The shifts underway in the global economy have both upstart and established financial centers seeking to create technological edges to secure seats at the table as the deck is reshuffled. London’s “Brexit” creates room for financial centers to capture business in the EMEA region, and China’s ascendency creates a new flow of capital for economies in the APAC region.
Singapore is rushing to reinvent itself as Asia’s fintech hub to fend off a regulatory threat to its wealth management industry and revive a sluggish economy.
In partnering with IBM, Singapore has hedged its bets in developing blockchain–oriented financial solutions, eschewing the riskier incubator approach in favor of a well-heeled business technology provider. As financial minds continue to wrestle with how best the intrinsic trust of the blockchain may be favorably applied to facilitating and tracking asset transfers, financial centers will continue to up the stakes on winning.
Overview by Joseph Walent, Senior Analysts, Emerging Technologies at Mercator Advisory Group
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