`

Illinois becomes first state level regulator to join R3 distributed ledger group

March 16, 2017 (Chicago/New York/London/Singapore) – The Illinois Department of Financial and Professional Regulation has joined financial innovation firm R3’s collaborative initiative to design and apply distributed ledger technologies (DLT) to wholesale financial markets.

While R3 counts a number of national regulators amongst its member base, Illinois is the first state level regulator to join the group. The Illinois Department of Financial and Professional Regulation will be collaborating with over 80 of the world’s largest financial institutions to develop groundbreaking commercial applications for the financial services industry that leverage the appropriate elements of DLT.

The R3 team of financial industry veterans, technologists and cryptocurrency experts collaborate with members on research, experimentation, design and engineering to help advance this technology to meet banking requirements for identity, privacy, security, scalability, interoperability and integration with legacy systems. 

Members work closely with R3 to continue the development of Corda™, an open source distributed ledger platform for recording, managing and synchronising financial agreements. Corda is heavily inspired by and captures the benefits of blockchain systems, but with design choices that make it able to meet the needs of regulated financial institutions.

David Rutter, CEO of R3, commented: “Regulators that foster and encourage adoption of innovative financial technology in its early stages play a crucial role in creating a safer, more efficient financial system for all participants. We have actively engaged with regulators, trade associations and government entities across the world since R3’s inception, and look forward to working with the State of Illinois to explore how distributed ledger technology can benefit banks and other businesses in the state.”

Secretary Bryan Schneider, commented: “As Illinois’ financial regulator, we are committed to embracing the potential that distributed ledger technologies bring to our financial institutions.  Its potential to dramatically lower transactional costs, automate manual processes, and reduce opportunities for fraud and risk are truly promising.  Through our collaboration with R3, we look to provide the support necessary to ensure the commercial and social viability of this emerging technology.” 


About R3


R3 is leading a consortium with over 80 of the world’s largest financial institutions to develop ground-breaking commercial applications for the financial services industry that leverage the appropriate elements of distributed and shared ledger technology.


Operating in New York, London and Singapore, the R3 team is made up of financial industry veterans, technologists, and new tech entrepreneurs, bringing together expertise from electronic financial markets, cryptography and digital currencies. 


The R3 Lab and Research Centre has quickly become a centre of gravity for collaborative research and testing of distributed and shared-ledger inspired technologies, and is where R3 works with its partners to define, design and deliver the next generation of financial infrastructure.


About State of Illinois


The Illinois Department of Financial and Professional Regulation licenses over 1.1 million individuals in approximately 100 industries in Illinois between its four divisions: Banking, Financial Institutions, Professional Regulation and Real Estate.


In November of 2016, Illinois formed a consortium of Illinois state and county agencies, known as the Illinois Blockchain Initiative, to explore innovations presented by Blockchain and distributed ledger technologies.  The goal of the initiative is to determine if this groundbreaking technology can be leveraged to create more efficient, integrated and trusted state services, while providing a welcoming environment for the Blockchain community.

 

 

###ENDS###

 

 

Press contact

 

State of Illinois:

 

Terry Horstman

Illinois Department of Financial and Professional Regulation

217-558-2953

Terry.Horstman@Illinois.gov

 

 

R3:

 

Nick Warren/Nick Murray-Leslie

Chatsworth Communications

+44 (0)207 440 9780

contact@chatsworthcommunications.com

 

Charley Cooper

R3

+1 917 855 8529

charley@r3cev.com

Credicorp joins R3 distributed ledger consortium

Credicorp joins R3 distributed ledger consortium

R3 offers global developer community open source access to Corda distributed ledger platform

·       Corda source code now freely available for download via Corda.net

·       Open sourcing platform encourages innovation and interoperability

·       Platform is biggest collaborative effort to date in distributed ledger technology for financial services

  

November 30, 2016 (New York/San Francisco/London) – Financial innovation company R3 has made its Corda distributed ledger platform open source, granting the global developer community universal access to its source code to encourage collaboration, review and contribution to the platform.

 

Corda is a financial grade distributed ledger that records, executes and manages institutions’ financial agreements in perfect synchrony with their peers. It was built in close collaboration with over 70 banks and financial institutions and is already by far the biggest collaborative effort of its kind in the distributed ledger space.

