About the Event
Infosys Finacle has been inducted into International Financial Services Centres Authority’s (IFSCA) Regulatory Sandbox framework to pilot its blockchain-based trade finance solution. The authorization was issued in the presence of the Honorable Prime Minister of India, Shri. Narendra Modi to Mr. Sajit Vijayakumar, Chief Operating Officer, Infosys Finacle, at an event organized by the IFSCA, at the Gujarat International Finance Tec-City (GIFT City).
In the first phase, six leading banks – Federal Bank, HDFC Bank, HSBC, ICICI Bank, RBL Bank and State Bank of India– are collaborating with Infosys Finacle in the regulatory sandbox. This collaboration will lead to comprehensive testing of the blockchain-based Buyers Credit solution, for short-term credit in foreign currency for import payments and trade finance transactions. This will serve as a precursor to the solution being available as a SaaS-based offering for all banks servicing clients from GIFT City.
Read the entire press release here –https://www.edgeverve.com/finacle/news/finacle-power-blockchain-based-trade-finance-ifsca/
