News Indian banks unveil blockchain-linked funding for SMEs – FinTech...

Indian banks unveil blockchain-linked funding for SMEs – FinTech Futures

-

- Advertisment -

A group of 11 Indian banks have teamed together to unveil the nation’s first blockchain-linked funding for SMEs.

Indian banks unveil blockchain-linked funding for SMEs – FinTech Futures

“A blockchain network can only thrive if the entire ecosystem is working in synergy through a single network”

According to the Economic Times, the participants include ICICI, Axis, HDFC, Kotak Mahindra, Yes Bank, Standard Chartered, RBL, South Indian Bank, IndusInd Bank, State Bank of India and Bank of Baroda.

The meetings among the participating banks are being organised by a consortium called the Blockchain Infrastructure Company (BIC).

The goal is to revamp lending for “default-prone small firms”. The banks have been working together to set up a live network that cuts time in supply-chain financing.

“The idea of having such an organisation is to remove any communication hurdle among the different banks,” explains Abhijeet Singh, head of business technology at ICICI Bank. “A blockchain network can only thrive if the entire ecosystem is working in synergy through a single network. The core objective of having such a ledger network is to ensure transparency in credit disbursement, especially in the underbanked section.”

The blockchain network will allow the banks to access public credit data so they can reduce risks when offering lending.

The first phase will see the live network set up, thus allowing registration and the digitisation of records.

On a broader level, and earlier this month, Satchit Hasabnis, co-founder of Loanbaba, looked at initiatives by India’s government to boost fintech.

source

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

Network Security Using Cryptography: Everything you need to know

This article will describe what is Network Security Using Cryptography and everything you need to know before...

Mercuriex Cryptocurrency Exchange Launches New Utility Token, SURF

MercuriEx Cryptocurrency Exchange, originally developed in 2017, came under new ownership in December 2019. Since taking over the exchange,...

Fungibility: Bitcoin Mixers Favorite Term That No One Understands

Fungibility, perhaps the most important concept when dealing with a decentralized and anonymous currency, but does bitcoin...

Crypto can’t thrive in the real world – but stablecoins can

We can safely say that the hype about cryptocurrencies is pretty much over. The claims of Bitcoin...
- Advertisement -Indian banks unveil blockchain-linked funding for SMEs – FinTech Futures

How to double your crypto

Most of us have a small gambler deep inside our souls. We love to feel the thrill...

Cryptocurrency Top Security Risk Concerns: What You Can Do to Protect Your Crypto

A report by CipherTrace revealed that in the first half of 2019, criminals and fraudsters stole more...

Must read

Mercuriex Cryptocurrency Exchange Launches New Utility Token, SURF

MercuriEx Cryptocurrency Exchange, originally developed in 2017, came...
- Advertisement -Indian banks unveil blockchain-linked funding for SMEs – FinTech FuturesIndian banks unveil blockchain-linked funding for SMEs – FinTech Futures

You might also likeRELATED
Recommended to you