Indian IT giant Tech Mahindra to launch stablecoin tool for banks
Tech Mahindra wants to provide U.S. banks with a stablecoin solution after the OCC authorized federally chartered banks to use stablecoins for settlement in January. Indian multinational technology firm Tech Mahindra is developing a new stablecoin service targeting banks and financial institutions.The tech giant announced Monday that it has entered into an agreement with Dutch blockchain application incubator Quantoz to launch a “stablecoin-as-a-service” tool to reduce transaction costs and processing times.The new collaboration targets potential clients from the banking and financial....
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Indian multinational and conglomerate Mahindra will set up a blockchain incubator to support startups in the development of blockchain-based applications in a number of industries. As a conglomerate, Mahindra & Mahindra (M&M) has a foothold as a major automaker in India with exports of vehicles to multiple countries, a presence in finance, IT, finance, consulting and other industries. With its incubator, the aim is to develop blockchain solutions that can be across multiple companies in the Mahindra Group, according to a report in the Business Line. In quotes reported by the....
Indian business conglomerate Mahindra Group is working with IBM to develop blockchain-based supply chain applications. Announced today, the partnership sees the two firms working on a prototype tool for tracking supply chain transactions via blockchain. Mahindra, a major business group in India, has operations in industries ranging from aerospace to automotives, as well as agriculture, finance and technology. The collaboration comes as India’s business and finance sectors continue exploring the tech. Various banks in the country have been testing blockchain for use in cross-border payments....
Aiming to tackle the supply chain issues that impact the stock and expiry of COVID-19 vaccines, Tech Mahindra and blockchain firm StaTwig will roll out a “VaccineLedger” solution worldwide. As mass vaccination programs against COVID-19 become increasingly critical to many governments' strategies for pandemic management, blockchain firms are acting fast to propose ways in which the technology could offer solutions to some of the logistical hurdles involved.Blockchain company StaTwig — a graduate of the UNICEF Innovation Fund — was already trialing its blockchain-based solution VaccineLedger....
Two more Indian private banks have started conducting pilot transactions using blockchain technology, days after the country’s leading private sector bank, ICICI, completed its successful blockchain pilot. Axis Bank Ltd., and Kotak Mahindra Bank Ltd., are two of the latest banks to join the growing number of global financial institutions jumping onto the blockchain bandwagon. According to Indian publication Livemint, the two banks are experimenting with blockchain-based solutions in different sectors of businesses and industry. Chief among them are applications for cross-border remittance....
Two banks in India have reportedly partnered on a series of blockchain trials aimed at testing the waters for potential new services. Axis Bank and Kotak Mahindra Bank are working on early concepts related to cross-border payments and transaction settlement, according to Indian news portal LiveMint. The news closely follows that of ICICI, another Indian banking institution, is working with Dubai-based Emirates NBD on similar initiatives. Combined, the two partnerships signal strong interest among India’s banking sector in applications that focus on the movement and settlement of funds.....