On Tuesday, financial innovation firm R3 announced it is teaming up with the Monetary Authority of Singapore (MAS) to launch its dedicated distributed ledge technology (DLT) Center of Excellence in Asia. This is part of the company’s region expansion plans.
The new R3 Asia Lab will host research and development center along with a physical Center of Excellence for visiting specialist DLT technologist, innovators, and business leaders. The lab will reportedly be held at Lattice80 in Singapore’s Center Business District.
Sopnendu Mohanty, chief fintech officer at the Monetary Authority of Singapore, stated:
“The practical spin-offs from fundamental research in distributed ledgers and blockchains are beginning to be realized. 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.”
Tim Grant, CEO of R3’s Lab and Research Center, and member of the Monetary Authority of Singapore International Technology Advisory Panel, then noted:
“We are honoured and delighted to build on our relationship with MAS and to signal our strong intent to support Singapore as a leading global fintech hub as well as the entire Asia-Pacific region. We look forward to deepening our relationships with local financial services companies, regulatory bodies and the tertiary education community, and to using Singapore as a means to connecting the region with our many initiatives around the world.”
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. 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.”