ICICI Bank On-Boards Over 250 Corporates On Its Blockchain Platform For Trade Finance
According to a company release, ICICI Bank, India’s largest private sector bank by consolidated assets, announced that it has successfully on-boarded over 250 corporates on its blockchain platform for domestic & international trade finance, the most by any bank in India.
This is the highest number of participants on any blockchain platform in the country. Commenting on the development, Ms. Chanda Kochhar, MD & CEO, ICICI Bank said, “ICICI Bank has a rich legacy of leveraging the latest technology to bring in new paradigms in banking. We were the first in the country and among few globally to pioneer cross-border open account trade finance and remittance transactions on blockchain. I am delighted to share that we have scaled up the operations to sign over 250 corporates on our blockchain solution for trade transactions, the maximum for any blockchain solution in the country.”
Kochhar envisions the technology simplifying the document-intensive trade transactions by connecting all stakeholders on a single platform.