JPMorgan Turns to Blockchain for Dollar Trades in India Hub

JPMorgan Chase & Co. has tied up with six Indian banks to introduce a blockchain-based platform to settle interbank dollar transactions in the nation’s newest international financial hub.

“We will be running a pilot project for the next few months as we need to analyze banks’ experience,” Kaustubh Kulkarni, senior country officer, India and vice chairman, Asia Pacific at JPMorgan, said in an interview. The banks include top private lenders like HDFC Bank Ltd., ICICI Bank Ltd., Axis Bank Ltd., Yes Bank Ltd. and IndusInd Bank Ltd, in addition to JPMorgan’s own banking unit at GIFT City, he said.