Singapore Sets the Pace in Blockchain Development Over Southeast Asia

Singapore Sets the Pace in Blockchain Development Over Southeast Asia

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April 10, 2018 by Bitzamp
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Singapore Sets the Pace in Blockchain Development Over Southeast Asia The government of Singapore is looking to promote the development of blockchain technology with the aim of improving financial inclusion for Southeast Asian countries. Speaking at the ASEAN finance ministers meeting on Friday, Heng Swee Keat, Singapore’s minister for finance, highlighted the government’s plans to
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Singapore Sets the Pace in Blockchain Development Over Southeast Asia
The government of Singapore is looking to promote the development of blockchain technology with the aim of improving financial inclusion for Southeast Asian countries.

Speaking at the ASEAN finance ministers meeting on Friday, Heng Swee Keat, Singapore’s minister for finance, highlighted the government’s plans to foster innovations such as blockchain to improve access to finance in the region.

“In particular, we will support digital innovations like fintech,” the minister said. “For example, the underlying distributed ledger technology presents us with many opportunities for cheap and secure transactions. This can promote financial inclusion for underserved and underbanked segments in ASEAN.”

Although Heng did not disclose details about the blockchain initiatives, his comments come at a time when the government of Singapore have stepped up efforts to develop and incorporate blockchain technology in the financial sector.

The country’s central bank, the Monetary Authority of Singapore (MAS), have continued to move forward with its Project Ubin Blockchain implementation, which according to chief fintech officer Sopnendu Mohanty, will see “real impact” in two years time.

 


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