Digital & Technology

Singapore’s central bank calls blockchain ‘fundamental’ tech to change financial services

There were 57 blockchain projects in Singapore which raised a total of USD574.8 million through initial coin offering activities in the second quarter of this year

Singapore’s central bank is counting on blockchain, along with artificial intelligence, to serve as “fundamental” technologies that will help transform financial services, according to a senior official.

Deep changes are expected from the adoption of those two technologies, according to Damien Pang, who heads the technology infrastructure office at the Monetary Authority of Singapore (MAS), in his speech on Wednesday at an annual blockchain and cryptocurrency forum hosted by industry publication CoinDesk in the city state for the first time.

“We take an approach where our regulations aim at the purpose rather than the technology platform itself,” Pang said on stage at the event called Consensus: Singapore. “We aim not to directly regulate a specific technology itself, because technologies are always getting better.”

READ THE ARTICLE by scmp