R3, a financial innovation firm that is leading a blockchain consortium of over 70 of the world’s largest financial institutions, has announced that it is going to launch its first dedicated distributed ledger technology (DLT) Center of Excellence in Singapore as it continues to expand its presence in Asia. 

In order to launch the lab, R3 has teamed up with the Monetary Authority of Singapore (MAS), which will support the development of the R3 Asia Lab to foster collaboration across traditionally competing institutions in the region on blockchain use cases and projects. These solutions will be intended to radically improve efficiency, transparency, and reduce costs for financial institutions and ultimately be commercialised across global capital markets. 

“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”, Sopnendu Mohanty, Chief Fintech Officer at the Monetary Authority of Singapore, said.

According to the official release, the R3 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. By solidifying its footing in Asia, R3 would be able to effectively support its regional members, manage local client relationships, and stimulate technology development to complement the work being undertaken in the R3 Global Lab and Research Centre.

R3 explained that the “technology-neutral” approach to DLT and blockchain inspired platforms that it explores in its labs ensures that there are no potential conflicts arising from vendor lock-in. The 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, therefore streamlining implementation of DLT in the region.

“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”, David Rutter, Group CEO of R3, said.

The lab will be established at Lattice80 in the Central Business District (CBD) of Singapore. It will have a number of senior staff members supported by a team of business and technology experts, including those seconded from member firms, academic interns and local technologists.