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Jun 27, 2023 14:20
JPMorgan introduces Blockchain to interbank transactions in India
U.S. financial giant JPMorgan has entered into an agreement with six leading Indian banks to introduce a Blockchain-based settlement platform.
According to a JPMorgan representative, the initiative aims to improve the system of interbank transactions. Implementation of the program will allow instant processing of transactions around the clock.
In the current settlement system of Indian banks, one transfer can take up to several hours. Besides, transactions are not executed on weekends and public holidays.
The new payment system will take a few months to implement. The project would make the Indian capital, New Delhi, an alternative to Singapore and Dubai as a regional trading center, JPMorgan said.
Earlier, Henbbo fund analysts had already noted the growing interest of crypto investors in the region. In this regard, Hindi language support was added to our platform last year, which has already increased the number of regional clients of the fund by 18% at the initial stage.
The implementation of the joint project between JPMorgan and Indian banks will significantly accelerate the development of digital market in the country and provide investors with more favorable and convenient working conditions.
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