South African Bank Joins R3 Blockchain Consortium
One of South Africa's largest banks has joined the global blockchain consortium led by R3CEV. Absa Bank, a subsidiary of Barclays Africa, announced today that it would be joining the 40-plus consortium, which includes a range of banks and non-bank financial institutions worldwide. Recent participants have included Chinese bank Ping An and the financial arm of automaker Toyota. The partnership is said to include an effort to develop a broader working group within South Africa focused on regional distributed ledger networks, with the goal of creating "the continent’s first distributed....
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The goal of the R3 Consortium to form a global partnership to design and apply blockchain’s distributed and shared ledger-inspired technologies to financial markets got a boost as it adds its first African institution to its membership. South Africa’s Absa Bank Ltd, a member of the Barclays Africa Group Limited, is the first African banking group to join the global R3 blockchain consortium which has already partnered with some of the world's leading banks to design and deliver advanced distributed ledger technologies to global financial markets. Absa will collaborate with other SA banks.....
The South African Reserve Bank may be willing to introduce blockchain based, digital version of its fiat currency. The use of cryptocurrencies as legal tender is one of the most discussed topics among the cryptocurrency community members. The very thing may soon happen in South Africa. One of the South African financial magazines has recently reported about the willingness of the South African Reserve Bank to issue digital version of its fiat currency. The new currency referred to as the “national digital currency” is expected to be based on blockchain technology. The publication, in its....
A group of South African banks have pushed ahead with plans to test blockchain applications in a partnership that has drawn support from key regulators in the country. As reported by local outlets IT Web and MoneyWeb, the project included teams from Standard Chartered, Absa, Rand Merchant Bank, Investec and Nedbank. Supporters of the initiative included the Financial Services Board, a major finance regulator; Strate, the country’s central securities depository; and the South African Reserve Bank. The institutions involved developed and tested a system for issuing syndicated loans via....
Africa's largest banks and South Africa’s Central Securities Depository, Strate, set up a Blockchain network that could have a far-reaching effect on the continent’s financial sector. South African Reserve Bank (SARB) and the Financial Services Board will play a role of observers. While the new working group has representatives from Standard Bank, Absa, FirstRand, Nedbank - the top four banks in Africa - and Investec which stands at the eighth position, the participation of the Reserve Bank is the most significant because the South African apex bank has been a little skeptical about....
Blockchain technology proponents are staking claims in Africa, paying special attention to banks. Six African banking institutions are making sure financial tech doesn’t disrupt their businesses by working together to connect their systems with distributed ledgers. Absa & Barclays Africa Testing Multiple Platforms Across the South African Region. One....