The R3 blockchain consortium welcomed yet another new partner this week. Unlike all of the previous partnerships, this news related to the creation of a centre of excellence. The Monetary Authority of Singapore and R3 will team up to create this facility on the island. Another big step forward towards making blockchain technology a mainstream solution.

Singapore Continues Its Fintech And Blockchain Efforts

A major mind shift is taking place all over Asia in recent months. Various countries have unveiled their plans to ease up on financial technology regulation, and stimulate fintech activities. That is also good news for blockchain and Bitcoin, as both are an integral part of the fintech ecosystem as a whole.

Singapore is quickly becoming one of the prominent places for blockchain and fintech development. Despite the nation’s small size, there are big plans in motion to change the way we think about finance. Now that the Monetary Authority of Singapore is cooperating with the R3 blockchain consortium, things are looking positive for distributed ledger technology.

As a result of this collaborative effort, a new centre of excellence will be opened in Singapore over the coming years. Dedicated search and development will be conducted to explore new use cases for blockchain technology. Additionally, visiting specialists can get a hands-on approach with the current events, and provide valuable insights into the process.

Establishing a physical presence in Singapore will aid the R3 consortium in solidifying their position in Asia. The centre of excellence will be set up at Lattice80, which is the country’s latest fintech centre built by MarvelStone Group. A significant step forward for the consortium and blockchain technology, that much is certain.

MAS’s Chief Fintech Officer Sopnendu Mohanty stated:

“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.”

It is evident the Monetary Authority wants to turn Singapore into a prominent fintech hub over the coming years. Focusing on blockchain technology – and hopefully Bitcoin as well – will give them a competitive edge. R3 will aid in supporting and collaborating with local members, as they will also have a dedicated staff at the centre of excellence at all times.

Header image courtesy of Shutterstock

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