Set to become a global fintech leader, Singapore has made blockchain technology one of the city-state’s top priorities.
The inaugural Singapore Fintech Festival, a week-long event organized by the Monetary Authority of Singapore (MAS) in partnership with The Association of Banks in Singapore (ABS), was one of the biggest fintech events ever organized, drawing over 10,000 participants from more than 50 countries.
Robo-advisors are causing an uproar and the wealth management industry needs to adapt to this new environment, says Morgan Stanley, one of the largest wealth managers on Wall Street.
A survey conducted by Deutsche Bank and FT Remark, the research arm of the Financial Times, found that a staggering majority (87%) of financial market participants are confident that blockchain technology will disrupt the settlement model for securities.
Having passed the evaluation phase, a number of South Korean financial institutions and firms are now working toward implementing blockchain technology into their services and infrastructures.
Colu, an Israeli provider of blockchain-based technologies, has built a version of Lightning Labs’ code that is compatible with Colored Coins. This would allow for the peer-to-peer (P2P) transfer of digital assets with effectively no verification time, a higher transactions-per-second (TPS) rate and almost no fees.
The inaugural Singapore Fintech Festival, a week-long event organized by the Monetary Authority of Singapore (MAS) in partnership with the Association of Banks in Singapore (ABS) dedicated to the fintech sector, kicked off today with close to 11,000 participants from more than 50 countries.
In Hong Kong, the government has encouraged fintech and insurtech innovation, which it believes will be a key enabler in designing better and more efficient work processes and new business models that will deliver higher growth, cost savings and better services for industry participants.
BitX, a bitcoin startup headquartered in Singapore that offers consumer wallets, exchanges services and APIs to businesses, has been accepted into the UK’s Financial Conduct Authority (FCA) regulatory sandbox. BitX will be testing its remittance solution on the blockchain. The news marks the startup’s entry into the UK and European market.