Financial innovation firm R3 is launching its first dedicated distributed ledger technology (DLT) centre of excellence for Asia.
The R3 Asia Lab will be based in Singapore and is being created in collaboration with the Monetary Authority of Singapore (MAS). It will also host a dedicated research and development centre.
MAS stated it will assist R3 to foster collaboration across traditionally competing institutions in the region on use cases and DLT projects.
According to R3, this collaborative model allows for cross-pollination of ideas and knowledge transfer, which will accelerate the development cycle of technology significantly.
“The technology-neutral approach to DLT and blockchain inspired platforms that R3 explores in its labs means there are no potential conflicts arising from vendor lock-in,” explained S3 in a statement on the launch.
“The non-exclusivity of R3’s technology choices leaves the option open for members to contract with Singapore-based systems integrators and fintech firms to implement production-ready systems, therefore streamlining implementation of DLT in the region.”
Sopnendu Mohanty, chief fintech officer at MAS, commented: “The practical spin-offs from fundamental research in distributed ledgers and blockchains are beginning to be realised.”
David Rutter, group CEO of R3, added: “As one of the world’s leading fintech hubs and a key global financial centre, Singapore is the ideal location for our Asia lab.”
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