A senior official for Singapore's de facto central bank says that as many as 50 startups in Singapore are working with blockchain.
During a speech yesterday, Monetary Authority of Singapore (MAS) managing director Ravi Menon said that dozens of new companies are focused on the tech – an ecosystem that is further supported by local research institutions, venture capitalists and major tech firms, he explained.
Menon also offered insight into Singapore's local DLT space when remarking about the existing partnership between the institution and the government of the Indian state of Andhra Pradesh, which in recent months has launched a series of blockchain pilots aimed at exploring potential public-sector applications. Most recently, officials there worked with Swedish blockchain startup ChromaWay on a new land registry pilot.
In the speech yesterday, Menon offered new details on how his institution aims to work with the government of Andhra Pradesh, explaining:
He went on to suggest that Singapore's burgeoning blockchain startup space could ultimately lead to new new applications in Andhra Pradesh – indicating that there may be some interplay between the state government and some of the companies working in the MAS startup accelerator.
"I look forward to seeing FinTechs in Singapore developing solutions for use cases in Andhra Pradesh that will create value and opportunity for the people of this up-and-coming state," Menon said.
Singapore image via Shutterstock
Read more about
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.