Vedanta, YES Bank, MonetaGo use blockchain to digitally issue CP first time in Asia

Bengaluru: Financial technology solutions provider MonetaGo said on Thursday it had digitally issued a commercial paper (CP) for the first time in Asia using blockchain technology. It had tied-up with YES Bank and issuer Vedanta, a natural resources conglomerate, for the same.

India’s highly-regulated commercial paper (CP) market involves huge amount of paperwork to be prepared by the issuer for every transaction. The transaction was delivered using Corda Enterprise technology from R3, along with a robust set of standardized workflows to deliver a solution that will rapidly scale across markets and geographies, MonetaGo said in a statement.