Kotak Mahindra Bank Ltd is exploring a blockchain collaboration with partner banks for cross-border remittance. Photo: HTSingapore: Asian lenders are spending millions of dollars developing applications using blockchain, a technology that promises to slash transaction costs, expedite cross-border payments and reduce the risk of fraud. Bank of Tokyo-Mitsubishi: Started testing with Hitachi Ltd a blockchain system for issuing, transferring and collecting electronic cheques in Singapore. Kotak Mahindra Bank Ltd: Indian lender is exploring a blockchain collaboration with partner banks for cross-border remittance, according to chief digital officer Deepak Sharma. National Australia Bank: Has been testing Ripple’s blockchain technology with Canadian Imperial Bank of Commerce to move money between Canada and Australia.

Source: Mint October 23, 2016 13:41 UTC