The Monetary Authority of Singapore (MAS) is collaborating with the R3 consortium to launch its first dedicated Blockchain Center of Excellence in Asia. As Singapore’s central bank and financial regulatory authority, the MAS will support the development of the R3 Asia Lab to foster collaboration across the region for the advancement of distributed ledger technology (DLT).
The lab will be established in the Central Business District (CBD) of Singapore and will have a number of senior staff members supported by a team of business and technology experts. The sides explain that 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.
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Sopnendu Mohanty, Chief Fintech Officer at the Monetary Authority of Singapore, comments: “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, comments: “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, comments: “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.”