Two Singaporean Bodies Merge to Promote Blockchain

Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term Association Singapore (BAS), a new industry group, has been formed in the South Asian financial hub by merging two existing bodies - the Singapore Blockchain Association (SBA) and the Blockchain, Enterprise, and Scalable Technologies (BEST).

Announced on Wednesday, the new blockchain industry group will be tasked to push the development of existing and new blockchain companies in the city-state.

The new body is headed by Chia Hock Lai and Tan Bin Ru as co-chairpersons.

Chia was the former chairman of the SBA and currently presiding the Singapore Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term Association while Tan was the former chairman of BEST and is the chief executive for the Asia-Pacific region and the UAE for OneConnect Financial Technology.

“Singapore has become a burgeoning hub for blockchain and there is a need for an industry push to facilitate and encourage the development of new and existing players in this space. I am confident that the establishment of [the] Blockchain Association Singapore will add more vibrancy and support to the current ecosystem while providing guidance for enterprises who are keen to adopt blockchain solutions,” Chia said.

The Asian blockchain hub

Singapore is considered to be the financial hub of Asia, and its economy is driven by the financial services companies. Due to friendly regulations, the country is also suitable for blockchain industries, and many major crypto companies are now settled there.

“Firms today will need to stay nimble and find new, effective ways to enhance their business - blockchain is one of the technologies that can create tremendous value. With this in mind, we will stay committed to advancing blockchain and scalable technologies for our members and international partners,” Tan added.

Aiming to build a strong talent pipeline, the association also partnered with Singapore Polytechnic to promote blockchain literacy.

Meanwhile, Singapore is also pushing to properly regulate the crypto companies and introduced the new AML framework earlier this year.