ADB inks MOU with R3 to explore use of distributed ledger tech

This includes a project exploring a cross-border multi-currency securities settlement system.

The Asian Development Bank (ADB) has signed a memorandum of understanding with technology provider R3 to explore the use of distributed ledger technology or DLT in ADB.

The partnership is expected to support ADB’s digital transformation efforts, including a proof-of-concept project aimed at establishing a cross-border multi-currency securities settlement system based on DLT.

The MOU will see the two collaborate on exploring the relevance of DLT for ADB’s institutional priorities and in support of its operational priorities. 

They 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.

ADB’s potentially qualified start-ups will also be referred to R3’s Venture Development Program, aimed at accelerating and cultivating multi-party applications built on R3’s Corda and Conclave platforms, by early-stage startups to shorten their time to market.