YES Bank uses Blockchain first time in Asia to issue CP

YES BANK has facilitated the issuance of a Commercial Paper (CP) of INR 100 Crores using Blockchain technology for Vedanta Limited, a natural resources conglomerate.

This is the first time in Asia that a CP has been digitally issued using Blockchain technology.

The digital solution ensures an efficient, transparent and secure mechanism for CP issuance and redemption. This transaction was completed in partnership with MonetaGo, a leading provider of financial technology headquartered in New York in USA.

MonetaGo built the solution using Corda Enterprise, technology provided by R3, a leading enterprise Blockchain software firm.

Asit Oberoi, Senior Group President and Global Head Transaction Banking Group and Chief Experience Officer, YES BANK, said,” YES BANK is proud to implement Asia’s first Commercial Paper issuance over Blockchain technology for the Vedanta Limited. This solution is a yet another milestone in YES BANK’s endeavor to remain ahead of the innovation curve & enhance end client experience. Apart from reducing operational risk and costs, this technology solution lays the foundation for a more transparent and efficient process to cater to India’s growing Commercial Paper market.”

Jesse Chenard, CEO, MonetaGo, said, “This is a real milestone for our company, for the technology, and for the Indian Banking Community. We have been working with YES BANK and Vedanta very closely and have been continuously impressed with their ability to leverage technology to bring about large scale change.”

 

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