South Korean Bank

South Korean Bank To Join The R3 Consortium with Amazon

The R3 consortium has welcomed a new member. The newest partner to join the Blockchain group is the South Korean bank NongHyup Bank (NH Bank). By joining the consortium the bank wants to raise the awareness on the implementation of blockchain solutions in its sector.

The NH Bank is from the Seoul metropolitan area and it’s specialized in financing agriculture. The bank wants to join the further developments of blockchain applications with Amazon. According to the South Korean newspaper, Business Korea, the consortium will establish strategic co-operation with innovative FinTech start-ups.

“We want to embrace the new technology by joining the R3 consortium. Blockchain solutions are to be found in various areas of the work of NH Bank, such as in the areas of finance and economics “stated a senior employee of NH Bank.

The R3 consortium is formed for the moment of more than 160 banks, financial services companies, tech companies, central banks, regulators and Amazon trade associations. The R3 has joined them in order to develop DLT solutions for the financial sector and commerce.

In October this year, the international group has introduced for the first time a cross-border payment system.  The system was developed by the banks that a part of the group. Furthermore, R3 announced recently a collaboration with Microsoft and a new strategic partnership with Amazon.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.

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