Singapore PM Urges Banks to Keep Current With Blockchain Tech

The Prime Minister of Singapore has urged the country's banks to keep up to scratch with technological developments such as blockchain technology.

AccessTimeIconNov 13, 2015 at 11:30 a.m. UTC
Updated Sep 11, 2021 at 11:59 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

The Prime Minister of Singapore has urged the country's banks and regulators to keep up to scratch with technological developments such as blockchain technology.

Speaking at the United Overseas Bank 80th anniversary dinner held in Singapore yesterday, Prime Minister Lee noted the challenges currently facing the financial industry and highlighted the importance of keeping abreast with technological developments in order to remain competitive.

He said:

"Looking ahead, the banking industry is entering a new challenge ... The operating environment has become more challenging, but on top of that, technology is moving very fast with new business models disrupting traditional banking. For example, more and more people are making payments through their smartphones."

"... There are other technologies, like blockchains, which is used for bitcoin, but can also be used for many other applications like real-time gross settlement, or trade finance verification. So our banks and our regulators must keep up to date and up to scratch with these developments," continued the Prime Minister.

Despite the current challenges facing the industry, the Prime Minister noted that the banks were in a strong position but advised them not to become complacent and to continue monitoring opportunities.

"We are in the heart of rising Asia," he said, adding "the banks have strong balance sheets and with a strong regional presence, they can take advantage of many opportunities around them but at the same time they have to know that this is a very competitive business that continues to evolve rapidly and so they have to keep upgrading their technologies, services and business models".

Although he largely praised the country's banking industry, the Prime Minister singled out some banks abroad, branding their digital banking models as "outstanding".


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.