The Association of Fintech Companies of Singapore (SFA) and the R3 Consortium have concluded an agreement under which it is planned to provide startups from SFA access to the R3 Corda blockchain.
Startups who want to use the capabilities of R3 Corda will receive support from the R3 Venture Development program and gain access to the R3 ecosystem. With access to the Corda platform, Singapore startups will be able to lower operating expenses, generate new revenue streams and influence the development of local and international markets.
Within the framework of the R3 Venture Development program, companies will be able to participate in various events, training events, receive advice from industry participants and form new relationships with partners and investors.
As noted in the SFA statement, the partnership with R3 shows a long-term intention to develop the blockchain ecosystem in Singapore.
“This collaboration to support startups in the early stages of development is exactly what SFA is looking for to build a strong and holistic fintech ecosystem in Singapore,” said SIA President Chia Hock Lai.
Recently it was reported that the Monetary Authority of Singapore is preparing to launch the multi-currency payment system Project Ubin, built on the basis of the blockchain.