Distributed ledger technology consortium R3 has teamed up with the Monetary Authority of Singapore (MAS) to open a centre of excellence on the island.
R3 claims many of the world’s biggest FS players – including pan-Asian life insurer AIA Group and China’s Ping An Financial Services Group – among its 70-odd members.
The group is now looking to further establish its position in Asia by setting up a physical base in Singapore’s central business district at Lattice80, a huge, brand new fintech centre built by investment house MarvelStone group.
The Asia lab will host a dedicated research and development centre as well as a physical centre of excellence to accommodate visiting specialist DLT technologists, innovators and business leaders.
In a move R3 says will help it support and collaborate with local members, a number of senior business and technology staffers will be based at the centre as well as people seconded from member firms and academia.
MAS – which acts as Singapore’s financial regulator and central bank – has been aggressively pushing the island’s position as Asia’s premier fintech hub.
Sopnendu Mohanty, the watchdog’s chief fintech officer, says: “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.”