Singapore, as a top financial hub, should ride blockchain wave

IN the late 90s, the Stock Exchange of Singapore introduced its electronic trading system, following in the footsteps of other leading international exchanges. This adoption of new technology fuelled its growth and strengthened Singapore's status as a leading capital markets centre.

Fast forward to 2020, blockchain technology promises to deliver innovation across the financial services industry and transform the way we do business. Given its efficiency, security and transparency, the application of blockchain technology in capital markets will see the evolution of traditional exchanges and the rise of new exchanges to open a new chapter of growth.

Foreseeing disruption ahead, many exchanges around the world are already exploring the use of blockchain technology. As capital market value chains begin to shift, Singapore must move quickly to realise the benefits of blockchain technology or risk losing its status as the region's leading financial centre.