Toyota Financial Services joins R3 blockchain group

Group | June 28, 2016 By:

Toyota Financial Services announced it has joined blockchain consortium R3, making it the first organization affiliated with a major automaker to take part in the cross-industry effort.

“Beyond finance, we believe additional applications of the technology in auto manufacturing and sales will benefit our customers by making mobility more affordable and available,” said Chris Ballinger, CFO and global chief officer of Toyota USA.

“We are delighted to welcome Toyota Financial Services to our ever-growing network of non-bank institutions. Distributed and shared ledger-inspired technology holds the potential to revolutionise the infrastructure used by all participants in financial markets, and we continue to diversify our member base to reflect the interests of firms across the sell- and buy-side,” said R3 CEO David Rutter.

Toyota Financial Services is the financial services subsidiary of the Toyota Motor Corporation.