September 28, 2017 (New York/London/Singapore/Santiago) – The Superintendency of Banks and Financial Institutions of Chile (Superintendencia de Bancos e Instituciones Financieras or “SBIF”) recently joined the global network of members of the enterprise software company R3, as a regulatory member, which will allow it to stay up-to-date on the latest advances and implementations of Distributed Ledger Technology (“DLT”) in financial services.
The SBIF, the Chilean banking regulator which oversees the country’s banking sector, is the latest Latin American member to join R3’s growing community. In addition to the SBIF, R3 already works with a number of central banks and regulators around the world.
These institutions collaborate with over 100 banks, financial institutions, trade associations, professional services firms and technology companies to develop commercial applications for the financial services industry that leverage the appropriate elements of DLT.
Members work closely with R3 to continue the development of Corda™, an open source distributed ledger platform for recording, managing and synchronising financial agreements. Corda is heavily inspired by and captures the benefits of blockchain systems, but with design choices that make it able to meet the needs of regulated financial institutions.
Eric Parrado, Superintendent of Banks and Financial Institutions of Chile, said: “We are very interested in the possibility of participating as an observer in this global network. Financial regulators must make constant efforts to understand, encourage the creation and implement innovations through early discussions with institutions wishing to adopt these new technologies or with the entrepreneurs who are creating them. Innovation should be included within the permanent lines of work of financial regulators. Our times no longer allow for rigid, short-sighted and short-term regulations. The “revolution in evolution” represented by blockchain technology will undoubtedly mark a turning point for financial systems and their users.”
David Rutter, CEO of R3, comments: “We are pleased to welcome the SBIF on board as we continue to grow our global regulatory community. Close collaboration between regulators and the institutions they regulate is essential to developing a futureproof DLT platform that is born of real-world experimentation and use of the technology in question.”
R3 is an enterprise software firm working with over 100 banks, financial institutions, regulators, trade associations, professional services firms and technology companies to develop Corda, its distributed ledger platform designed specifically for financial services. R3’s global team of over 110 professionals in nine countries is supported by over 2,000 technology, financial, and legal experts drawn from its global member base. R3 recently announced the successful completion of the first 2 of 3 tranches in a Series A fundraise valued at USD 107 million.
Corda is the outcome of over two years of intense research and development by R3 and its members and meets the highest standards of the banking industry, yet is applicable to any commercial scenario. With Corda, participants can transact without the need for central authorities, creating a world of frictionless commerce.
About Superintendencia de Bancos e Instituciones Financieras Chile
The Superintendency of Banks and Financial Institutions (Superintendencia de Bancos e Instituciones Financieras or SBIF) is a public institution created in 1925, which is autonomous and with a legal personality of indefinite duration. The mandate imposed by the General Banking Law for the SBIF is to supervise banking companies and other financial entities defined by the law, to protect depositors or other creditors and the public interest; and its mission is to ensure the proper functioning of the financial system. Its vision as an organization is to be an autonomous institution of excellence, which promotes public policies, nationally and internationally recognized for implementing the best regulatory and supervisory practices to strengthen the management of audited entities and contribute to the sustainability of the financial system.
Nick Warren/Nick Murray-Leslie
+44 (0)207 440 9780
+1 929 329 1550
Superintendencia de Bancos e Instituciones Financieras Chile:
Erick Rojas M.
(+562) 2887 9309
Pamela Ohlbaum T.
(+562) 2887 9309