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, Corda™ also 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.
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.
Nick Murray-Leslie/Nick Warren/Ellie McFatridge
+44 (0)207 440 9780
+1 917 855 8529