Singapore Looks To Foster Blockchain Throughout Southeast Asia

The Singapore government wants to take an active role in promoting Blockchain in Southeast Asia, according to new remarks on Friday, April 6.

Speaking as part of a meeting of ASEAN (Association of Southeast Asian Nations) member finance ministers April 6, Singapore's finance minister Heng Swee Keat continued an existing narrative focusing on the city-state’s active Blockchain development plans.

“In particular, we will support digital innovations like FinTech,” he told delegates.

“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.”

Heng’s comments come at a time when Singapore is setting a trend in Blockchain-friendly governance.

As Cointelegraph reported previously, de facto central bank the Monetary Authority of Singapore (MAS) continues to press ahead with its Project Ubin Blockchain implementation, which is set to create what chief fintech officer Sopnendu Mohanty described as “real impact” in around two years.

Regarding cryptocurrency, a hands-off policy continues to reign among regulators, despite MAS recently adding it was “assessing” whether additional regulation was now necessary.