Singapore Fintech Association Partners With R3
- Early stage companies will make use of Corda’s vast network and variety of financial applications.
- R3’s involvement in the Singapore crypto environment is said to reshape the domestic market and bring a lot of new technological possibilities.
Singapore Fintech Association presentation. NTUC
On July 14, the Singapore Fintech Association (SFA) released a press release, announcing their new partnership with R3, the blockchain software development company behind the Corda platform.
The strategic partnership is meant to enable startups in SFA’s network to access the first purpose-built blockchain network for enterprises, Corda. This is said to happen through R3’s Venture Development program, which helps early-stage blockchain companies find success through the community events and workshops managed by the organization itself.
The program also provides startups with the opportunity of exclusive mentorship from different industry leaders and access to prospects and investors in the Corda environment. With more than 350 participants, Corda’s ecosystem is bringing new CorDapps every day to reduce costs and create new revenue streams for the businesses using its distributed ledger.
“This type of collaboration between organizations with the purpose of supporting early stage blockchain companies in their venture journey is what SFA seeks in order to create a stronger, inclusive FinTech ecosystem,” said SFA President Mr. Chia Hock Lai.
R3 will also greatly benefit from the newly-formed partnership. As Singapore’s blockchain ecosystem is rapidly expanding and constantly providing new solutions and technologies, the inclusion of Singapore’s FinTechs will significantly contribute to the development of Corda.
Ivar Wiersma, R3 Head of Venture Development, said:
“R3 is honoured to work with SFA to help grow the next generation of innovators in Singapore. Singapore is at the forefront of digital transformation and R3 will continue to support local startups and contribute to the development of Singapore as an innovation hub.”
He then explained that R3’s Venture Development Program is a perfect opportunity for brave entrepreneurs and new startups to accelerate their business with the use of Corda, and added:
“We believe Every application built on Corda, regardless of size and stage, deserves a supportive partner like R3 that will ensure their continuity and success.”
R3 has already established several other collaborations within Singapore’s blockchain ecosystem, including MDA’s OpenNodes initiative, Tribe Accelerator, F10, and LongHash. Their latest partnership with SFA solidifies the company’s presence in the Singapore crypto environment and allows for new opportunities in the mutual development of financial blockchain technology.
- The requirement to deposit customer assets into a statutory trust comes as a result of a MAS public consultation from October 2022 focused on reducing risk in crypto trading.
- Singapore’s central bank also restricted crypto firms from facilitating lending and staking to retail customers, though the services are still available to institutional clients.
Monetary Authority of Singapore building. The Straits Times
- Crypto.com has once again expanded its regulatory achievements with the acquisition of a major payment institution license for digital payment token services in Singapore.
- The license, for which the company received an in-principle approval last June, enables the exchange to provide a greater range of payment services in Singapore.
- The now rebranded custody arm of crypto exchange Binance, called Ceffu, is planning to apply for a Capital Markets Service license with the Monetary Authority of Singapore.
- If it is able to acquire the license, Ceffy plans to offer custodial services to only institutional and high net-worth individuals in Singapore.