A blockchain platform called cross-border blockchain technology invoicing platform will be created for global trade finance. Infibeam Avenues Limited is an e-commerce and digital payment firm who has made a partnership with a blockchain called startup Primechain Technologies with the aim of creating the platform.
Capital, goods, and services can be exchanged globally. It is important to ensure safety to global trade finance. Global trade finance is required to be protected against currency fluctuations. It isn’t only required to be protected against currency fluctuations, but also against political instability, issues of non-payment & creditworthiness and the associated risks of global trade.
The CEO at Primechain Technologies Shinam Arora said, “Infibeam’s Datacenter with IBM’s Linux ONE servers were chosen because of their encryption capabilities, speed, and scalability.”
The Managing Director at Infibeam Avenues Vishal Mehta said, “While Infibeam continues to invest in fintech future solution, the digitalization of the traditional financial sector especially the global trade finance sector has opened an opportunity for more secure and encrypted global fintech platform. This collaboration will enable Infibeam to target $ 12 trillion global trade finance market.”
The blockchain technology startup Primechain Technologies was launched in 2016. BankChain is a community of banks created to implement blockchain software. BankChain consists of 37 members and other representatives from 28 Indian banks [Yes Bank Ltd, ICICI Bank Ltd, Kotak Mahindra Bank Ltd, State Bank of India, HDFC Bank Ltd]. The main purpose of the startup is to operate BankChain.
Infibeam Avenues Limited is considered as a leading e-commerce and payment solutions provider across India. The provider offers two solutions viz., E-commerce Solutions via the brand BuildaBazaar and Payment Solutions via the brand CCAvenue. It has 5,00,000+ merchants across the solutions. It collaborates with major brands like MakeMyTrip, McDonalds, Myntra, Oberoi Hotels, Taj Hotels, EsselWorld, Idea, etc, Business Standard reported.