 

Corda is heavily inspired by and captures the benefits of blockchain systems, but with design choices that make it able to meet the needs of regulated financial institutions. Crucially, Corda restricts access to data within an agreement to only those who need to validate it. Financial agreements on Corda take the form of smart contracts, linking business logic and data to associated legal prose in order to ensure that the financial agreements on the platform are rooted firmly in law.

 

David Rutter, CEO of R3 comments: “The successful application of distributed ledger technology to financial services relies on new solutions being able to integrate and work seamlessly with each other, otherwise the disjointed infrastructure financial markets are forced to operate with today will simply be replicated with different technology. The applications being built therefore need to be based on common, open, interoperable platforms – much like the common protocols on which the internet operates today. Open sourcing Corda is the next step in making Corda one of these platforms”.

 

Developers can download the platform’s source code at Corda.net, the new website for Corda’s open source community. Clicking the “Get Corda” link on the front page opens up the public repository on GitHub with instructions on how to set up the platform. Corda.net also offers resources for non-developers, including an introduction to Corda, documentation, a blog and a discussion forum enabling iteraction with the R3 team.

 

 

###ENDS###

 

About R3

 

R3 is leading a consortium with over 70 of the world’s largest financial institutions to develop ground-breaking commercial applications for the financial services industry that leverage the appropriate elements of distributed and shared ledger technology.

 

Operating in New York, London and San Francisco, the R3 team is made up of financial industry veterans, technologists, and new tech entrepreneurs, bringing together expertise from electronic financial markets, cryptography and digital currencies. 

 

The R3 Lab and Research Centre has quickly become a centre of gravity for collaborative research and testing of distributed and shared-ledger inspired technologies, and is where R3 works with its partners to define, design and deliver the next generation of financial infrastructure.

 

 

Press contact

 

Nick Warren/Ellie McFatridge/Nick Murray-Leslie

Chatsworth Communications

+44 (0)207 440 9780

contact@chatsworthcommunications.com

 

Charley Cooper

R3

+1 917 855 8529

charley@r3cev.com

 

 

This press release is for information purposes only and are not intended to constitute, and should not be construed as, an offer to sell or a solicitation of any offer to buy any securities of R3CEV LLC (the “Company”) in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of such jurisdiction.  The statements contained herein may include statements of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. In addition to statements which are forward-looking by reason of context, the words "may", "will", "should", "expects", "plans", "intends", "anticipates", "believes", "estimates", "predicts", "potential", or "continue" and similar expressions identify forward-looking statements. Past performance does not guarantee future results in any respects.

 

Actual results, performance or events may differ materially from those in such statements due to, without limitation, (i) general economic conditions, including in particular economic conditions in the company’s core business and core markets, (ii) performance of financial markets, including emerging markets, and including market volatility, liquidity and credit events, (iii) the frequency and severity of insured loss events, including from natural catastrophes and including the development of loss expenses, (iv) the extent of credit defaults, (v) interest rate levels, (vi) currency exchange rates including the Euro/U.S. Dollar exchange rate, (vii) changing levels of competition, (viii) changes in laws and regulations, (ix) changes in the policies of central banks and/or foreign governments, (x) the impact of acquisitions and commercial arrangements, including related integration issues, (xi) reorganization measures and (xii) general competitive factors, in each case on a local, regional, national and/or global basis.  Many of these factors may be more likely to occur, or more pronounced, as a result of terrorist activities and their consequences.

 

The Company assumes no obligation to update any forward-looking statement or update any information contained in the press release.

Calypso partners with R3 to build distributed ledger applications for financial services

Firms to jointly develop post trade solutions built on R3's order platform
 

November 29, 2016 (New York/San Francisco/London) – Calypso Technology has become the first firm to partner with R3 to develop capital markets applications on its Corda distributed ledger-based smart contract platform. The two firms are currently developing a multi-party trade confirmation solution and testing it with multiple financial institutions.


R3’s Corda – which will be open-sourced globally on November 30 – is an open and inclusive smart contract platform that enables third party providers and partners such as Calypso to build and operate distributed ledger applications using common code and protocols to ensure interoperability. Calypso will be the first application partner to leverage the R3 platform, which will allow financial institutions and their technology partners to work more closely together in a safe and efficient distributed ecosystem. The platform records and manages financial agreements between counterparties, leveraging distributed ledger technology to guarantee a consistent, accurate, auditable, reportable record.


