Singapore’s business-friendly environment saw the rice of a large number of blockchain startups in recent years. According to Ravi Menon, Managing Director of the Monetary Authority of Singapore (MAS), there are about 50 startups working on blockchain-based technologies.
Singapore’s growing blockchain ecosystem supports these startups. The country’s local universities are researching the technology, while venture capitalists are eager to invest, and large tech firms are studying use cases for the technology as well.
MAS together with R3 formed Project Ubin, a blockchain-based project that aims to make financial transactions more affordable, more resilient and more transparent.
Sopnendu Mohanty, MAS FinTech chief, said earlier this year, that “Distributed ledger technology (DLT) has shown potential in making financial transactions more transparent, resilient and at a lower cost. Project Ubin aims to help MAS and the industry better understand the technology and the potential benefits through practical experimentation”.
Mohanty explained that Project Ubin was intended for a series of practical experimentation. For now they are looking at the benefit and costs at a broad level. “The technology is constantly evolving and improving, so it may be premature to try to quantify the dollar value now,” he added.