Blockchain in Singapore to push ASEAN Financial Inclusion

The government of Singapore is aimed to enforce blockchain development in order to improve financial inclusion for Southeast Asian countries
09 April 2018   638

On Friday Heng Swee Keat (Singapore's minister for finance) in his starting report for a meeting with finance ministers from Southeast Asian countries, underlined the government's objects to develop innovations such as blockchain to improve access to finance in the region.

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. 

Heng Swee Keat, the Minister for Finance, Singapore.
 

Though the minister did not reveal the details on any blockchain decisions, his remarks come at the same time when the governments in Southeast Asia have been directing efforts to expand and adopt blockchain technology in the financial sphere. Singapore's Infocomm Media Development Authority (IMDA) has begun a blockchain contest with government funds to boost blockchain innovation in the country.

Also, the neighboring state of Malaysia is stepping to accept blockchain technology to improve banking services in the region. The deputy governor of Malaysia's central bank in his speech in March pointed out that nine banks in the country have already started working with the central bank in enforcing blockchain powered applications for trade finance.

Thailand's Siam Commercial Bank is as well constructing out a Ripple-based blockchain money order platform for cross border payments.

Most Crypto-Optimists Live in Norway, Bitflyer Study

According to bitFlyer's poll on future of crypto, europeans believes cryptocurrency has future
24 April 2019   107

Most Europeans believe that in ten years digital currencies will continue to be in demand, but they do not have the same confidence about Bitcoin. This is reported by Cryptonews, citing a study of the bitFlyer.

10 thousand people from ten European countries took part in the online survey. Of these, 63% believe in a “bright future” cryptocurrency. However, not all Europeans are confident in the future of Bitcoin - only 55% believe that the first cryptocurrency will exist in ten years.

It is also noteworthy that, despite the fall in prices of most cryptocurrencies that lasted for almost a year, the majority of respondents positively assessed the prospects for the development of the market.

Most of the “crypto-optimists” turned out to live in Norway - 73% of the inhabitants of this Scandinavian country are convinced that a decade later, digital currencies will still be in society. This is followed by Italy (68%), the Netherlands and Poland close the top four (67% each).

The percentage of consumers who believe cryptocurrencies will still exist in 10 years’ time
The percentage of consumers who believe cryptocurrencies will still exist in 10 years’ time

But the exact form of cryptocurrency will exist, almost no one knows. Only 8% believe that they will become money, and 7% - a tool for investment or a means of preserving value.

The fact that Bitcoin is not generating as much support as other cryptocurrencies is in part a symptom of the market’s volatility, but is also a direct impact of the constant media attention that is associated to its volatility.
 

Andy Bryant

COO, bitFlyer Europe

He also added that the study demonstrated how much remains to be done to increase public awareness of the benefits and opportunities of cryptocurrencies.