Singapore's blockchain development deserves attention

Singapore promotes the development of a national blockchain ecosystem, especially in the areas of financial services. Singapore plays an important role in the financial sector in the Asia Pacific region and the digital real estate sector appears to be slow and growing, so we will see what the sector does next year.

As one of Asia's leading financial services companies, Singapore has always been at the forefront of blockchain technology research and the digital product market.

The Singapore government recently announced the Payment for Services Act (PSA). However, so far, according to information from the official website of the Monetary Authority of Singapore (MAS), no business has been authorized. Many new blockchain companies, such as exchanges and wallets, have started applying for PSA licenses, but MAS is known to be more interested in licenses from large financial companies that already are.

Last week, the Singapore government approved S $ 9 million in research funding to use blockchain technology for financial and financial aid. In addition, the government-sponsored digital asset exchange DBS Bank has entered the operational phase to provide business services to qualifying businesses and investors, while Swiss and Japanese financial firms also plan to establish exchanges at Singapore.

Last Thursday, Singapore released the "Singapore Blockchain Ecosystem Report 2020," a report identifying that blockchain is Singapore's financial crisis and will become one of Singapore's three high-tech applications in 2021. Through school partnerships and the private sector, Singapore data research blockchain ranks # 1 in ASEAN and # 3 in the world. In today's financial industry, Singapore uses blockchain technology for financial networks, cross-border payments, mass payments, digital broadcasting, and more.

In essence, the development of blockchain in Singapore is definitely worth noting!