On the 30th of October 2017, The Monetary Authority of Singapore (MAS) releases it’s industry transformation map (ITM) for financial services, which outlined growth strategies by business lines, programmes for upgrading skills, and an agenda for continuous innovation and technology adoption.

As a quick summary, we are embolden by the strides taken by the government to position Singapore as a Fintech innovation hub for Asia. I really encourage anyone reading this blog entry to read the press release here.

While there are many initiatives within the ITM, it is really encouraging for companies such as fidentiaX as the government will be focused on using blockchain technology to further increase value creation within the industry.

To quote directly from the press release from the MAS,

“Global capital for Asian insurance and risk transfer. MAS is working with the industry to transform the insurance marketplace through centralised blockchain platforms which will allow for more efficient risk placements, and create specialist insurance solutions to address emerging risks in the region.”

It is a privilege for us Singaporeans to have a government that is forward looking in its approach towards innovation, towards professional development and most importantly towards recognising the game changing effect that technologies like blockchain can have on the greater economy. We hope that fidentiaX will be able to contribute to this vision, every effort is a step forward.

Before you go, why not check out our recent press release on Coin Telegraph or visit us at our telegram chat group