ICICI Bank and Emirates NBD complete cross-border blockchain transaction

FinTech | October 13, 2016 By:

ICICI Bank has partnered with Emirates NBD to execute transactions in international trade finance and remittance using blockchain technology.

The trial represents the latest efforts among banks worldwide to use the technology to facilitate faster, lower-cost transactions. Notably, ICICI and Emirates NDB are among the largest banking groups in their respective countries.

In one of the tests, an ICICI bank branch based in Mumbai transmitted a transaction, via a blockchain, to an Emirates NDB location in Dubai. The banks also tested a distributed ledger for tracking documentation for trade finance.

The pilot was executed using the Infosys solution, EdgeVerve Blockchain Framework. Shaikh Ahmed bin Saeed Al Maktoum, Chairman, Emirates NBD, says: “We anticipate blockchain to be a potential game changer in creating a secure, scalable, cost and time-efficient digital ecosystem for government and businesses and as a bank that has pioneered digital innovation in banking and payments in the UAE, we are truly excited to take the lead in testing future applications of this exciting technology in the banking sector.”

ICICI Bank is one of India’s largest private banks. Emirates NBD is a leading banking group in the Middle East.