Distributed ledger technology firm R3 has partnered with the Monetary Authority of Singapore (MAS) to launch a new lab devoted to the emerging technology.

The R3 Asia Lab will be based in Lattice80 and will serve as a dedicated research and development centre.

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The lab will accommodate visiting specialist DLT technologists, innovators and business leaders, R3 said.

These solutions will be intended to improve efficiency, transparency, and reduce costs for financial institutions and ultimately be commercialised across global capital markets, the company added.

MAS chief fintech officer Sopnendu Mohanty commented: “The practical spin-offs from fundamental research in distributed ledgers and blockchains are beginning to be realized. 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.”

Tim Grant, CEO of R3’s Lab and Research Center, and member of the MAS International Technology Advisory Panel, said: “We look forward to deepening our relationships with local financial services companies, regulatory bodies and the tertiary education community, and to using Singapore as a means to connecting the region with our many initiatives around the world.”

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R3 group CEO David Rutter commented: “As one of the world’s leading fintech hubs and a key global financial centre, Singapore is the ideal location for our Asia lab. We are honoured to have the support from the MAS and we look forward to working closely with them as we continue to research and develop applications that can help regulators and financial institutions improve efficiency, transparency and reduce costs.”