South Indian bank does remittance using blockchain

Reported by: |Updated: December 5, 2017

South Indian Bank said it has done overseas transactions using blockchain technology in partnership with a leading currency exchange house in the Gulf. The bank now is among some of the leading global banks, which have successfully carried out remittances electronically in real-ttime using blockchain. The pilot transaction was successfully executed from UAE to India. The bank has tie-ups for inward remittances with 4 banks and 34 exchange houses in gulf countries and in some South East Asian countries, including Singapore, Australia and Hong Kong.