Blockchain is an online distributed ledger which allows parties to conduct secure (encrypted) transactions on a decentralised platform where time-stamping ensures that every data is easily traceable. It functions on peer-to-peer networking where there is minimal third-party interference.Blockchain is not a concept, but a technical application to log data in a way that it cannot be changed or erased de-centrally.
Due to Southeast Asia’s largely unbanked and underbanked populations, the region has a growing fintech ecosystem which provides innovative services such as loans and payment platforms.
Financial institutions are reporting losses in the billions. According to a whitepaper published by Accenture titled ‘Unmask digital fraud today’ on digital fraud, the expected global loss associated with transaction fraud is worth at least US$31.3 billion.The advances in technology and high-speed internet have transformed the payment market, giving financial institutions unprecedented access to consumers.
Last year, economists predicted Southeast Asia would be blessed with a strong and vibrant 2018. For next year, they’re not quite so optimistic.Moderating economic growth and higher interest rates lie ahead. The Federal Reserve is set to keep everyone on edge as it navigates an even trickier interest-rate path in 2019, while the trade war between the U.S. and China is already hurting exports in the region.
Over the past decade, the financial services sector in Southeast Asia has seen growth that is nothing short of impressive. A more integrated approach in this sector has facilitated great strides in economic prosperity, with an increase in the region’s GDP standing as a testament to the methodical planning among ASEAN member countries.
Bitcoin cryptocurrency has been receiving some bad press in Asia recently because of the lack of a central regulating authority for transactions. While Southeast Asian governments’ have their reservations about Bitcoin, they are remarkably interested in the underlying technology called blockchain.Breaking down the blockchainAt its most basic level, a blockchain is just a data structure combining different technologies into one, depending on an operator’s choice of configuration.
The Philippines is looking at regulating so-called initial coin offerings, as the use of cryptocurrencies gains ground in the Southeast Asian nation.Bangko Sentral ng Pilipinas Governor Nestor Espenilla said the central bank is in talks with the nation’s Securities and Exchange Commission on ways to oversee ICOs, in which companies raise funds through the sale of digital tokens.
Singapore’s stock market is finally getting some love again.With almost two months of the year to run, the Straits Times Index has already notched up its best annual performance since 2012 amid an economic recovery and a stronger currency.The city-state’s equity funds received some two billion dollars in 10 straight months of inflows, the most annually since 2007, according to data from asset allocation tracking company EPFR Global.
It’s no secret that Southeast Asia has become a hotbed for tech startups. Since 2012, there have been a number of tech companies that have become household names and changed the lives of people in Southeast Asia.
Indonesia’s finance minister said Southeast Asia’s biggest economy could expand at a faster pace next year than initially forecast.Economic growth may potentially be boosted by a pickup in investment in 2018, Sri Mulyani Indrawati said in an interview in Jakarta Friday.
Singapore Exchange’s chief executive officer said his company is still in the running to win a listing of the shares of oil giant Aramco, in what could be the world’s biggest initial public offering.“We’re as good as any other exchange,” Loh Boon Chye said in a Bloomberg Television interview in Riyadh, Saudi Arabia.
Oversea-Chinese Banking Corp., Southeast Asia’s second-largest lender, reported higher third-quarter profit on increased revenue from its lending, wealth management and life-insurance businesses.Net income rose 12 percent to S$1.06 billion (780 million dollars) in the three months ended September 30, the Singaporean bank said in a filing on Thursday.