R3 and Calypso’s trade confirmation solution utilises distributed ledger technology to dramatically transform existing processes, substantially increasing transparency and simplifying dispute resolution. Counterparties will be able to see all trade tickets on the distributed ledger so they can be sure they are matching against the correct trade. This work will also represent the first real integration between a leading distributed ledger platform and a leading financial software vendor.


David Rutter, CEO of R3 commented: “R3 is the largest collaborative consortium of its kind in financial markets, now comprising over 70 members from all corners of the industry. Calypso is the first capital markets application partner to engage with R3, which reflects the unique synergy between the two firms. We look forward to leveraging our combined expertise to address some of the major pain points facing the global financial services industry with innovative distributed ledger-based technology.”


Pascal Xatart, CEO at Calypso said: “We are thrilled to be working with R3 and honored to be their first application partner. The alignment between the two firms is exceptional – our deep expertise in capital markets combined with their industry-leading distributed ledger technology will allow us to develop a range of innovative applications quickly and efficiently. Our current matching solution is only the beginning.”

 

 

/ends/

 

 

About R3

 

R3 is leading a consortium with over 70 of the world’s largest financial institutions to develop ground-breaking commercial applications for the financial services industry that leverage the appropriate elements of distributed and shared ledger technology.

 

Operating in New York, London and San Francisco, the R3 team is made up of financial industry veterans, technologists, and new tech entrepreneurs, bringing together expertise from electronic financial markets, cryptography and digital currencies. 

 

The R3 Lab and Research Centre has quickly become a centre of gravity for collaborative research and testing of distributed and shared-ledger inspired technologies, and is where R3 works with its partners to define, design and deliver the next generation of financial infrastructure. 

 

About Calypso Technology, Inc.

 

Calypso Technology, Inc. is a leading provider of cross-asset front-to-back technology solutions for financial markets. It provides customers with a single platform for consolidation, innovation and growth. With 19 years of experience delivering software and services for trading, risk management, processing and accounting, the Calypso solution helps bring simplicity to complex business and technology challenges. Calypso solutions address needs for the capital markets, investment management, risk, central banking, clearing, collateral, and treasury & liquidity. Clients can benefit from greater efficiency, improved risk management, better allocation of capital, faster regulatory compliance, quicker time to market and reduced Total Cost of Ownership. Calypso Technology offers solutions that improve reliability, adaptability and scalability.

Calypso is used by over 34,000 market professionals in over 60 countries representing more than 200 financial institutions across Asia, Americas, Europe, Middle East and Africa. Calypso Technology has over 700 staff in 21 global offices, with headquarters in San Francisco, California. “Calypso” is a registered trademark of Calypso Technology, Inc. in the United States, the European Union and other jurisdictions. Other parties’ trademarks or service marks are the property of their respective owners and should be treated as such. www.calypso.com

 

Press contact:

 

R3:

 

Nick Warren/Ellie McFatridge/Nick Murray-Leslie

Chatsworth Communications

+44 (0)207 440 9780

contact@chatsworthcommunications.com

 

Charley Cooper

R3

+1 917 855 8529

charley@r3cev.com

 

Calypso

 

Chris Shayne

Calypso Technology

+1 415 530 4147

chris_shayne@calypso.com

R3 partners with Monetary Authority of Singapore to launch Asia Blockchain Centre of Excellence

November 8, 2016 (New York/San Francisco/London/Singapore) – Financial innovation firm R3 has collaborated with the Monetary Authority of Singapore (MAS) to launch its first dedicated distributed ledger technology (DLT) Center of Excellence in Asia as it continues to expand its presence in the region. 
 

As Singapore’s central bank and financial regulatory authority, the MAS will support the development of the R3 Asia Lab to foster collaboration across traditionally competing institutions in the region on use cases and projects in order to innovate and further the advancement of distributed ledger technology (DLT). 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 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 positioning itself in the heart of the Asian financial services community, R3 can 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.
 

The lab will be established at Lattice80 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, including those seconded from member firms, academic interns and local technologists. This collaborative model naturally results in cross-pollination of ideas across the parties, knowledge transfer and accelerates the development cycle of technology significantly.
 

The technology-neutral approach to DLT and blockchain inspired platforms that R3 explores in its labs means 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.
 

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.”

 

 

About R3

 

R3 is leading a consortium with over 70 of the world’s largest financial institutions to develop ground-breaking commercial applications for the financial services industry that leverage the appropriate elements of distributed and shared ledger technology.

