The Singapore Fintech Association and R3 have entered a partnership to provide startups in the SFA network with access to R3’s Corda blockchain.
In an announcement on July 14, the SFA said that startups would receive support from R3’s Venture Development program, which provides a gateway into R3’s ecosystem for all pre-series A companies that are building on Corda.
Corda is an open-source enterprise blockchain platform that is used by an expanding network of over 350 participants who build distributed applications (CorDapp) on the platform for a range of industries, such as financial services, insurance and healthcare.
Access to the Corda blockchain platform is expected to provide SFA startups with opportunities to reduce costs, generate new revenue streams and reshape domestic and international markets.
The R3 Venture Development Program provides participants with access to community events, workshops, mentorship from industry members, as well as help with forging relationships with investors.
The SFA has said that its partnership with R3 is part of the association’s long-term commitment to the city-state’s blockchain ecosystem.
SFA President Mr. Chia Hock Lai said, “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.”
Before its collaboration with R3, the SFA had established partnerships with IMDA’s OpenNodes initiative, Tribe Accelerator, F10 and LongHash.
The SFA also took part in Singapore Blockchain Week, a government-supported virtual blockchain event this June that gathered together over 5000 participants.
Corda’s core vision
As reported last fall, there have been claims that R3’s Corda platform — notwithstanding its strong network of over 350 — has been at the center of fundamental disagreements between engineers and the company’s senior management.
Sources alleged that uncertainty regarding R3’s identity — split between operating as a financial software firm and leading a more wide-ranging tech consortium — is one of the factors contributing to delays in the product’s design and development.
At issue is also reportedly how far the network should prioritize interoperability or otherwise take a “maximalist” approach to driving Corda adoption.