According to a press release published November 20, 2018, SWIFT India has recently collaborated along with fintech company MonetaGo to experimental distributed ledger (DLT) system envisioned to develop the proficiency and safety of financial products.
Established by SWIFT SCRL (Society for Worldwide Interbank Financial Telecommunication) SWIFT India is a joint venture, and it has a large number of leading international and Indian banks, including HDFC Bank and the Bank of India. The association delivers messaging services to local market organizations, corporates, and banks.
According to the statement, the new package grounded on MonetaGo’s commercial facilities system expertise will combine through consistent SWIFT monetary messages. The banks will supposedly organize a mutual blockchain technology network that fills with industry-level supremacy, safety, and information confidentiality requirements so that it could enhance the competency and safety of their monetary techniques and products.
Kiran Shetty, CEO of SWIFT India in regards to the announcement stated that the firm would digitize trade procedures, and at the same time MonetaGo will offer deception extenuation answers to evade double-investment and plaids genuineness of e-way Bill.” E-way Bill is an automatically produced bill for the precise undertaking of goods with the amount which is higher than 60,000 rupees ($700).
Jesse Chenard, CEO of MonetaGo stated that given India’s emphasis on a digitalized organization which is reinforced by strategy and technical invention together will make logic that huge recognized players attract in such initiatives and products.
In September 2018, the Union Cabinet of India accepted MoU on the cooperative investigation of DLT, with the purpose to encourage kind indulgent of DLT and describe parts wherever the expertise can be positioned to improve operational efficiency. The research was set to be jointly conducted by many essential banks “in the interests of the development of the digital asset.
Cointelegraph in August 2018 had reported that India’s important bank started a policy to enhance its understanding of blockchain and cryptocurrency technology, supposedly fixing up a unit devoted to “examination” of the sensations, “to see what can be accepted and what cannot be accepted. The firm would digitize trade procedures, and at the same time MonetaGo will offer deception extenuation answers to evade double-investment and plaids genuineness of e-way Bill.”
Fintech is an industry composed of companies that compete with traditional financial institutions by implementing new, innovative technologies into their working process. The cryptocurrency Fintech sector has been exploring the use of blockchain and blockchain-based applications as a new technology to challenge traditional ways of doing business. Blockchain, smart contracts and cybersecurity are some of the most actively researched areas of Fintech. Crypto Fintech sees cryptocurrencies as a means of establishing a secure and traceable way of transferring assets and getting rid of intermediaries. However, blockchain is not only suitable for regular transactions but may help in such fields as voting and dividends management by establishing a trusted and immutable network with unchangeable records about past events.