India’s Federal Bank Launches Blockchain Remittance Platform for Overseas Workers

April 22, 2019

Gulf News reported that Indian private bank Federal Bank has started offering remittance services using blockchain technology that enables non-resident Indians (NRIs) in the UAE to send money cross-border.

According to Managing Director and CEO Shyam Srinivasan,

Federal Bank is an important part of the remittance eco-system to India, so, it is only natural for us to offer the latest technology to our customers and remittance partners such as exchange houses and banks.

As the bank holds an over 15 percent market share in remittance to India, it aims to expand its businesses using blockchain-powered solutions to attract more customers in the GCC region.

With the new blockchain-based platform, bank customers can make remittances easier, as the platform connects banks and exchange services in the Middle East in order to provide real-time, seamless money transfers. One of the first exchanges in the UAE to join the program was Lulu Exchange, which has adopted the platform to offer upgraded overseas remittance services.

Federal Bank is also using the latest upgrade of the National Payment Corporation of India in the Unified Payment Interface (UPI 2.0) to introduce a service that lets Indians abroad transfer money using a simple Virtual Payment Address (VPA) of the receiver.

The bank added that it has also joined a partnership with blockchain-powered global remittance provider Ripple Incorporated to offer money transfer services through its network. Federal Bank has reiterated that it has been working to let customers abroad transfer funds back home with more ease, and digital offerings have been one way to achieve this goal.

Source: gulfnews.com

 

About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

 

    Related Article
    Blockchain Enables Verification of COVID-19 Immunity
    Given the virus is not going to disappear in a hurry and we are some time away from vaccinating the ...

    November 21, 2020

    Illicit Cryptocurrency Activity: A Concern
    Market regulators such as SEC has accepted cryptocurrencies as a financial instrument and are consta...

    November 20, 2020

    IBM Using Blockchain to Help Businesses Reopen during COVID-19
    IBM’s healthcare unit, IBM Watson recently announced that they will soon be launching an app to supp...

    November 20, 2020

    Canadian Pacific Railway Collaborates with TradeLens
    Canadian Pacific Railway recently collaborated with TradeLens in a bid to improve its efficacy as an...

    November 19, 2020

    We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us