LeapRate's Daily Forex Industry Newsletter
Join now to receive first access to our EXCLUSIVE reports and updates.
Screenshot of a breaking news alert e-mail from Q2 2017
Singapore is now one of the leading blockchain innovators, with MAS and ABS announcing three new blockchain payment prototypes, Maybank Singapore is helping migrants get paid through the technology of blockchain. It may not be a well known fact, but migrants in Singapore do not always have access to banks, financial services and their money. Maybank is now solving this issue.
According to Jones and Bergan from Futurism: “The company will use InfoCorp Technologies’ CrossPay network to cater to the 16,800 laborers living in the Tuas View Dormitory, with a further trial set for a smaller community of 2,000 in Mandai.”
CrossPay will enable users to pay for goods and services through blockchain technology, with the first trial of the project launching in late 2017. This way, migrants would not have to deal with cash, bank accounts, bureaucracy and hours spent on bank cashiers.
The new cashless platform will enable decentralization and transparency, while diminishing the learning curve for migrants, who often do not know how to open a bank account in Singapore or how to deal with their payments through a bank account.
According to Futurism, many Syrian refugees now use eye-scans to buy supplies and food in camps, which goes through a blockchain platform.
With such diversified use of blockchain in so many industries like healthcare, financial services, social services and entrepreneurship, Singapore is becoming a world hub for fintech and in particular, for blockchain disruption.