Global enterprise software firm R3 has partnered with the Asian Development Bank (ADB) to explore the use of distributed ledger technology (DLT) in driving digital transformation.
The partnership involves a proof-of-concept (POC) project aimed at establishing a cross-border multi-currency securities settlement system based on DLT in Asia Pacific.
It will also look into the relevance of DLT for ADB’s institutional priorities and in support of its operational priorities.
The partnership will also explore DLT use cases in key industry verticals such as sustainability, accountability and traceability, digital assets, and identity and Know Your Customer (KYC) across the region.
As part of the scope of the agreement, ADB’s potentially qualified startups will also be referred to R3’s Venture Development Programme.
The programme is dedicated to accelerating and cultivating multi-party applications built on R3’s Corda and Conclave platforms, by early-stage startups to shorten their time to market.
David E. Rutter, CEO and Founder at R3 said,
“DLT has proven itself as a core technology for organizations to minimize risk, enhance efficiencies and facilitate greater collaboration across industries in recent years.
The financial industry is making significant advancements on this front. Among these, some of the world’s most established regulated financial institutions are building on our Corda platform.”
