SG Deputy Prime Minister: Web 3.0, NFT, DAO, are Potential Game Changers

Heng Swee Keat, Singapore’s Deputy Prime Minister and Coordinating Minister for Economic Policies, stated that he sees web 3, blockchain, non-fungible tokens (NFT), and decentralized autonomous organizations (DAO) as potential game-changers in the fintech (financial technology ) community. He mentioned this during the opening of Point Zero Forum in Switzerland on June 22.

The Point Zero Forum is an exclusive invite-only, in-person gathering of selected global leaders, founders, and investors which aims to develop new ideas to advance the Future of Financial Services (FOFS) – this includes decentralized finance and Web 3.0, embedded finance and sustainable finance.

The Deputy Prime Minister noted that the current wave of technology has yet to run its course and there are “still untapped opportunities.”

“A new wave of technology is emerging in the form of Web 3.0. Blockchain, NFT, and DAO – these technologies are not as well understood or defined. But they could potentially be game-changing. ” –Heng Swee Keat, Singapore Deputy Prime Minister

Further into his speech, he also highlighted that the recent events have put “crypto assets in the spotlight for the wrong reasons.”

“This, however, does not reflect where the greatest value of blockchain and digital assets lies, much of which is away from the retail glare,” he emphasized.

Then, he proceeded to set cryptocurrencies as an example, according to him, the prices of crypto can be “highly volatile and subject to speculative movements, making them unsuitable for retail investment.”

“But the blockchain technology underlying cryptocurrencies has the potential to improve wholesale cross-border transactions, where the settlement process is far from simple. Today’s cross-border settlement typically goes through a few intermediaries and is mostly bound by fixed operating hours of settlement banks and systems, ” he explained.

He further stressed that developers, fintech firms, and other financial institutions can explore blockchain technology to improve the efficiencies, accessibility and affordability of cross-border transactions.

Accordingly, Heng Swee Keat stated that Singapore remains driven to work with blockchain and digital asset players.

“We are committed to partner innovative and responsible players to grow the Web 3.0 ecosystem and community in Singapore,” he said.

He shared that the country will facilitate live experiments through regulatory sandboxes, including testing the feasibility of DeFi and asset tokenization. Also, he stated that Singapore hopes to pioneer work in these fields “in a way that will benefit lives and our regions.”

He also invited the attendees of the forum to “be part of this journey, as we strengthen the partnership between regulator and industry.”

“As we stand at point zero, I hope this forum will generate new ideas in pioneering areas, seed concrete action that will change the world, and improve the circulation of innovation between Europe and Asia,” he stated as he ended his speech.

This article is published on BitPinas: SG Deputy Prime Minister: Web 3.0, NFT, DAO, are Potential Game Changers

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.

Original Article reposted fromSource link

Disclaimer: The website autopost contents from credible news sources and we are not the original creators. If we Have added some content that belongs to you or your organization by mistake, We are sorry for that. We apologize for that and assure you that this won’t be repeated in future. If you are the rightful owner of the content used in our Website, please mail us with your Name, Organization Name, Contact Details, Copyright infringing URL and Copyright Proof (URL or Legal Document) aT spacksdigital @

I assure you that, I will remove the infringing content Within 48 Hours.

Leave a Reply

Your email address will not be published.


Dublin v Kerry – Preview, Stats, facts to know, betting and team news

2,001 total views, 2,001 views today Dublin v Kerry – Preview, Stats, facts to know, betting and team news. Start time is 3:30 pm Sunday. It is one of the great rivalries in football and the latest instalment will be the 32nd championship meeting between the counties since they first met in 1892. Kerry have […]

Read More

Pinku Kult: Hex Mortis Review

Whenever I see a turn-based RPG hit the Xbox Store, I immediately expect a long-winded and complex affair. That’s one of the worries I had about Pinku Kult: Hex Mortis, as well as the fact it has creepy horror vibes. Thankfully, it’s not a drawn-out adventure by any means and things are generally straightforward enough […]

Read More

What time is Cameron Norrie playing at Wimbledon today? Schedule and how to watch David Goffin quarter-final

Cameron Norrie faces David Goffin for a place in the Wimbledon semi-finals this afternoon as the Briton looks to continue his run at the All England Club. Norrie has reached unfamiliar ground after advancing to the second week of a grand slam for the first time in his career, and now has a golden opportunity […]

Read More