 

Operating in New York, London and San Francisco, the R3 team is made up of financial industry veterans, technologists, and new tech entrepreneurs, bringing together expertise from electronic financial markets, cryptography and digital currencies. 

 

The R3 Lab and Research Centre has quickly become a centre of gravity for collaborative research and testing of distributed and shared-ledger inspired technologies, and is where R3 works with its partners to define, design and deliver the next generation of financial infrastructure.

 

###ENDS###

 

 

Press contact

 

R3:

 

Nick Warren/Ellie McFatridge

Chatsworth Communications

+44 (0)207 440 9780

contact@chatsworthcommunications.com

 

Charley Cooper

R3

+1 917 855 8529

charley@r3cev.com

Press Release: China Foreign Exchange Trade System (CFETS) joins R3 distributed ledger consortium

October 31, 2016 (New York/San Francisco/London) – Financial innovation firm R3 has announced the addition of China Foreign Exchange Trade System (CFETS), China’s official interbank market trading platform, to its consortium to design and apply distributed and shared ledger-inspired technologies to global financial markets.

Headquartered in Shanghai, CFETS provides a series of services covering issuance, trading, information and post-trade for cash and derivative RMB-denominated interest rate, exchange rate and related products.

CFETS will be collaborating with the world’s largest financial institutions to develop ground-breaking commercial applications for the financial services industry that leverage the appropriate elements of distributed and shared ledger technology.

The R3 team of financial industry veterans, technologists and blockchain and cryptocurrency experts collaborate with consortium members on research, experimentation, design and engineering to help advance this technology to meet banking requirements for identity, privacy, security, scalability, interoperability and integration with legacy systems.  

Consortium members work closely with R3 to develop Corda™, its shared ledger platform specifically designed to record, manage and synchronise financial agreements between regulated financial institutions. It is heavily inspired by and captures the benefits of blockchain systems, without the design choices that make blockchains inappropriate for many banking scenarios. 

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.”

CFETS will join the global network of R3 partners united in its lab environment, the R3 Lab and Research Centre, which has quickly become a center of gravity for collaborative research and testing of distributed and shared-ledger inspired technologies.
 

/ends/
 

About R3

R3 is leading a consortium with over 60 of the world’s largest financial institutions to develop ground-breaking commercial applications for the financial services industry that leverage the appropriate elements of distributed and shared ledger technology.

Operating in New York, London and San Francisco, the R3 team is made up of financial industry veterans, technologists, and new tech entrepreneurs, bringing together expertise from electronic financial markets, cryptography and digital currencies.    

The R3 Lab and Research Centre has quickly become a centre of gravity for collaborative research and testing of distributed and shared-ledger inspired technologies, and is where R3 works with its partners to define, design and deliver the next generation of financial infrastructure.

 

About China Foreign Exchange Trade System

China Foreign Exchange Trade System and National Interbank Funding Center, also known as CFETS, was founded in 1994. Under the state’s strategic guidance to develop the interbank markets, CFETS follows the principles of “multiple technical approaches, various trading mechanisms and satisfying demands from multi-tiered markets”, and commits to infrastructure construction, product and mechanism innovation on China’s interbank markets, aiming to build itself as “a global major trading platform and pricing center for RMB and related products”.

On every business day, CFETS publishes market benchmarks including the central parity rate of RMB, Shanghai Interbank Offered Rate (Shibor), Loan Prime Rate (LPR), Repo fixing rates, bond indices and yield curves.

Its customers include more than 10,000 market participants as well as over 33,000 information and surveillance service users. In 2015, the total trading volume amounted to over RMB 700 trillion.

 

###ENDS###

 

Press contact:

 

R3:

 

Nick Warren/Ellie McFatridge

Chatsworth Communications

+44 (0)207 440 9780

contact@chatsworthcommunications.com

 

Charley Cooper

R3

+1 917 855 8529

charley@r3cev.com

 

China Foreign Exchange Trade System:

 

Weiwei (Diana) Shen

+86 21 20693831

shenweiwei@chinamoney.com.cn

 

