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Singapore has new Partners for Blockchain and Crypto Developments

Singapore is among the top Asian countries to entertain new emerging technologies and applications like blockchain and cryptocurrencies. This attitude has opened doors for International firms to start lucrative and long term projects within the regulations. 

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Tmasek joins Libra’s Association

Temasek, an investment company owned by the government of Singapore has recently entered Libra’s digital currency project. Libra had always held the Singaporean Dollar with high prominence from the beginning and this addition would surely help Libra to build a better digital currency.

The deputy CEO of Temasek, Chia Song Hwee, through a spokesperson expressed his pleasure coming together with Libra.

He said, “ Our participation in the Libra Association as a member will allow us to contribute to a regulated global network for cost-effective retail payments.”

Other than Temasek, two other cryptocurrency investment focused firms in San Francisco also joined Libra’s association. One being Paradigm and other Slow Ventures.

In a press release, Libra announced the association which brings to a total of 27 members of the Libra’s association for digital currency projects. 

The development of digital currencies is expected to plunge with the partnership in Singapore.

ChainUP partners with Bplus and BitSG

ChainUP, an all-in-one blockchain solutions provider in Singapore has partnered with Bplus and  BitSG which specializes in blockchain economic and technology research and provides blockchain projects and startups with incubation, funds, etc.

In an interview, the CEO of ChainUP Zhong Gengfa said that the trio has completed set up facilities in Singapore.

The main aim of the alliance will be to provide one-stop compliance services for the exchanges that will reduce the costs.

Additionally, value-added services like incubation for exchange compliance, support for Singapore as a location incubator, professional consultation services, quality industry resource sharing, community marketing support, over 100 global top media resources, etc will be provided.

The CEO also shared his future vision of developing ChainUP as one main brand and three sub-brands, HiCoin for Wallet technology, Bitwind for Exchange Liquidity and EXUP for financial derivatives platform.

Why Entrepreneurs choose Singapore!

Singapore has maintained a regulatory environment which has led to the smooth functioning of any business. The World Bank has also ranked Singapore among the top three in the Ease of doing business Index.

The Government encourages companies to adopt new technology and expand globally.

The Monetary Authority of Singapore(MAS) partners with the private industry in experimenting cross-border payments using blockchain technology since late 2016.

Singapore has taken a regulatory point of view, Singapore has introduced the Payments Service Act 2019 (PSA) primarily focusing on consumer protection and anti-money laundering.

Concluding Note

Singapore has always proved to be a better place for blockchain and cryptocurrency space. Government assistance in developing new technologies and innovations have attracted many players towards the country.

Singapore gets closer to becoming Asia’s blockchain hub by providing ease to carry out business and setting standards to the rest of the world. 

We may expect many more partnerships in Singapore for a flourishing blockchain and crypto space in the country.

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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