Skip to content
Search

Latest Stories

British Banking Giant HSBC Executes India’s First Blockchain Transaction

For the first time in India’s business history, British banking giant, HSBC Holdings Plc has completed a trade finance transaction using blockchain technology for a supply by country’s Reliance Industries Limited (RIL) to the US company, Tricon Energy.

The letter of credit (LC) transactions powered by the blockchain technology has significantly reduced the time taken for such agreements, according to a release from RIL.


The use of this technology helps to reduce the time-lines consist in the exchange of export documentation from the extant seven to ten days to less than 24 hours, according to a RIL official.

The transactions permitted a digital transfer of the title of goods from the exporter to the importer. The LC was provided by ING Bank for the buyer, Tricon Energy USA with HSBC India as the advising and negotiating bank for the Indian exporter.

According to Hitendra Dave, HSBC head of global banking and markets, the use of blockchain has a major positive impact on trade finance transactions and enables greater transparency and improved security. The technology is also more simple and compact.

At present transaction system, the purchaser and seller use paper-based LCs to underpin financial transactions and physical documents are transported to each party in the business by post, courier, and other forms of transport services which requires huge time and care for the completion of the transactions with high-level accuracy.

Businesses in India are expected to move forward with blockchain technology in the near future. Last week, with an objective to make insurance business as a business without boundaries, India’s largest insurance and comparison portal, Policybazaar.com has partnered with Accrivis Network Pvt. Ltd a data integration service provider to implement blockchain technology to raise its customer centricity through data security and application integration.

The insurtech platform is poised to adopt blockchain in its day-to-day operations to make sure that the data has not interfered and payments are shared during a particular period of time.

More For You

Starmer and Modi

Starmer and Modi shake hands during a bilateral meeting in the sidelines of the G20 summit at the Museum of Modern Art in Rio de Janeiro, Brazil Brazil, on November 18, 2024. (Photo: Getty Images)

Getty Images

UK and India finalise free trade agreement after three years of talks

INDIA and the United Kingdom on Tuesday concluded a long-awaited free trade agreement after three years of negotiations. The deal, finalised in the context of past US tariff actions under president Donald Trump, is the most significant trade pact for the UK since it left the European Union.

The agreement between the world’s fifth and sixth largest economies aims to increase bilateral trade by £25.5 billion by 2040 through improved market access and eased trade restrictions.

Keep ReadingShow less
WhatsApp ends support

Switching to a newer device is now the only way to retain access to WhatsApp

iStock

WhatsApp ends support for these smartphone models from May 5

Some iPhone users will lose access to WhatsApp features including messaging, voice and video calls from 5 May, as the platform ends support for certain older devices.

The Meta-owned messaging service has confirmed it will now only support iPhones running iOS 15.1 or later. As a result, three older Apple devices — the iPhone 5s, iPhone 6, and iPhone 6 Plus — will no longer be able to run the app after the update takes effect.

Keep ReadingShow less
Air India’s success takes flight on women’s wings

On International Women’s Day 2025, Air India operated flights with all-women teams across the air and on the ground

Air India’s success takes flight on women’s wings

ON A recent Air India flight from Heathrow to Delhi in a brand new Airbus A350, a routine announcement from the flight deck said the aircraft was under the command of Neelam Ingale and Ruhani Dogra.

One of the female members of the cabin crew was surprised that Eastern Eye was surprised that both the pilot and co-pilot were women. This was nothing unusual, she indicated.

Keep ReadingShow less
World Bank backs upgrade of Bangladesh port

Chittagong’s Bay Terminal project aims to expand port capacity and boost export efficiency

World Bank backs upgrade of Bangladesh port

BANGLADESH and the World Bank last Wednesday (23) signed two financing agreements worth $850 million (£634.1m) to strengthen the country’s trade capacity, create jobs, and modernise its social protection system, the Washington-based global lender said.

The bulk of the funding – a sum of $650m (£484.8m) – will support the Bay Terminal Marine Infrastructure Development Project, an initiative to expand and modernise port facilities in the southeastern district of Chittagong. The project will include constructing a 6-km (3.7-mile) climate-resilient breakwater and access channels, allowing the port to accommodate larger vessels. This is expected to sharply reduce turnaround times, lower transportation costs, and boost Bangladesh’s export competitiveness.

Keep ReadingShow less
Adani Group

A logo of the Adani Group is seen on a commercial complex in Mumbai.

Reuters

India’s market regulator accuses Adani nephew of insider trading

THE Securities and Exchange Board of India (SEBI), India’s market regulator, has accused Pranav Adani, director of several Adani group companies and nephew of Gautam Adani, of sharing unpublished price sensitive information in violation of insider trading rules, according to a document reviewed by Reuters.

SEBI sent Pranav Adani a notice last year alleging that he shared details about Adani Green's 2021 acquisition of SB Energy Holdings with his brother-in-law before the deal was made public, a source and the SEBI document said.

Keep ReadingShow less