WSJ: Synchrony Financial Joins R3 Blockchain Group

Synchrony Financial Joins R3 Blockchain Group – The Wall Street Journal

By Kim Nash 24 October 2016

Synchrony Financial, the largest U.S. issuer of retail-store credit cards, has joined R3 CEV, a consortium of companies working on blockchain technologies. Synchrony, which is the first credit-card issuer to participate in the group of more than 70 banks, vendors and other companies, expects to focus first on using blockchain to settle payments, “We have been watching very closely how blockchain systems are being built and how money may be moving,” Chief Information Officer Carol Juel told CIO Journal Monday. Blockchain could “be a sea change” in how financial transactions are processed, she said. “If and when that happens, no one will be able to do it alone,” Ms. Juel said. “For it to work, we have to work collectively.” By participating in a consortium, Synchrony Financial can help influence the development of the technology, she said. Synchrony has not hired any software developers with specific backgrounds in blockchain, instead selecting technology architects from existing staff to work on the projects, Ms. Juel said. Finding blockchain experts has been difficult for financial services and other firms because relatively few technology professionals with deep experience with the emerging technology exist. Wall Street firms are vying with established and startup technology firms for such talent, prompting some to demand big compensation packages. Despite ongoing talent shortages, financial companies are beginning to introduce online ledger efforts into the wild. Commonwealth Bank of Australia and Wells Fargo & Co. said on Monday that they used a blockchain in a $35,000 shipment of cotton to China from the United States, Reuters reports. The Wall Street Journal reported Friday that Visa Inc. unveiled a network it hopes to apply towards managing cross-border payments made between businesses.

Exclusive: Blockchain platform developed by banks to be open-source

Exclusive: Blockchain platform developed by banks to be open-source

A blockchain platform developed by a group that includes more than 70 of the world's biggest financial institutions is making its code publicly available, in what could become the industry standard for the nascent technology.

David Rutter, R3: Blockchain and the Cloud: Collaboration and Intelligent Investment Hold the Key to a Brighter Future

The sheer number of blockchain ventures in the market has reached a breaking point – the space is now so fragmented and flooded with hundreds of fintech players that it is inevitable many of these will not survive. If this technology is to be applied successfully to financial markets, we need collaboration, not fragmentation.

 

Fintech is booming. The changing regulatory and market environment in the wake of the financial crisis has led an era of unprecedented technological development in capital markets. 

Investment in fintech is expected to accelerate to more than $150 billion over the next five years, with more than $50 billion already invested in roughly 2,500 technology companies – but unfortunately, a huge percentage of this will be wasted on projects that will never come to fruition. At a time when banks are slashing expenses through head count reduction and other measures, the risk of backing the wrong horse could far outweigh the potential gains.

Unless you’ve been living under a rock for the past couple of years, you will have undoubtedly heard blockchain technology touted as the panacea for all the shortcomings of today’s financial markets. The sheer number of blockchain ventures in the market has now reached a breaking point – the space is now so fragmented and flooded with hundreds of small to mid-size technology players that it is inevitable many of these will not survive.

You only need to look at the early days of the internet to draw a comparison – many of the web companies active then are now obsolete and long forgotten. If this technology is to be applied successfully to financial markets we need collaboration, not fragmentation.

Spending millions of dollars to explore the use of blockchain is both a daunting and risky task for a single bank to take on alone. Blindly investing in small, disparate technology projects is not the solution. Joining collaborative initiatives with other banks to pool expertise and resources and develop industry-standard solutions in the appropriate approach.

This is particularly pertinent to blockchain-inspired technology, as by its very nature its impact is dependent on a network effect, which can only be achieved through an industry-wide collaborative effort. Effective development of this technology is highly dependent on collaboration among banks and the deployment of a common, inclusive platform on which they can interact.

If developed in the appropriate manner, the potential for this technology is huge. As a 30-year veteran in the e-trading space, I’ve seen first-hand how advances in electronic trading technology have dramatically slashed operating costs related to brokerage and execution; but in today’s markets, the spotlight is shining directly on the outdated systems and processes that have prevented the modernization of the middle- and back-office functions.

Taking the necessary action to improve efficiency of spending and resourcing on functions such as reconciliation and post-trade reporting is now at the top of the agenda for every forward-thinking COO.

By enabling the industry to move from duplicated and inconsistent isolated systems of record held at each firm and to cloud-based systems with shared data, business logic and processing, blockchain-inspired technology will facilitate mutualized and consistent middle- and back-office systems that assure that one firm’s view is identical to its counterparts’ view. Moving to the cloud will allow firms to start decommissioning expensive elements of their bespoke infrastructure, break down silos and significantly reduce costs.

