Of all the cases of economic espionage charged by the DOJ's National Security Division since 2012, more than 80% of them implicated China.World Politicsread more
"Whilst there is a big dispute at the moment, I think there's also potential for resolution," UBS chairman Axel Weber says of the U.S.-China trade negotiations.Singapore Summitread more
Cryptocurrency fans will hope the futures contracts, which are federally regulated, can provide some much-needed legitimacy to bitcoin.Cryptocurrencyread more
Despite mixed fan and critic reactions to the final season of "Game of Thrones," the eight-season epic took home the top prize in the drama category at the Emmy Awards on...Entertainmentread more
There are alternative financial centers and investors can turn to Singapore, Tokyo or Shanghai if Hong Kong doesn't "shape up," says the founder and chairman of Citic Capital.Singapore Summitread more
The Kingdom and oil and gas industry have been slow to shore up defenses, raising red flags about the possibility of longer term fall-out in the region.Technologyread more
Tensions between South Korea and Japan may ultimately disrupt the high-end tech sectors, says Heenam Choi, CEO at South Korea's sovereign wealth fund.Singapore Summitread more
On Sunday, the 71st Primetime Emmy Awards honored the best comedies, dramas, limited and variety series from the last year.Entertainmentread more
U.S. President Donald Trump's national security advisor said on Sunday that White House Asia policy adviser Matt Pottinger would become his top deputy.Politicsread more
Removing Neumann is a difficult decision for Son, who has long believed in WeWork and Neumann's vision to quickly expand the company.Technologyread more
Datadog went public on Thursday and instantly hit a $10 billion valuation, becoming the fourth cloud software debut to reach that level this year.Technologyread more
NEW YORK, May 28 (Reuters) - Mphasis Ltd, an Indian technology firm majority-owned by Blackstone Group LP , has teamed up with blockchain startup Bitfury to create either a digital token or a platform aimed at automating financial services such as payments in international trade transactions between countries, an Mphasis executive said.
Financial terms of the partnership were not disclosed.
Andres Ricaurte, senior vice president and global head of payments for Mphasis, told Reuters in a recent interview that both companies will seek to facilitate instant settlement of export and import transactions, reduce reliance on complex foreign exchange systems, and increase flexibility in liquidity management for financial institutions.
While there are projects trying to digitize other areas of international trade transactions such as document management and customer due diligence, the core financial services such as cross-border settlements and financing of transactions operate on "outdated and clunky" infrastructure, Ricaurte said.
The result is a complex gridlock that limits visibility for all parties and hinders access to liquidity for those who need it most. Those conditions have contributed to a global $1.5 trillion gap between the demand and supply of trade finance, Ricaurte said.
The collaboration with Bitfury will try to address this key weakness in the sector.
Bitfury, which has a valuation of about $1 billion, is one of the largest companies that develops blockchain solutions for various clients and governments. It raised $80 million recently from investors including the merchant bank founded by billionaire Mike Novogratz, a former macro hedge fund manager at Fortress Investment Group.
Blockchain, which first emerged as the system powering the digital currency bitcoin, is a shared database maintained by a network of computers connected to the internet.
Blackstone owns 52.3 percent of Mphasis, which currently trades on the National Stock Exchange of India.
"Our goal is to accelerate the disruption and transformation in the trade finance space," Ricaurte said. "The exact end-goal - whether it's a platform, a trade token, or a consortia is still to be figured out."
He said the venture was not solely about creating a digital currency.
"It's about creating a digital representation of the liquidity that's trapped inside this supply chain and leveraging that representation to make trade transactions more seamless and transparent to everyone," Ricaurte said.
Mphasis will use Bitfury's Exonum blockchain platform to develop new technologies in the trade finance sector.
Bitfury Chief Executive Officer Valery Vavilov said in a statement the two companies "will create inter-operable systems" that will improve fragmented financial systems. (Reporting by Gertrude Chavez-Dreyfuss in New York Editing by Matthew Lewis)