IT subsidiary of Indian business giant Mahindra Group, Tech Mahindra, has turned out to be the first Indian company to utilize R3’s blockchain powered Marco Polo platform for carrying out trans-border dealings.
The platform facilitated quicker reconciliation and ambiguity resolution, in addition to considerable minimization of documentation and time necessary for the total trade process.
Tech Mahindra has collaborated with Singapore’s DBS Bank, which arranged the needful to conduct the trades and functioned as the firm’s guiding trade bank.
The participants utilized Marco Polo Receivables Discounting platform which has been structured to assist enterprises leverage their working capital, enhance liquidity and nullify credit risk.
Marco Polo is an association of top international financial and banking firms that intends to simplify global trade. The network is developed on R3’s open-source blockchain platform Corda.
Sriram Muthukrishnan, who leads trade product management at DBS Bank, underlined that the bank’s objective is to offer a simple end-to-end trade funding environment for its clients:
“Technology plays a monumental role in breaking down barriers in cross-border trade and will remain key in facilitating the continued growth of international trade and businesses. This joint initiative with Marco Polo and Tech Mahindra complements DBS’ efforts to help our clients unlock greater efficiencies through the digitalisation of often manual and complex trade finance processes.”
Tech Mahindra has been involved in blockchain adoption long before and is having its own state of the art blockchain division.
In February, the company unveiled a blockchain accelerator in collaboration with one of the state governments in the country.
The accelerator intends to promote blockchain firms that have robust practically applicable models and catalyze sector growth as a whole.
In September 2019, the tech firm collaborated with American distributed ledger technology company Adjoint to unveil a blockchain financial administration and insurance system.