Distributed and shared ledger technology protects privacy, replacing many human processes with software; enhances security due to its distributed nature and the use of advanced cryptography; and allows the industry to reduce the costs caused by redundant and non-proprietary processes and shared services.  

The application of this technology to finance holds the key to releasing banks and other financial institutions from the technological binds in which they find themselves after years of unstructured investment in multiple generations of expensive legacy middle- and back-office technology. It is now crucial they do not make the same investment mistakes again.

In the wake of the financial crisis of 2008, banks slashed operating costs just to keep their heads above the water. While undoubtedly still challenging, today’s market is very different; managing costs effectively doesn’t necessarily mean cutting costs, it means finding ways to spend your budget more intelligently. 

Considered investment in effective and focused collaborative ventures between banks will deliver a future where financial agreements are recorded in the cloud and automatically managed without error, where any qualified actor can transact seamlessly for any contractual purpose without friction.

Markets will move toward models in which parties to financial agreements record them once and collaborate to maintain accurate, shared records of these agreements. Duplications, reconciliations, failed matches and breaks will be things of the past.

Banks are standing on the brink of a brighter future that promises radically reduced costs and massive increases in efficiency – and it starts with collaboration and intelligent fintech investment.

Access full article and related links here.

Minsheng Bank joins R3 distributed ledger consortium

October 12, 2016 (New York/San Francisco/London) – Financial innovation firm R3 has announced the addition of China Minsheng Bank to its consortium to design and apply distributed and shared ledger-inspired technologies to global financial markets. 
 

Headquartered in Beijing, Minsheng Bank is China's first major private bank and engages in the provision of corporate and personal banking, treasury business, financial leasing and other financial services.
 

Minsheng Bank will be collaborating with the world’s largest financial institutions to develop ground-breaking commercial applications for the financial services industry that leverage the appropriate elements of distributed and shared ledger technology.
 

The R3 team of financial industry veterans, technologists and blockchain and cryptocurrency experts collaborate with consortium members on research, experimentation, design and engineering to help advance this technology to meet banking requirements for identity, privacy, security, scalability, interoperability and integration with legacy systems.  
 

Consortium members work closely with R3 to develop Corda™, its shared ledger platform specifically designed to record, manage and synchronise financial agreements between regulated financial institutions. It is heavily inspired by and captures the benefits of blockchain systems, without the design choices that make blockchains inappropriate for many banking scenarios.
 

David Rutter, CEO of R3 comments: “Minsheng Bank is a key player in the Chinese banking industry, and we are delighted to welcome them to the R3 consortium. Their expertise will be an enormous asset as we develop universal applications for distributed ledger technology across Asia and the global financial markets.”
 

Hong Qi, the chairman of Mingsheng Bank, commented: “As an innovation-driven bank, Minsheng Bankis closely monitoring the development of new technologies, and has noticed blockchain’s influential impact on the banking Industry. ”
 

Zheng Wanchun, the president of Minsheng Bank noted: “I am excited about blockchain technology’s ability to deliver new levels of cryptography on a distributed ledger and its potential to change the financial industry.
 

Minsheng Bank will join the global network of R3 partners united in its lab environment, the R3 Lab and Research Centre, which has quickly become a center of gravity for collaborative research and testing of distributed and shared-ledger inspired technologies.

 

 

/ends/

 

 

About R3

 

R3 is leading a consortium with over 70 of the world’s largest financial institutions to develop ground-breaking commercial applications for the financial services industry that leverage the appropriate elements of distributed and shared ledger technology. 

 

Operating in New York, London and San Francisco, the R3 team is made up of financial industry veterans, technologists, and new tech entrepreneurs, bringing together expertise from electronic financial markets, cryptography and digital currencies. 
 

The R3 Lab and Research Centre has quickly become a centre of gravity for collaborative research and testing of distributed and shared-ledger inspired technologies, and is where R3 works with its partners to define, design and deliver the next generation of financial infrastructure.

 

About China Minsheng Bank

 

CMBC(China Minsheng Banking Corp., Ltd.) is a national joint-stock commercial bank with investors primarily from non-state-owned enterprises (NSOEs) in China. As a pilot of China's banking reform, CMBC consistently forges ahead to explore its businesses, expand its asset size, improve its profitability and maintain rapid and healthy growth. It has made proactive contributions to the reform and innovation of the Chinese banking industry.

