Auto Industry Delves Further Into Fintech

Note from the Publisher:  Yesterday we published a piece pointing to BMW’s entry into fintech with a new incubator.  Today, we see that blockchain innovator R3 CEV has now been joined by Toyota Financial Services to explore blockchain-based applications for automotive financing.  Watch for more automotive giants to get into the fintech fray in the near future.

“The R3 CEV blockchain consortium has a new member that’s not like the others.

Last week, Toyota Financial Services announced it has joined R3’s consortium to explore distributed and shared ledger tech for potential applications in auto financing. TFS is the first captive to collaborate with the more than 50 of the largest FIs in R3’s network on developing use cases for blockchain in financial industry.

Chris Ballinger, the captive’s CFO and global chief officer of strategic innovation, was at the forefront of the deal, saying that blockchain “will ultimately lower costs, increase efficiency, and make auto finance more transparent.”

At some point in the future, cars will all run on blockchain rails, “driving around” within the autonomous and shared infrastructure, Ballinger said at the inaugural Auto Finance Innovation conference in May.”

Read Full Article at Bankinnovation.net