South Africa’s largest bank to join the global block chain alliance R3 Consortium

South Africa’s largest bank to join the global block chain alliance R3 Consortium

South Africa’s Absa bank is a subsidiary of Barclays Bank, the bank announced today joined the R3 consortium, the consortium has added 40 global banks and non bank financial institutions. Recently the R3 consortium including China participants and Ping An Bank Toyota Auto Body Co of Japan Ministry of finance. The New South Africa Absa bank will create the continent’s first bank distributed billing solutions.


South Africa’s Absa bank and Barclays Bank said in a joint statement:

“We see the block chain technology has great potential in the African continent, which will greatly improve the local customer’s life. We will work together, common development and solve the problem, the real value of block chain technology realized in africa.”

The R3 group added many new members in the past year, and announced their own internal distributed billing system in April solution. Absa bank is currently no immediate comment on this system.

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