Singapore Plans to Develop the Blockchain to Boost ASEAN Financial Inclusion

17 April, 2018

Original source: Trading Peek

The Singaporean government is looking forward to promoting the development of blockchain technology in an effort to improve the financial integration of Southeast Asian countries.

Singapore Finance Minister Heng Swee Keat, in a meeting with finance ministers of Southeast Asian countries last Friday, highlighted his government's plans to promote blockchain innovations to improve access to finance in the region.
He said his government would support digital innovations such as Fintech, for example, that basic bookkeeping technology offers many opportunities for cheap and secure financial transactions, supporting the idea of ​​promoting financial integration for underserved sectors.

Although Heng did not disclose precise details of any computer-chain initiatives, his comments come at a time when governments in Southeast Asia are intensifying their efforts to develop and adopt blockchain technology in the financial sector.

At the same time, neighboring Malaysia is making use of the technology to strengthen banking services across the region.
In a speech in March, the deputy governor of the Central Bank of Malaysia noted that nine banks in the country had already started working with the central bank in the development of blockchain-based energy-based commercial finance applications.

Similarly, Siam Commercial Bank of Thailand is building a cross-border conversion platform for cross-border payments.

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