The consortium, which launched twelve months ago with 9 members, continues its rapid expansion with the newest addition of China Foreign Exchange Trade System (CFETS).
In recent months, R3 has seen continuous growth in Asia, with Asia-based firms Ping An and AIA announcing their membership with the R3 consortium earlier this year.
The recent 2016 Fintech Innovators Report, which evaluates and ranks the world’s top 100 fintech companies, showed that firms based in the Asia-Pacfic region claimed 5 of the top 10 positions, so it’s no surprise that start-ups are flocking to the continent.
CFETS will join neighbouring Asia-based firms at the R3’s Lab and Research Centre, to develop Corda™, its shared ledger platform specifically designed to record, manage and synchronise financial agreements between regulated financial institutions.
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.