Global enterprise software firmĀ R3Ā has partnered with theĀ Asian Development Bank (ADB)Ā 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 ADBās 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, ADBās potentially qualified startups will also be referred to R3ās Venture Development Programme.
The programme is dedicated to accelerating and cultivating multi-party applications built on R3ās Corda and Conclave platforms, by early-stage startups to shorten their time to market.
David E. Rutter, CEO and Founder at R3 said,
āDLT has proven itself as a core technology for organizations to minimize risk, enhance efficiencies and facilitate greater collaboration across industries in recent years.
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The financial industry is making significant advancements on this front. Among these, some of the worldās most established regulated financial institutions are building on our Corda platform.ā