Toyota Financial Services, the financing, leasing and insurance brand for the Toyota car company in the US, managing assets totaling over $115 billion, has become the first automotive financial services provider to join the R3 consortium. Representing over fifty of the biggest banks and corporations in the world, the collaboration tests how to incorporate blockchain solutions in the global financial markets.
“Toyota Financial Services is excited to join the R3CEV consortium to advance the use of distributed ledger technology in finance. We believe this technology will ultimately lower costs, increase efficiency and make auto finance more transparent for our customers,” said Chris Ballinger, CFO and Global Chief Officer, Strategic Innovation. “Beyond finance, we believe additional applications of the technology in auto manufacturing and sales will benefit our customers by making mobility more affordable and available. TFS welcomes the opportunity to contribute to the development and advancement of the R3 ecosystem.”
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David Rutter, CEO of R3, commented: “We are delighted to welcome Toyota Financial Services to our ever-growing network of non-bank institutions. Distributed and shared ledger-inspired technology holds the potential to revolutionise the infrastructure used by all participants in financial markets, and we continue to diversify our member base to reflect the interests of firms across the sell- and buy-side.”
AIA Group (HKG:1299), the largest independent publicly listed pan-Asian life insurance group, was the last institution to have joined the blockchain consortium led by R3 earlier in June.