Singapore Thinks Blockchain Can Improve Financial Inclusion in ASEAN

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Singapore strives to improve financial inclusion in Southeast Asian countries by boosting the development of blockchain technology.

During a meeting with Southeast Asian finance ministers on April 6, 2018, Mr. Heng Swee Keat, Singapore’s own Finance minister, shared the country’s plan to develop this project. He said that this will improve finance access in the region.

“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 Swee Keat, Finance Minister, Singapore

Mr. Heng didn’t disclose further details on what type of blockchain the country will use but nevertheless, he commented that SEA countries are on the move to develop and adopt the technology that brought bitcoin to life.

Last month, March 2018, Singapore’s Infocomm Media Development Authority (IMDA) launched a blockchain competition that aims to boost blockchain innovation in the country. The winner of the blockchain challenge will receive funding from the Singaporean government.

Malaysia is also reported as also using the blockchain to advance in banking services in the region. It is said that nine banks are currently in the works with their central bank to integrate the technology for trade finance.

Thailand, on the other hand, is using Ripple-based remittance technology for its cross-border payments.

Source: Coindesk

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