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Deputy Prime Minister of Singapore: blockchain technology helps improve cross-border wholesale transactions

Time : 31/12/2021 Author : glwqck Click : + -
        Reported on June 23: Wang Ruijie, Vice Premier and Minister of economic planning, said at the "zero point forum" on Wednesday that the price of cryptocurrency may be very unstable and affected by speculation, but its blockchain technology may improve cross-border wholesale transactions. In principle, the monetary authority of Singapore approved the licenses of three more digital payment token (DPT) service providers. The three new DPT service providers are genesis and sparrowtech. In Singapore, DPT is generally called cryptocurrency. According to the Singapore payment services act, all DPT service providers are required to apply for a license from the HKMA.
        As of the end of May this year, the HKMA has received a total of 196 applications for DPT licenses, of which only 14 have been approved in principle, including the above three DPT service providers, 74 have been withdrawn, 108 are pending review, and three applications have been rejected. On June 22, Wang Ruijie, Vice Premier and Minister of economic planning, announced the new licenses of three digital payment token service providers in a pre recorded video of the pointzeroforum. He said that the cryptocurrency market has suffered market shocks recently, but the blockchain technology related to cryptocurrency still has great development potential, which helps to improve the efficiency and convenience of cross-border transactions and reduce transaction costs.
        Wang Ruijie believes that cryptocurrency assets have recently become the focus of many negative news, but this does not reflect the maximum value of blockchain and digital assets. He said: "taking cryptocurrency as an example, their prices may be very unstable and affected by speculation, which is not suitable for retail investment. However, the blockchain technology of cryptocurrency may improve cross-border wholesale transactions." The local fintech industry can promote the vigorous development of fintech through the three double helix relationships of "Switzerland Singapore cooperation", "digital sustainable development" and "industry regulators". In terms of "cooperation between Switzerland and Singapore", Wang Ruijie said that the two countries have always maintained close financial relations and took the lead in cooperation when the financial technology industry just started more than five years ago.
        In the process of promoting the development of a new round of emerging technologies, the financial technology industries of the two countries also contributed to the birth of horizon forum. In terms of "digital sustainable development", Singapore will issue sovereign green bonds to finance public infrastructure. In addition, Singapore will set up an "ESG impact hub" next year to accelerate the development of sustainable development and ecological environment. ESG is the abbreviation of environmental, social and governance. Wang Ruijie said, "this is a physical space located in the center of Singapore, bringing together green financial technology start-ups, venture capital companies, financial institutions, non-profit organizations and family wealth offices.
        Through this center, we hope to become a platform for major industry driven sustainable development initiatives. " He also reminded that greenwashing is increasing day by day, and many companies selectively or fraudulently disclose ESG related information, which constitutes a major scourge of the global financial system. "If the green drift behavior is not handled well, it will weaken the market's confidence in ESG products, and then affect financial stability." Wang Ruijie suggested that enterprises can use green financial technology platforms such as Nova!, Reduce the risk of green drift. NovA! It is part of Singapore's artificial intelligence financial plan, which was first announced in November last year, and can help financial institutions better assess the environmental impact of companies and identify emerging environmental risks.
        As for the "industry regulators", Wang Ruijie pointed out that Singapore regulators actively cooperate with blockchain and digital capital industry, because the relationship between industry and regulators should be like a double helix, encouraging and promoting innovation, while avoiding any negative risks through regulation. He hoped that this double helix would become a powerful force for change in Singapore, Switzerland, Europe and even the world.
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