JPMorgan Chase & Co. is partnering with six Indian banks to launch a blockchain-based platform for settling interbank dollar transactions in New Delhi’s trading center.
According to a new Bloomberg report, the platform will be available 24/7 and will remove the need for manual intervention, which is expected to reduce settlement times and costs.
New Delhi is seeking to establish Gujarat International Finance Tec-City, also known as GIFT City, as a viable trading center alternative to Singapore and Dubai. To achieve this goal, the Reserve Bank of India has launched a domestic non-deliverable forward market settled in dollars at GIFT City, which is expected to boost its prospects.
Says Kaustubh Kulkarni, senior country officer, India, and vice chairman, Asia Pacific at JPMorgan,
“We will be running a pilot project for the next few months as we need to analyze banks’ experience…Â
By leveraging blockchain technology to facilitate transactions on a 24×7 basis, processing is instantaneous and enables GIFT City banks to support their own time-zone and operating hours.”
Today, on Monday, June 5, a pilot project using JPMorgan’s blockchain platform Onyx will be launched after being approved by the International Financial Services Center Authority. Onyx, which was created in 2020, is a blockchain-based platform for wholesale payment transactions.
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