In a move to remain up-to-date on the latest advances of distributed ledger technology in financial services, the Colombian financial supervisor has joined the blockchain consortium led by enterprise software firm R3.

Superintendencia Financiera de Colombia (SFC) is the latest Latin American member to join R3’s growing regulatory community. In the past couple of months, the Illinois Department of Financial and Professional Regulation, the Superintendency of Banks and Financial Institutions of Chile (SBIF), and other regulatory bodies have joined R3’s network.

“Collaboration between regulators and the institutions they oversee is a critical component in ensuring futureproof development of distributed ledger technology,” David E. Rutter, CEO of R3, said.

Counting over 100 banks, financial institutions, trade associations, professional services firms and technology companies among its members, R3 already works with a number of central banks and regulators around the world.

In a statement, the Colombian Financial Superintendent, Jorge Castaño Gutiérrez, said:

“This agreement with R3 contributes to the strategy we set in motion with the creation of the FinTech Group within the Superintendencia to learn the uses of this technology, which will provide efficiency and security of information to be able to accompany, support and endorse different processes within the industry.”