 

 

 

###ENDS###

 

 

 

Press contact:

 

R3:

 

Nick Warren/Ellie McFatridge

Chatsworth Communications

+44 (0)207 440 9780

contact@chatsworthcommunications.com

 

Charley Cooper

R3

+1 917 855 8529

charley@r3cev.com

 

 

Minsheng Bank:


Chen Zhuo

CMBC

+86 138 1150 2148

chenzhuo6@cmbc.com.cn

 

CTBC Bank becomes first bank in Taiwan to join R3 distributed ledger consortium

October 5, 2016 (New York/San Francisco/London) CTBC Bank has joined financial innovation firm R3’s consortium to design and apply distributed and shared ledger-inspired technologies to global financial markets.
 

CTBC Bank, one of the largest banks in Taiwan and the first Taiwanese member of the R3 consoritum, will be collaborating with over 60 of the world’s largest financial institutions to develop groundbreaking commercial applications for the financial services industry that leverage the appropriate elements of distributed and shared ledger technology.
 

The R3 team of financial industry veterans, technologists and blockchain and cryptocurrency experts collaborate with consortium members on research, experimentation, design and engineering to help advance this technology to meet banking requirements for identity, privacy, security, scalability, interoperability and integration with legacy systems.  
 

Consortium members work closely with R3 to develop Corda™, its shared ledger platform specifically designed to record, manage and synchronise financial agreements between regulated financial institutions. While leveraging the benefits of blockchain systems, Cordaalso incorporates additional complex requirements necessary in many banking scenarios.
 

David Rutter, CEO of R3, comments: “We are delighted to welcome CTBC Bank to the R3 consortium. The addition of one of Taiwan’s most important financial institutions is a further milestone in strengthening our reach within Asia. We look forward to collaborating with CTBC in our efforts to develop truly global applications that can cross geographical borders and be applied to the benefit of all our members and their clients.”
 

May Su, head of digital banking, CTBC Bank, comments: Financial institutions that apply blockchain technology will drive efficiency enhancements, cost savings, risk reduction and business development. CTBC believes that the key to developing blockchain technology in a way that will be meaningful and efficient is to work in collaboration with the industry from the outset, pooling resources. CTBC will work with the R3 consortium to deliver a standardised solution that can be applied to the benefit of CTBC’s clients.
 

CTBC Bank joins the global network of R3 partners united in its lab environment, the R3 Lab and Research Centre, which has quickly become a center of gravity for collaborative research and testing of distributed and shared-ledger inspired technologies.
 

About R3
 

R3 is leading a consortium with over 70 of the world’s largest financial institutions to develop ground-breaking commercial applications for the financial services industry that leverage the appropriate elements of distributed and shared ledger technology.
 

Operating in New York, London and San Francisco, the R3 team is made up of financial industry veterans, technologists, and new tech entrepreneurs, bringing together expertise from electronic financial markets, cryptography and digital currencies. 
 

The R3 Lab and Research Centre has quickly become a centre of gravity for collaborative research and testing of distributed and shared-ledger inspired technologies, and is where R3 works with its partners to define, design and deliver the next generation of financial infrastructure.
 

About CTBC Bank
 

Formerly known as China Securities Investment Corp., CTBC Bank was established in 1966 and has been affiliated with CTBC Financial Holding Co., Ltd. since May 17, 2002. Operations include deposits, loans, guarantees, foreign exchange, offshore banking units (OBU), trusts, credit cards, securities, bonds, proprietary futures, derivatives, factoring, safe deposit boxes, electronic banking services, and the national lottery.
 

CTBC Bank has a total of 150 branches within Taiwan and 107 outlets (representative offices, branches, and subsidiaries and their branches) locates in the US, Canada, Japan, India, Indonesia, the Philippines, Thailand, Vietnam, Hong Kong, Singapore, Myanmar, Malaysia, Australia, and China, which makes CTBC Bank Taiwan’s most international financial institution.

 

###ENDS###
 

Press contact 

R3:


Nick Murray-Leslie/Nick Warren/Ellie McFatridge

Chatsworth Communications

+44 (0)207 440 9780

contact@chatsworthcommunications.com

 

Charley Cooper

R3

+1 917 855 8529

charley@r3cev.com