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The Monetary Authority of Singapore, the city-state's central bank, has funded a blockchain-based record-keeping system as part of a five-year $225m investment plan aimed at financial technology.
Managing director Ravi Menon announced the Financial Sector Technology & Innovation initiative during a 29th June speech at the Global Technology Law Conference 2015 in Singapore.
The money will be used to build innovation centers and fund financial tech projects such as the blockchain recordkeeping system. The goal, he said, is to attract financial tech startups to build their companies in Singapore and, as a result, build the foundation for a "smart financial centre".
Managing director Ravi Menon announced the Financial Sector Technology & Innovation initiative during a 29th June speech at the Global Technology Law Conference 2015 in Singapore.
The money will be used to build innovation centers and fund financial tech projects such as the blockchain recordkeeping system. The goal, he said, is to attract financial tech startups to build their companies in Singapore and, as a result, build the foundation for a "smart financial centre".
Full story: http://www.coindesk.com/singapores-central-bank-backs-blockchain-project-with-225m-fintech-plan/