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MUMBAI: JP Morgan, the most important financial institution by mcap, has launched an actual-time interbank US greenback-settlement pilot venture in Gujarat International Finance Tec-City (GIFT City) by its blockchain platform, Onyx. The six banks which have joined are Axis Bank, HDFC Bank, ICICI Bank, IndusInd Bank, JPMorgan Chase Bank’s GIFT City department, and Yes Bank.
The approval from the International Financial Services Centres Authority (IFSCA) has paved the best way for interbank US greenback transactions on the platform.
Naveen Mallela, managing director and head of Onyx Global Coin Systems at JP Morgan, stated that creating a blockchain-based funds community aligns with GIFT City’s imaginative and prescient of changing into a world finance and IT hub. “India has arguably the most advanced global payment infrastructure, and digital currency rails by Onyx is the next add-on to the infrastructure. The Onyx platform we have deployed operates like a 24X7 settlement network,” stated Mallela.
Onyx by JP Morgan, established in 2020, has been a frontrunner in blockchain-based platforms for wholesale cost transactions.
“The interbank dollar clearing pilot is only a small beginning. We see a future for the shared ledger plat-
form as an alternative to existing cross-border payment systems. Onyx can act as a platform for all types of assets — CBDC, currency, or government securities that can be tokenised and transactions settled on a real-time basis without needing a central counterparty,” he stated. The platform would additionally permit banks and corporates to do new transactions like intra-day repo to fulfill non permanent liquidity wants.
Injeti Srinivas, chairperson of International Financial Services Centres Authority (IFSCA), the regulator for GIFT City, stated that one of IFSCA’s objectives is to incubate new monetary applied sciences supported by a regulatory framework primarily based on world finest practices.
The approval from the International Financial Services Centres Authority (IFSCA) has paved the best way for interbank US greenback transactions on the platform.
Naveen Mallela, managing director and head of Onyx Global Coin Systems at JP Morgan, stated that creating a blockchain-based funds community aligns with GIFT City’s imaginative and prescient of changing into a world finance and IT hub. “India has arguably the most advanced global payment infrastructure, and digital currency rails by Onyx is the next add-on to the infrastructure. The Onyx platform we have deployed operates like a 24X7 settlement network,” stated Mallela.
Onyx by JP Morgan, established in 2020, has been a frontrunner in blockchain-based platforms for wholesale cost transactions.
“The interbank dollar clearing pilot is only a small beginning. We see a future for the shared ledger plat-
form as an alternative to existing cross-border payment systems. Onyx can act as a platform for all types of assets — CBDC, currency, or government securities that can be tokenised and transactions settled on a real-time basis without needing a central counterparty,” he stated. The platform would additionally permit banks and corporates to do new transactions like intra-day repo to fulfill non permanent liquidity wants.
Injeti Srinivas, chairperson of International Financial Services Centres Authority (IFSCA), the regulator for GIFT City, stated that one of IFSCA’s objectives is to incubate new monetary applied sciences supported by a regulatory framework primarily based on world finest practices.
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