Infosys partners with Emirates NBD, ICICI Bank to launch UAE-India blockchain pilot

EdgeVerve Systems, a wholly owned product subsidiary of Infosys, banking group Emirates NBD, and ICICI Bank, launched a pilot project of blockchain network for international remittances and trade finance.

Both, Emirates NBD and ICICI Bank run Finacle solutions suite, leveraging the blockchain framework to route business transaction between the two entities for remittances and trade finance business, according to a statement from Infosys. As part of the pilot, remittances, trade finance purchase order, and invoice financing processes were executed on the blockchain network.

The network was piloted on the UAE-India remittance corridor. According to the World Bank, this corridor is the largest receiver of remittances, with a share of close to $70 billion, out of the $580+ billion world over.

The exercise was started eight weeks ago and additional use cases are being explored for the pilot, says Infosys. Both financial institutions have also started the process towards a network consortium for further participation by interested member banks to expand the transaction network.

[Image courtesy: Infosys]

Just in

Tembo raises $14M

Cincinnati, Ohio-based Tembo, a Postgres managed service provider, has raised $14 million in a Series A funding round.

Raspberry Pi is now a public company — TC

Raspberry Pi priced its IPO on the London Stock Exchange on Tuesday morning at £2.80 per share, valuing it at £542 million, or $690 million at today’s exchange rate, writes Romain Dillet. 

AlphaSense raises $650M

AlphaSense, a market intelligence and search platform, has raised $650 million in funding, co-led by Viking Global Investors and BDT & MSD Partners.

Elon Musk’s xAI raises $6B to take on OpenAI — VentureBeat

Confirming reports from April, the series B investment comes from the participation of multiple known venture capital firms and investors, including Valor Equity Partners, Vy Capital, Andreessen Horowitz (A16z), Sequoia Capital, Fidelity Management & Research Company, Prince Alwaleed Bin Talal and Kingdom Holding, writes Shubham Sharma. 

Capgemini partners with DARPA to explore quantum computing for carbon capture

Capgemini Government Solutions has launched a new initiative with the Defense Advanced Research Projects Agency (DARPA) to investigate quantum computing's potential in carbon capture.