R3 Moves into Africa with Addition of Absa Bank to Blockchain Consortium

Barclays Africa subsidiary is first African bank to join group consisting of over 50 banks.

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Absa, which is headquartered in Johannesburg, is the first bank in Africa to join R3. 

Andrew Baker, CIO for corporate and investment banking at Barclays Africa, said in a statement that in mid-2015 the firm launched an Africa-wide blockchain supply-chain challenge via Rise, its physical and virtual community focused on collaboration and fintech innovation. Baker said the firm also hosted the second "Blockchain and Bitcoin Africa Conference" in February.

Currently, Absa Bank is working on ten blockchain-based experiments and research initiatives.

"We see huge potential for financial institutions in Africa to embrace disruptive technologies like blockchain, and use them to empower individuals and improve the lives of their customers," Baker said. "However, its true value will only be realized if we work together to co-develop and share solutions to common problems."

 

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