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   467

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.

Japan to Tighten Regulation Due to Zaif Hack

$ 62 000 000 worth cryptocurrency was stolen from the Zaif exchange few weeks ago
25 September 2018   70

Hacking of Zaif exchange is the reason for toughening control over the market by the financial regulator of Japan, Reuters reports.

The first measure taken was administrative sanctions against the exchange and its operator Tech Bureau Corp. The Financial Services Agency (FSA) has expanded the list of requirements for the latter, pointing out the need to identify preventive measures and search for the organizers of the theft.

Shortly before that, researchers of the Japanese financial company Tech Bureau Corp could not provide details of the theft of $ 62 million from the Zaif crypto exchange at the request of the FSA. The Osaka-based operator had to investigate the causes, consequences of the theft and options for compensating the victims. According to the Agency, the financial company could not cope with the task.

According to the Tech Bureau, the exchange was hacked on September 14 within a few hours. The problem with the server was discovered by the site staff on 17 September. Official confirmation of the incident and notification of the authorities was made only a day later.

Recall, the theft of $ 60 million from the Japanese stock exchange Zaif caused a surge of volatility of bitcoin. For a short time the price was able to overcome the distance of $ 400.