A consortium of five major state-owned development banks from the five member countries of BRICS agreed at its 10th annual summit to conduct collaborative research on blockchain's distributed ledger technology (DLT) to work towards developing the digital economy.
The banks involved are Russia's State Corporation Vnesheconombank, Brazil's Banco Nacional de Desenvolvimento Econômico e Social-BNDES, India's Export-Import Bank of India (Exim Bank), China's China Development Bank (CDB), and South Africa's Development Bank of Southern Africa Ltd. (DBSA).
The development banks are already collaborating in a range of key areas, including financial cooperation, developing credit financing in national currencies, and implementation of innovations.
State-owned development banks are generally entrusted with the task of supporting the economic development of the respective countries. BRICS Interbank Cooperation Mechanism was initiated in 2010 by Vnesheconombank and China Development Bank.
The current agreement allows the five development banks to study the applications of innovative technologies in infrastructure finance and bank products optimization.
The tenth annual BRICS summit is attended by the heads of state or heads of government of the five member states - Brazil, Russia, India, China and South Africa - at the Sandton Convention Centre in Johannesburg, South Africa.
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