BRICS development banks will research the implementation of blockchain technology

State Corporation Vnesheconombank, Banco Nacional de Desenvolvimento Econômico e Social-BNDES, Export-Import Bank of India (Exim Bank), China Development Bank (CDB), and Development Bank of Southern Africa Limited (DBSA) signed the agreement on collaborative research on distributed ledger and blockchain technology in the context of the development of the digital economy, according tot a press release. The document was signed at the 10th BRICS summit in Johannesburg, South Africa.

„Vnesheconombank works with the development banks of BRICS countries in a range of key areas, including financial cooperation, developing credit financing in national currencies and implementation of innovations. This joint work opens new opportunities for Russian exporters, operators of large industrial projects, recipients of investments. The current agreement allows the development banks of BRICS countries to study the applications of innovative technologies in infrastructure finance and bank products optimization,” said Mikhail Poluboyarinov, First Deputy Chairman – Member of the Board of Vnesheconombank.

Collaboration for inclusive growth and shared prosperity in the 4th industrial revolution is key theme of the BRICS summit in Johannesburg. BRICS Interbank Cooperation Mechanism was created in 2010 as a result of cooperation agreement among state export and financial development institutions of the BRICS countries. The creation of the mechanism was initiated by Vnesheconombank and China Development Bank. Member banks of the Interbank Cooperation Mechanism made a significant contribution in the creation of the New Development Bank. In 2020, Vnesheconombank will chair the two organizations: BRICS Interbank Cooperation Mechanism and Interbank Association of the Shanghai Cooperation Organization. The summit will take place in Chelyabinsk.