Blockchain firm R3 will collaborate with the Monetary Authority of Singapore (MAS) to launch its first dedicated distributed ledger technology (DLT) centre of excellence in Asia.
As Singapore’s central bank and financial regulatory authority, the MAS will support the development of the R3 Asia lab to foster collaboration across traditionally competing institutions in the region on use cases and projects in order to innovate and further the advancement of DLT.
These solutions are intended to improve efficiency, transparency, and reduce costs for financial institutions and ultimately be commercialised across global capital markets.
“The practical spin-offs from fundamental research in distributed ledgers and blockchains are beginning to be realised,” said Sopnendu Mohanty, chief FinTech officer at MAS.
“MAS is pleased to collaborate with the financial industry through broad, international, consortia such as R3 to create and conduct rigorous experiments that will inform and encourage adoption of these advances.”
The launch of the centre of excellence marks the latest step in R3’s development.
In September, the firm announced that Brazilian exchange group BM&FBOVESPA and the China Merchants Bank (CMB) had both joined its initiative to develop the ‘commercial applications’ of blockchain and apply the technology to global markets.
“As one of the world’s leading FinTech hubs and a key global financial centre, Singapore is the ideal location for our Asia lab,” said David Rutter, Group CEO of R3.
“We are honoured to have the support from the MAS and we look forward to working closely with them as we continue to research and develop applications that can help regulators and financial institutions improve efficiency, transparency and reduce costs.”