Stellar Partners ICICI Bank, Enables Blockchain Money Transfers in India, Africa and Philippines
Stellar, the open blockchain platform and non-profit payment protocol has unveiled a slew of new partners including, notably, India’s largest private bank by consolidated assets ICICI, to bring low-cost, near instantaneous remittance solutions in India, the Philippines, Africa and Europe. Announced yesterday, Stellar revealed four new partners in some of the largest remittance markets in the world. Indian bank ICICI; Philippines-based financial inclusion-focused Fintech startup Coins.ph; pan-African Fintech firm Flutterwave which is notably plugged into the popular M-Pesa network; and....
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ICICI Bank and three other financial services platforms have partnered with Stellar cryptocurrency platform to enable blockchain based fund transfer. The Indian fintech sector has lately been in the news a lot. In yet another milestone achievement, one of the leading banking institution — ICICI has partnered with Stellar blockchain platform. In the latest release, Stellar has announced partnerships with not one but four different entities across the world. In addition to ICICI Bank, other platforms include Coins.ph — a Philippines-based mobile financial services provider; Flutterwave — a....
Stellar is announcing four new partnerships with financial institutions that will enable low cost global money transfers to the Philippines, India and Europe, and cross-border M-Pesa payments to and from Kenya, Ghana and Nigeria. Stellar is a Silicon Valley based nonprofit that supports the Stellar network, a free, open-source network designed to connect diverse financial systems and let anyone facilitate low cost financial services — payments, savings, loans, insurance — for their community. The organization claims that the Stellar network enables money to move directly between people,....
Since blockchain technology makes it cheap and easy to send immutable data and information all over the world in seconds, this field trial was only a matter of time. Blockchain technology is being explored by many financial service providers all over the world right now. Over in India, the first-ever blockchain transaction has been successfully completed. ICICI Bank, one of the country’s largest private banks, conducted several transactions using this technology. In doing so, they became the first Indian bank to publicly acknowledge success in the world of distributed ledgers. As one would....
Two more major banks successfully completed a cross-border transaction executed on a blockchain today. Announced by ICICI Bank and Emirates NDB, the trial represents the latest efforts among banks worldwide to use the technology to facilitate faster, lower-cost transactions. Notably, ICICI and Emirates NDB are among the largest banking groups in their respective countries. In one of the tests, an ICICI bank branch based in Mumbai transmitted a transaction, via a blockchain, to an Emirates NDB location in Dubai. The banks also tested a distributed ledger for tracking documentation for trade....
Major Indian bank ICICI has asked customers not to use the Reserve Bank of India (RBI)’s liberalised remittance scheme (LRS) for any crypto-related investments. ICICI, a leading private sector bank in India, has updated its retail outward remittance application to include cryptocurrency. With this update, the bank has asked its customers to declare under India’s Foreign Exchange Management Act 1999 (FEMA) that they will not use the Reserve Bank of India (RBI)’s liberalised remittance scheme (LRS) for any crypto-related investments. The bank’s declaration states:....