Current Affairs - Banking - Discussion

Federal Bank announced a partnership with Abu Dhabi-based LuLu Exchange to leverage blockchain technology for cross-border remittances. In collaboration with Digiledge, a Bengaluru based fintech start-up, Federal Bank and Lulu Exchange have launched and successfully tested the service using blockchain technology. Blockchain technology helps organisations share data in a more trusted, distributed and extensively automated way and is thus rapidly transforming the financial and commercial world. By collaborating with multiple exchange houses abroad, Federal Bank has managed to hold a major share in the inward remittances market of India.