Blockchain technology platform to change financial services.
Singapore's central bank is relying on blockchain and artificial intelligence as "platform" technology to transform its financial services.
The dramatic changes that are expected from the two technologies mentioned above, South China Morning Post quoted Damien Pang, head of technology infrastructure at Singapore Monetary Authority (MAS), in his post on September 19th at a blockchain and codecing forum coined byCoinDesk for the first time.
Mr. Pang said:
" We are moving towards an approach where our regulations are intended rather than just technological. We do not want to directly regulate a particular technology, because technology is always better than what was available before."
Singapore's blockchain-friendly environment is transforming the country into the world's pre-eminent paradise, especially after China's increased control, banning pre-encrypted transactions and fundraising this money. ImToken, the Chinese startup company, developed the first pioneering wallet application to support ethereum; Bitmain, the world's largest pre-coded corporation; and Houbi Group, the world's third largest pre-coding trading company in terms of daily trading volume, set up regional headquarters in Singapore.
Although China does not want retail investors to engage in pre-codec exchange and ICO for fear of financial instability, the government is still seeking to apply blockchain in many areas, from profile management to network security.
Blockchain, the scatterplot technology behind the pre-codecs Bitcoin and ethereum, is designed to provide more transparency to users. This technology allows the creation of a network of online databases, in which many people can participate in sharing and keeping secure transaction records.
According to data compiled by research firm ICORating, 57 blockchain projects in Singapore have mobilized a total of $ 574.8 million through ICO in the second quarter of 2018. This figure is much higher than the 14 blockchhain projects calling for $ 47.6 million in Hong Kong in the same period.
Mr. Pang said MAS breaks down digital assets into three groups, including utility tokens, payment codes and securities. MAS does not have a plan for tailoring a utility token that allows users to access a company's products and services; instead, the agency issues a payment service law for payment cards in the end of this year.
The Singaporean central bank has also recently been involved in state securities transactions and along with three technology partners developed a system for resolving digital alerts on a variety of blockchain platforms. There is a part of the Ubin Project that uses blockchain technology to handle payments.
Despite government controls, China has seen a boom in the number of "blockchain" business registrations in its records for the period from January 20 to July 16, nearly six times higher than last year. The country now has more than 4,000 companies identified as related to blockchain technology, based on government data collected by Qixin.com. Meanwhile, this number in the US is 817 and in the UK is 335, according to OpenCorporates.com's corporate registration data set.