Yesterday, the blockchain trade finance network Marco Polo announced Indian IT giant Tech Mahindra joined its platform. DBS Bank was the banking partner in a series of trade finance transactions that Tech Mahindra enabled on Marco Polo’s receivables discounting feature.
Tech Mahindra provides a range of IT services such as consulting, application development, infrastructure and business process outsourcing. The company had revenues of $4.9 billion during FY18-19.
“Tech Mahindra will collaborate with DBS to move its Receivables Financing operations on the Marco Polo network. This move is in line with the general shift towards Open Accounts Trade and by extension to integrated Supply Chain Finance solutions,” said Rajesh Dhuddu, Global Head of Blockchain, Tech Mahindra.
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