Singapore Central Bank Inks Blockchain Deals With India, South Korea

It’s been a busy week on the blockchain front for Singapore’s central bank.

AccessTimeIconOct 26, 2016 at 1:43 p.m. UTC
Updated Sep 11, 2021 at 12:34 p.m. UTC

It’s been a busy week on the blockchain front for Singapore’s central bank.

On 22nd October, the Monetary Authority of Singapore (MAS) signed an agreement with the government of Andhra Pradesh, a coastal state in India, to collaborate on blockchain development projects.

According to statements, the partnership will include a specific focus on digital payments, as well as the creation of educational resources related to the tech. MAS and the Andhra Pradesh government committed to broader discussions over regulation focused on “innovations in financial services”.

The goal, the two institutions said, is to spur the development of a new fintech startup hub in the Indian state.

J. A. Chowdary, a technology advisor to the Andhra Pradesh government, said in a statement:

"The knowledge exchange between the startups in Singapore and Visakhapatnam will not only create high quality job opportunities in FinTech but also help provide market access for implementation in both countries. We see this association as the first step towards creation of the FinTech story of the country."

Two days later, the MAS finalized a deal with the government of South Korea, drawn along similar financial technology lines. At the heart of the agreement is the plan to develop “joint innovation projects” focused on mobile payments and data management.

“This agreement lays the groundwork for deeper FinTech collaboration between Singapore and South Korea,” Sopnendu Mohanty, chief fintech officer for the MAS, said in a statement.

Singapore’s central bank has played an active role in developing blockchain applications since as early as last year, when it unveiled a $225m fintech investment plan that included funding for technology projects. At the time, it said it was working to create a new kind of recordkeeping system that uses blockchain.

The MAS also began pushing for new regulations for bitcoin startups earlier this year. In August, the institution said that it was looking to create a “flexible” framework for startups working in the space.

Image Credit: Aeypix / Shutterstock.com

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