External Speeches


Loo Siew Yee, Assistant Managing Director, MAS

“MAS strongly encourages the development of blockchain technology and innovative application of crypto tokens in value-adding use cases. But the trading of cryptocurrencies is highly risky and not suitable for the general public,”


Tharman Shanmugaratnam , Senior Minister, Singapore:

"Cryptocurrency market in S'pore remains small"

"They are hence highly risky as investment products, and certainly not suitable for retail investors,"


Peter Ong , Chairman, Enterprise Singapore

"Blockchain is an important enabler to embed Trust into the Digital world given its immutability, transparency and traceability "


Lee Hsien Loong, Prime Minister, Singapore:

Blockchain is a fabulous new idea, it is very interesting, I think there are places that it can be used, and there are many places that you will try to use it, but you do not actually need it."

Jack Ma, Co-Founder/Executive Chairman, Alibaba Group:

“Blockchain technology could change our world more than people imagine. Bitcoin, however, could be a bubble”


Damien Pang, Monetary Authority of Singapore:

"MAS will not restrict blockchain or cryptocurrencies, it doesn’t aim to “regulate technology itself but [its] purpose.”


Heng Swee Keat, Minister for Finance:

"These research projects will explore such cutting-edge applications as deep learning anti-malware solutions, e-logistics on the blockchain and privacy-preserving technology for data platforms."

Ong Ye Kung, Minister for Education:

"MAS will work with the industry to transform the insurance marketplace through centralised blockchain platforms, which will allow for more efficient risk placements, and create specialist risk solutions to address emerging risks in the region"

Chan Chung Sing, Minister, PMO:

"Singapore will never have enough talent in blockchain in the short-term to build up the industry, he said of the up-and-coming disruptive technology."

Dr Koh Poh Koon, SMS for Trade & Industry:

"Technological advancements such as blockchain technologies and data analytics will shape the way global trade is conducted"


Ravi Menon, Managing Director, Monetary Authority of Singapore:

"Blockchains or distributed ledgers are being tested for a wide variety of financial operations, to make them faster, more robust, more efficient:

  • to settle interbank payments;

  • to verify and reconcile trade finance invoices;

  • to execute, enforce, and verify the performance of contracts;

  • to keep an audit trail and deter money laundering.


Lee Hsien Loong, Prime Minister, Singapore:

“blockchain, which is used for bitcoin, can also be used for many other applications like real-time gross settlement and trade finance verification."