Singapore to Make Financial Services More Accessible with Blockchain

April 10, 2018

Singaporean government will facilitate blockchain development as this may boost popularity and accessibility of financial services in the countries of Southeastern Asia, as the country’s finance minister declared.

On Friday, April 6, Heng Swee Keat claimed at the meeting of finance ministers in Southeastern Asia , the country plans developing innovational technologies including blockchain to make financial services more customer-oriented.

“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”, he said..

The minister did not disclose some specific details and steps the state takes, but the single statement is enough to see that countries of the region are trying to integrate blockchain into the financial sector.

Note that Singapore launched blockchain project contest in March where the participants can win state grants. The competition is aimed at promoting blockchain in the country. Remember that one of the major Thailand’s banks, Siam Commercial Bank, has got a cross-border payment system based on Ripple.

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