Dubai bank Emirates NDB and Indian bank ICICI collaborate to complete cross-border blockchain transaction

Rage Comment : In order to build a smart city, the Dubai government has set up a special technology innovation research and integration department. With the development of blockchain technology, it has also become one of its focuses. ICICI, India's largest private bank, is also unwilling to lag behind and strives to maintain its pioneering position in the field of digital technology. Recently, Dubai Bank Emirates NDB and the bank jointly completed a cross-border transaction on the blockchain, and there will be more similar projects in the future, which is worth looking forward to.

Translation: Annie_Xu

Two major banks successfully completed a cross-border transaction on the blockchain.

The trials by ICICI Bank of India and Emirates NDB of Dubai, two of the largest banking groups in their respective countries, are the latest in a global push to use blockchain to improve transaction speed and cost.

ICICI Mumbai sent transactions to Emirates NDB in Dubai via blockchain. Banks also use distributed ledgers to track trade finance documents.

The test partly reflects the growing prominence of blockchain technology in India and Dubai.

India’s central bank recently called on domestic financial institutions to explore potential use cases, while the Dubai government has begun supporting domestic projects in the hope of developing practical applications within a few years.

And ICICI and Emirates NDB said more tests will be conducted in the future.

Chanda Kochhar

ICICI CEO and Managing Director Chanda Kochhar said:

“We are pleased that we are the first bank in China to develop blockchain applications, and we are also at the forefront internationally. We have also achieved milestone results in our blockchain network pilot with Emirates NBD, and have successfully executed cross-border trade finance and remittance transactions.”