Enterprise distributed ledger startup R3CEV has teamed with the Monetary Authority of Singapore (MAS) to launch a new lab devoted to the emerging technology.

According to a release, the R3 Asia Lab will serve as a dedicated research and development center that can "accommodate visiting specialist DLT technologists, innovators and business leaders", while allowing the startup to manage its client relationships in the region.

R3 said that the new office would be staffed by both its technology experts, as well as those from member firms. To date, more than 70 global banks are now part of the effort.

In statements, Sopnendu Mohanty, chief fintech officer at the Monetary Authority of Singapore, cited the opening as evidence the progress in the industry is beginning to be realized.

"MAS is pleased to collaborate with the financial industry through broad, international, consortia such as R3 to create and conduct rigorous experiments that will inform and encourage adoption of these advances," he said.

The lab will be based in Lattice80, a 30,000-square-foot FinTech Hub set to officially open its doors on 10th November.

Lattice80 image via Facebook