R3, a leading provider of enterprise technology and services, has signed a Memorandum of Understanding (MOU) with the Asian Development Bank (ADB) to explore the use of distributed ledger technology (DLT) in driving digital transformation for the organization. The partnership will support ADB’s efforts, such as the proof-of-concept (POC) project, involving R3, aimed at establishing a cross-border multi-currency securities settlement system based on distributed ledger technology (DLT) in Asia Pacific.
The MOU will support the collaboration in exploring 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. This is set to broaden the reach of DLT across industries in the region and catalyze the technology’s innovation and adoption through real-world examples of its utility and impact.
As part of the scope of the agreement, ADB’s potentially qualified start-ups will also be referred to R3’s Venture Development Program – 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.
The partnership will facilitate the exchange of information and bolster capacity building efforts to digitally transform ADB in line with its institutional priorities as well as in anticipation of a digital future and evolving ecosystems. Both ADB and R3 will embark on joint collaboration and analytical work on Proof of Concept (POC) projects related to DLT deployment during the collaboration period.
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. We are proud to be deepening our partnership with ADB, s a leading organization that is at the forefront of building resilient, inclusive, and sustainable in Asia Pacific,and to be supporting its digital transformation.”
