Singapore’s Prime Minister this week addressed his nation’s banks and regulatory authorities directly, urging them to work even harder to keep pace with the dramatic technological innovations that are now sweeping the globe. Citing the blockchain as just one example of how technology is changing the way that people interact with one another, Prime Minister Lee noted that the challenge for banks and others in the financial industry is to adapt and learn to incorporate these new innovations.

Lee also emphasized that the blockchain’s potential disruptive capabilities extend far beyond currency. He highlighted the potential for improved transactions and trade verification as just two examples of how this technology is threatening to fundamentally alter the financial industry landscape. At the same time, he praised his nation’s banks and expressed optimism that with diligence and an appropriate level of regulatory action, the future of Singapore banking should continue to be bright.

Wow, I think may want to consider moving to Singapore lol.