In a talk given at the United Overseas Bank 80th anniversary dinner held on Thursday, Singapore’s Prime Minister Hsien Loong advised the country’s banks and regulators to explore the advantages and unique applications of emerging technologies such as Bitcoin and its underlying technology, the blockchain.
Loong proposed an extensive examination and research of the Bitcoin network’s ability to handle real-time settlements and automated verification of transactions and payments. He further emphasized the significance of financial technologies like the Bitcoin network in building strong regional and international presence for the country’s banks and financial institutions.
“Blockchain, which is used for bitcoin can also be used for many other applications like real-time gross settlement and trade finance verification,” said Loong.
“So our banks and regulators must keep up-to-date with these developments. The banks are in a strong position. We are in the heart of rising Asia. The banks have strong balance sheets, and with a strong regional presence they can take advantage of many opportunities around them.”
In April 2015, the Singaporean government announced its ambitious plans to become Asia’s leading blockchain and financial technology hub through the development of friendly regulatory environment for fintech and