May 30, 2018
Singapore, with its innovative ecosystem hosts around 50 blockchain start-ups in the nation. With their growing blockchain ecosystem, the country turns to blockchain for every aspect of its society. As large tech firms are exploring use cases of blockchain, local universities are researching the technology further. More and more capitalists are starting to look into investing.
Singapore leads the way in blockchain adoption, as seen in both their private and government sectors according to Gaurang Torvekar, co-founder, and CEO of Indorse, the decentralized professional network powered by ethereum technology. In 2016, the Monetary Authority of Singapore (MAS) partnered with R3 to form Project Ubin, which was blockchain-based and in which a consortium of financial institutions including Credit Suisse, DBS Bank, Singapore Exchange, UOB Bank and the Bank of America Merrill Lynch was involved. The technology made their financial transactions and processes not only more transparent but more resilient and cheaper. The MAS had also successfully developed three software prototypes for decentralized interbank payment and settlements with liquidity savings mechanisms, with The Association of Banks in Singapore (ABS)
Due to Singapore's business-friendly environment and technological innovation, it has a practical approach to blockchain and cryptocurrency for their industries. A fintech hub with over 200 banks and innovation labs from international financial institutions including Wells Fargo, UBS, DBS Bank, Citigroup, and MasterCard, Singapore has always supported and even led various innovations thus a faster adoption of blockchain. When it comes to cryptocurrencies however, their banks do regulate crypto-activities. They are still assessing if additional regulations are required for investor protection, according to Ong Chong Tee, the deputy managing director of MAS
From banking to logistics and shipping, Singapore is getting closer to nationwide adoption of blockchain. Cryptocurrency brought this Blockchain technology which is here for the long-term, while Singapore nation awaits a regulatory framework to be put in place for Cryptocurrency use. Discover the opportunities that a new altcoin in the market brings to you. Visit Orozu to learn about a coin powered by the same technology and what it can do for you