Singapore’s finance minister cites blockchain as tool to support financial inclusion

Singapore has revealed plans to boost the financial inclusion of Southeast Asian countries by developing blockchain technology.

Heng Swee Keat, Singapore’s minister for finance, said on Friday: “In particular, we will support digital innovations like fintech. For example, the underlying distributed ledger technology presents us with many opportunities for cheap and secure transactions.

“This can promote financial inclusion for underserved and underbanked segments in ASEAN.”

So no firm plans as of yet, but Singapore’s enthusiasm for fintech bodes well for the technology’s spread and adoption across the region at large.

“There is a lot of work to be done in the days ahead,” Swee Keat added. “But I have every confidence that if we work together, we can make the ASEAN Economic Community a reality – one that is competitive, dynamic and prosperous.”