Colombian Financial Watchdog Joins R3 Blockchain Consortium

A Colombian financial regulator has become the latest member of the R3 blockchain consortium.

With the move – which focuses on developing blockchains for enterprise – the Superintendencia Financiera de Colombia (SFC) indicated it plans to stay "up-to-date on latest advances and implementations" of distributed ledger technology (DLT) in financial services sector, according to a release.

The Colombian financial superintendent, Jorge Castaño Gutierrez, said the move marks a "significant step for the entity," as blockchain technology is bringing greater innovation across financial systems.

He stated:

"This agreement with R3 contributes to the strategy we set in motion with the creation of the FinTech Group within the Superintendencia to learn the uses of this technology, which will provide efficiency and security of information to be able to accompany, support and endorse different processes within the industry."

The move marks an addition to R3's growing number regulatory members.

In recent months, the Chilean banking regulator, the SBIF, and Quebec's financial regulator, the Autorite des marches financiers, have both announced their entrance into R3's portfolio, which now comprises of more than 100 financial institutions, banks, professional services companies and technology firms.

Bogota, Colombia image via Shutterstock