Singapore Plans to Promote Blockchain in Southeast Asia


Singapore plans to promote Blockchain in Southeast Asia, according to Singapore’s finance minister Heng Swee Keat. Heng’s remarks appear at a time when Singapore is bidding to set a new trend in Blockchain-friendly management and oversight.

10 April, AtoZForex The government of Singapore has decided to take an active role in promoting Blockchain in Southeast Asia, according to the new commentary from the officials.

Singapore Plans to Promote Blockchain in Southeast Asia

Singapore’s finance minister Heng Swee Keat has been speaking at the meeting of ASEAN (Association of Southeast Asian Nations) member finance ministers on April 6. He has addresses the existing initiative of Singapore’s active Blockchain development plans. He has been quoted as saying:

“In particular, we 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.”

Mr. Heng’s remarks appear at a time when Singapore is bidding to set a new trend in Blockchain-friendly management and oversight.

In fact, the key financial regulator and the central bank of Singapore, the Monetary Authority of Singapore (MAS) has signaled it plans to push forward the Project Ubin Blockchain implementation. The project aims to create what chief fintech officer Sopnendu Mohanty described as “real impact”.

Malta’s Blockchain stance – will it become the key center?

It appears that Malta has adopted a strong direction to become the “Blockchain Island”, as the country has made it clear it is ready to put efforts in order to achieve its goal.

One of the latest positive developments in relation to this initiative comes in face of the announcement from Binance, one of the most popular cryptocurrency exchanges in the world. The crypto exchange has chosen Malta as the location for their new headquarters. The CEO of Binance, Changpeng Zhao, has also welcomed other cryptocurrency projects to Malta, these including Tron.

Malta has welcomed Binance, as the company looks into starting the upcoming partnerships with local banks to allow fiat-to-cryptocurrency deposits and withdrawals as soon as possible. Binance appears to move to Malta due to the heightened cryptocurrency environment turmoil in Japan, South Korea, and China.

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