JPMorgan is collaborating with Indian banks to launch a pilot project that enables efficient interbank dollar trade through blockchain technology
JPMorgan Chase and Co., in partnership with six Indian banks, has launched a blockchain-based platform for interbank dollar transactions.
This initiative supports India’s efforts to establish the Gujarat International Finance Tec-City (GIFT City) as a competitive global financial center, rivalling other major hubs like Singapore, Hong Kong, ADGM, and Dubai’s IFC.
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JPMorgan has announced its plans to conduct a pilot project in collaboration with several Indian banks. Kaustubh Kulkarni, the senior country officer for India and vice chairman for Asia Pacific at JPMorgan, stated in an interview that they will be running the pilot project over the next few months to assess the banks’ experience.
The participating banks include leading private lenders such as HDFC Bank Ltd., ICICI Bank Ltd., Axis Bank Ltd., Yes Bank Ltd., IndusInd Bank Ltd., along with JPMorgan’s own banking unit at GIFT City.
With the objective of achieving faster and more efficient interbank dollar transactions, the banking giant intends to leverage blockchain technology. Presently, using the existing settlement systems, it typically takes several hours for transactions to be settled. However, by adopting blockchain, these transactions could be executed almost instantaneously, significantly reducing the settlement time.
The pilot project will utilize JPMorgan’s blockchain platform Onyx
JPMorgan plans to utilize blockchain technology to enable 24×7 transactions in GIFT City, leveraging their Onyx platform.
The pilot project, approved by the International Financial Services Center Authority, is set to launch on Monday.
Alongside JPMorgan, other major banks like Deutsche Bank and MUFG have also established a presence in GIFT City.
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
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