YES Bank reportedly completes the issuance of corporate debt through blockchain tech fintech MonetaGo on R3’s Corda Enterprise Technology.
This is for the first time in Asia when a big Financial institute uses blockchain for the issue of commercial papers.
₹1 billion rupees transaction was reportedly carried out on behalf of Vedanta, an Indian conglomerate without any paperwork that has applied to such transactions traditionally.
Vinod Bahety, the senior president of Wholesale Banking for the Mumbai region at YES Bank reportedly stated that the bank believes that for the regular issuers, pioneering solutions (blockchain) of this kind will significantly ease the commercial paper issuance process.
According to him this first of its kind transaction reaffirms the strong commitment to bring customised financial solutions through innovative practices and approach of knowledge banking to the infrastructure sector.
Earlier reports suggested that china’s central bank is working over its own digital coin and its development in order to compete with Facebook’s Libra, which was on the verge to become a threat to China’s financial system.