest private sector firm, has successfully participated in its first ever trade finance transaction powered by blockchain technology. In an industry first, Indian oil and energy conglomerate Reliance Industries completed a trade finance transaction with US-based Tricon Energy, a global chemical distributor. The end-to-end ‘live’ transaction was executed over R3’s...
Kotak Mahindra Bank, one of India’s largest private banks, has successfully completed an end-to-end trade finance transaction with a client over a blockchain. According to a report in Indian business daily Economic Times, ‘the first of its kind transaction’ sees the bank partner services giant Deloitte to complete the trade finance test with partner bank JP Morgan Singapore. A traditionally paper...
Japan’s Mizuho Financial Group, subsidiary bank Mizuho and IBM Japan are jointly building a blockchain platform for trade financing. With the blockchain solution, Mizuho is looking at improving supply chain- and trading operations’ efficiency. Announced in Tokyo this week, the joint endeavor sees blockchain technology as a viable solution to enable quick and secure exchange of digitized trade...
Technology giant IBM has developed a blockchain trade finance platform alongside a bank and a commodity trading house to settle deals using the blockchain solution. Singaporean commodities trading house Trafigura and French bank Natixis join IBM in the innovative solution, one that they call as the first blockchain solution in commodity trade finance geared for the US crude oil sector. The...
A group of seven large European banks has signed a memorandum of understanding (MoU) to develop a blockchain-powered cross-border trade finance platform for small and medium-sized companies in Europe. The participating banks are UK-based banking giant HSBC, Dutch institution Rabobank, French financial institutions Société Générale and Natixis, Italian banking group UniCredit and Belgium-based KBC...