According to Eugene Wong, the chairman of CrimsonLogic and its subsidiary, GeTS, which will operate the platform, blockchain tech can “help create greater trust amongst cross-border traders,” adding “Trade volume between ASEAN and China would become the single largest transaction between two regions and we hope to facilitate this.”
The move marks a further venture into the blockchain revolution for Singapore, CrimsonLogic being owned by a city-state governmental authority and port operator.
In April, a meeting of ASEAN nations saw Singapore pledge wide-reaching support for blockchain throughout the area, with finance minister Heng See Keat noting that distributed ledger tech can “promote financial inclusion for underserved and underbanked segments in ASEAN.”
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