State Bank of India, a major bank in India owned by the Indian government, has recently become the first Indian bank to join the JPMorgan Blockchain Network Liink. In order to improve cross-border transactions, SBI has joined hands with JPMorgan Chase, an American investment bank.
The Economic Times has recently shared a report on February 23, confirming that the State Bank of India has joined a brand new interbank data network developed by JPMorgan based on blockchain. It is expected that with the integration of this technology, the cost of cross-border transactions can be reduced. Venkat Nageswar, the deputy manager of the State Bank of India, said that the government-owned bank has already gone live on Liink. Venkat stated:
“We are excited to be the first bank in India to go live on the network and look forward to a closer partnership with JPMorgan on implementation and exploring applications as part of the network to better serve our clients,”
Liink, the blockchain network of JPMorgan, is a P2P network operating under “Onyx”, a business focussed on digital currency. More than 400 financial institutions are listed in the Liink solution, and it has corporations in a total of 78 countries.
27 out of the top 50 banks in the world are included in the list, and the network has around 100 live banks registered on it, including private as well as state-owned institutions.
The managing director at JPMorgan Chase India, Prabdev Singh, commented on the latest partnership of the American bank with the State Bank of India. According to him, the company has plans to expand its blockchain presence in India with this partnership. He said:
“We continue to actively explore how emerging technologies can enhance our clients’ experience.”
In addition to the rebranding of Liink, the company also launched JPM coin, its proprietary stablecoin, which is implemented for cross-border transactions.