Together with six Indian banks, JPMorgan Chase & Co. is launching a blockchain-based platform for settling dollar deals between banks in New Delhi’s trading center.
A new Bloomberg report says the platform will be open 24 hours a day, 7 days a week, and won’t need manual intervention. This should cut down on settlement times and costs.
New Delhi wants to establish Gujarat International Finance Tec-City, also called GIFT City, an excellent option for Singapore and Dubai as trading center. To reach this goal, the Reserve Bank of India has opened a domestic non-deliverable forward market settled in dollars at GIFT City, which will likely improve its chances.
Senior country leader for India and vice chairman for Asia Pacific at JPMorgan, Kaustubh Kulkarni, says,
“We will be running a pilot project for the next few months as we need to analyze banks’ experience…
By leveraging blockchain technology to facilitate transactions on a 24/7 basis, the processing is instantaneous and enables GIFT City banks to support their time-zone and operating hours.”
After getting approval from the International Financial Services Center Authority, JPMorgan’s blockchain technology Onyx will be used in a pilot project starting June 5. Onyx, which was created in 2020, is a tool for large-scale payments based on the blockchain.
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