One of India's largest banks, Yes Bank, has completed the issuance of corporate debt via blockchain tech built by fintech MonetaGo on R3’s Corda Enterprise technology, CTMfile reports.
This is the first time in Asia when a large financial institute uses blockchain for the issue of commercial papers.
According to CTMfile, ₹1 billion rupees ($14.5 million) transaction was carried out on behalf of Indian conglomerate Vedanta without any paperwork that traditionally has applied to such transactions.
The Senior President of Wholesale Banking for the Mumbai region at YES Bank, Vinod Bahety, claims the bank believes that such pioneering solutions [blockchain] will "significantly ease the commercial paper issuance process for regular issuers."
"We are pleased to partner with Vedanta and this first-of-its-kind transaction reaffirms the bank’s strong commitment to bringing customised financial solutions through innovative practices and knowledge banking approach to the infrastructure sector," he added.