Singapore’s Financial Minister Heng Swee Keat: Promoting Blockchain Development and Improving ASEAN Economic Inclusiveness

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Governments in Southeast Asia are actively trying to develop and apply blockchain technology in the financial sector now.

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The Singapore government is working hard to promote the development of the blockchain technology and they are trying to improve the financial inclusion of Southeast Asian countries.

In the opening ceremony speech of the ASEAN finance ministers’ meeting, Singapore’s Finance Minister Heng Swee Keat emphasized the importance of blockchain technology and stated that they plan to promote innovative initiatives such as blockchain,and further improve financial services in this region.

Heng Swee Keat said:

We will support digital innovation in financial science and technology, especially the underlying distributed ledger technology, which can bring us more cost-effective and secure financial transactions. On the one hand, improving the current situation that ASEAN financial services are insufficient, on the other hand, improving financial inclusion and providing services for the people who cannot access banking services.

Although Heng Swee Keat did not disclose any details of the blockchain initiatives, however, the timing of his deceleration is very "interesting". Because the governments in Southeast Asia are actively trying to develop and apply blockchain technology in the financial sector now.

The Singapore Information and Communications Media Development Authority launched a blockchain challenge with a maximum bonus of $100,000 to promote innovation last month.

At the same time, the Malaysian Central Bank Deputy Governor also said in March that nine banks in their country have jointly developed an application for blockchain financing.

 

    Adapted from: CoinTime Executive editor: Nino
Declaration:The purpose of COINTIME in carrying out more information does not mean endorsing its view or confirming its description. The article is for reference only, does not constitute investment proposal. Investors operate on the basis of risk.
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