R3 STRIKES STRATEGIC PARTNERSHIP WITH DUBAI FIRM - PowerPoint PPT Presentation

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R3 STRIKES STRATEGIC PARTNERSHIP WITH DUBAI FIRM

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R3 is an enterprise software company specializing in developing distributed ledger platforms for financial institutions. – PowerPoint PPT presentation

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Title: R3 STRIKES STRATEGIC PARTNERSHIP WITH DUBAI FIRM


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3 Strikes Strategic Partnership With Dubai Firm
  • As per news reports, Software firm R3 has entered
    into a strategic partnership with Wethaq, which
    is a Dubai-based fintech startup. This
    partnership has taken place with the aim of
    building next-generation financial architecture
    for Islamic capital markets.

3
  • R3 is an enterprise software company specializing
    in developing distributed ledger platforms for
    financial institutions. It offers CRYPTO 2.0,
    which is the application of cryptographic
    technology and distributed ledger-based protocols
    in global financial markets. R3 leads an
    ecosystem of more than 300 firms that work
    together to build distributed applications using
    Corda for use in industry verticals such as
    financial services, healthcare, insurance,
    digital assets, and trade finance.

4
  • Wethaq Takaful Insurance Company is a
    Kuwait-based shareholding company which engages
    in providing cooperative insurance and
    reinsurance products and services. The insurance
    products and services of the company include
    motors, fire and property, construction and
    engineering, liabilities, financial, health and
    life, and marine and aviation insurance. Wethaq
    has the right to own, sell, and purchase real
    estate and financial instruments.

5
  • Wethaq Takaful Insurance Company in Egypt is a
    subsidiary that is engaged in insurance and
    reinsurance activities. Wethaq is a
    platform-as-a-service firm that aims to use Corda
    to manage the issuance, pre-sale, management, and
    financialization of Sukuk securities, which are
    Islamic financial certificates similar to bonds.

6
  • As per the International Islamic Financial Market
    Annual Sukuk Report 2019, Sukuks total issuance
    reached 123.15 billion in 2018, thus
    representing a 5 per cent increase from 116.7
    billion in 2017. In 2018, Wethaq started working
    on a proof-of-concept for a blockchain solution
    to Sukuk management. It worked with the aim of
    having distributed ledger operate as a registry
    and central securities depository, improve
    interoperability with other payment and
    settlement platforms, and create a network for
    regulators, participants, and providers to
    communicate.

7
  • Wethaq has also sought regulatory approval from
    jurisdictional and Shariah bodies. As mentioned
    in a joint report by R3 and Wethaq in light of
    the highly regulated Islamic environment, the
    employability of smart clauses give Shariah
    boards the opportunity to ensure Shariah
    compliance by building and mapping real-world
    Shariah requirements within the structure
    itself.

8
  • In the words of David E.Rutter, the CEO of R3,
    Blockchain is driving an unprecedented period of
    innovation across capital markets, with more
    assets moving towards complete digitization. He
    also added, Saudi Arabia and the wider Middle
    East region are areas where we see huge potential
    for Corda to modernize the economy and our
    partnership with Wethaq is a step towards
    achieving that.

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  • The blockchain platform will digitize Sukuk,
    thereby decreasing both the cost and time of
    issuance, a process that currently involves input
    from many clearinghouses, banks, and trustee
    entities. Corda will streamline this lifecycle.
    Furthermore, Corda may enable wider distribution,
    which will lead to more issuers and investors, by
    standardizing the digital assets with global
    financial infrastructure.

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