Singapore PM urges banks to pay attention to blockchain technology

Singapore's prime minister has called on the country's banks and regulators to keep an eye on the latest technological developments, such as blockchain.

At the 80th anniversary dinner of United Overseas Bank held in Singapore yesterday, Prime Minister Lee Hsien Loong pointed out that the financial industry is currently facing various challenges and stressed that the financial industry should keep pace with technological development to ensure its own competitiveness and not be eliminated by the market.

He said:

“Looking ahead, the banking industry is entering a new world and facing new challenges… The banking industry is becoming more competitive, and new business models spawned by new technologies are gradually subverting the traditional banking industry. For example, more and more people are using smartphones to pay.”

“…Of course, I also see some other technologies, such as blockchain technology, which is one of the applications of Bitcoin, but the use of this technology is not limited to this. It can be applied to many areas, such as real-time payment settlement, trade finance verification, etc. Therefore, I call on our banks and regulators to keep up with the development of these technologies.”

Premier Li also pointed out that although the banking industry is facing huge challenges, banks still have strong foundations and competitiveness, but they should not be complacent and should remain sensitive and seize various development opportunities.

"Singapore is at the core of Asia's financial rise. Banks have strong balance sheets and geographical advantages, which provide them with development opportunities. But at the same time, banks must also bear in mind that this is an industry that is constantly evolving, growing rapidly and highly competitive. Therefore, banks must constantly improve their technology, innovate business models and improve service levels."

Premier Li praised the performance of the country's banking industry, but also listed some overseas banks, praising the excellent digital banking models they have created.

Original article: http://www.coindesk.com/singapore-pm-urges-banks-to-keep-up-to-date-with-blockchain-tech/
By Yessi Bello Perez
Translator: printemps
Editor: printemps
Source (translation): Babbitt Information