Asia

The Government of Singapore aims to promote Blockchain in Southeast Asia

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Singapore is planning to actively promote Blockchain in Southeast Asia, Singapore’s finance minister Heng Swee Keat announced.

Heng Swee Keat said this at the meeting of the ASEAN (Association of Southeast Asian Nations)  member finance ministers, adding that his country will support digital innovations like FinTech.

“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.”

Let us remind that Singapore is recently actively promoting Blockchain-friendly governance. Country’s central bank The Monetary Authority of Singapore continues to develop Project Ubin in order to explore the use of Distributed Ledger Technology (DLT) for clearing and settlement of payments and securities. According to the official statement, DLT has shown potential in making financial transactions and processes more transparent, resilient and at lower cost. The project will be having “real impact” in 2 years period.

In addition, Singapore’s Infocomm Media Development Authority (IMDA) has launched a blockchain competition with government funds in March aiming to promote blockchain innovation in the region.

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