December 6, 2018 |
Brazil's Itaú Unibanco has developed a blockchain-based syndicated loans platform with the British bank Standard Chartered, looking to reduce operating costs and cut the delays for loan approvals in half.
"A syndicated loan can take eight weeks to be negotiated, but with this platform that can be reduced by 50%," said Germana Cruz, the head of financial institutions for Latin America at Standard Chartered.
The banks also aim to reduce operating costs by 30% to 40% through the new platform, she a
Brazilian lender takes out a $100m loan to roll out the new program