Bitfury and India’s Mphasis Form an Alliance to Enhance Finance Sector Through Tokenization

On Tuesday, May 28, 2019, full-service blockchain technology firm, Bitfury, announced their partnership with business-focused information technology (IT) firm, Mphasis, in an attempt to expand the financial sector through the use of blockchain technology.

Some of the areas of finance that the duo aims to improve include automation, transparency and efficiency – all of which are said to be fundamental for global trade. While technology is not new to the financial sector, both companies believe that there is still room for growth and improvement, noting that crucial factors such as:

“settlement, liquidity, management, and foreign exchange,” require further work.

We are excited to partner with @BitfuryGroup to accelerate the #digital #transformation of the #FinancialSupplyChain using radically new approaches to tokenization. Learn more from @ricaurte_a, SVP & Global Head of Mphasis Payments: https://t.co/4s7U2FJQla pic.twitter.com/0cawyHGoun

— Mphasis (@Mphasis) May 29, 2019

Hence, the duo has come together to potentially prevent limited visibility, hindrances related to liquidity and expanding gaps between demand and supply within trade finance. As for how said concerns will be approached, it has been shared that the teams will focus on different means of tokenization, which is their key solution to current settlement issues, inflexibility and complex infrastructures.

The CEO of Bitfury, Valery Vavilov believes in this partnership and trusts that their efforts will result in the creation of:

“interoperable systems that deliver the highest degrees of trust, transparency and security to this industry.”

Mphasis’ Senior VP and Global Head of Payments, Andres Ricaurte has also expressed his viewpoint. Evidently, he is not only excited of the partnership, but also has faith that together, they can help to:

“accelerate the development of a more efficient, flexible and future-ready financial supply chain.”