- Singapore is exploring the concept of a smart nation.
- It aims to provide an exceptional support ecosystem for blockchain technology.
- Singapore began as a fishing village and became an essential economic player in South Asia.
Singapore has become a major global financial center in Southeast Asia. It intends to explore the concept of a ‘smart nation’ and provides an exceptional supporting ecosystem for blockchain technologies.
However, it is sometimes easy to neglect that Singapore, an island city-state, began as a fishing village. Since then, it has mutated into an essential economic player in South Asia. For instance, it was considerably worse at the moment of its independence in 1965 than neighbors like Japan, Australia, and Hong Kong. Today’s Singapore has relative proportional wealth and development to these wealthy nations.
The striking development of the island, to a vast extent, is due to its constant dedication to investing in research. The city-state has never slowed down, and is constantly developing. Besides, it’s continually making new technical discoveries and driving new areas of economic growth.
In this case, it comes as no surprise that blockchain is an innovation for this global financial center and innovation hub to want to keep an eye on.
Despite the slow pandemic-stricken economy, millions have been traded in the emerging tech sector over the past year—most importantly, a recent S$12 million (US$8.9 million) fund to accelerate blockchain innovation. At the same time, it injected S$300 million (US$222.6 million) into deep tech. Other than that, it also invested S$125 million (US$93 million) to support and empower fintech capabilities.
Even before the pandemic, Singapore previously invested S$225 million (US$167 million) in 2017 to support the country’s fintech capabilities.
Furthermore, many are assuming that the risen fintech demand will likely sustain ahead of the pandemic. Likewise, with the global vaccination drive initiated, the return to normal is a far-off concept. The new normal will likely resume, covering the way for exponential chances for fintech to grow.