The R3 blockchain consortium has announced the addition of China Foreign Exchange Trade System (CFETS), China’s official interbank market trading platform, to its consortium to design and apply distributed and shared ledger-inspired technologies for the global financial markets.
Headquartered in Shanghai, CFETS provides a series of services covering issuance, trading, information and post-trade for cash and derivative RMB-denominated interest rate, exchange rate and related products.
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David Rutter, CEO of R3, comments: “Acknowledging the Chinese renminbi’s growing prominence in trading and the crucial role China holds in the global financial markets, we are delighted to welcome CFETS to the R3 consortium. Their expertise will be an enormous asset as we develop universal applications for distributed ledger technology across increasingly globalised financial markets.”
Zaiyue Xu, Executive Vice President of CFETS, comments: “CFETS is committed to establishing technical standards and improving the ecosystem of China interbank market, and we have noticed that blockchain is an emerging technology with great promise to reshape the market. Through cooperation with R3, we hope to build the infrastructures and platforms for blockchain application in the financial market together with international counterparts.”
This isn’t R3’s only recent expansion in China. In September the blockchain consortium has announced the addition of China Merchants Bank (CMB) to its list of financial institutions.