Singapore and Malta Sign Partnership to Secure Blockchain Innovation

At this moment in time, there are very few multi-country partnerships that focus on increasing blockchain-based innovation. In fact, numerous countries are still unable to decide their stance and regulatory philosophy towards cryptocurrencies and blockchain technology.

Thanks to this rare opportunity,  Malta and Singapore have recently decided to sign a memorandum of understanding (MOU) that solidifies a partnership between the two nations to collaborate and encourage the development of the digital innovation market, with the main focus being placed on blockchain technology.

Malta, commonly referred to as the world’s blockchain island, has long been known as one of the most forward-thinking nations when it comes down to innovative tech. On the other hand, Singapore has already gotten involved in several blockchain-related projects, as the government is trying to increase digitalization and reduce the use of cash.

The MOU was signed as part of a meeting, by Malta’s deputy minister for financial services, and the Singaporean minister of state for the inter-country Business Forum.  Apart from discussing the memorandum, the two countries also talked about current commercial prospects, emerging technologies and their economies.

Prior to the meeting, the Maltese Minister of Foreign Affairs, Carmelo Abela, tweeted: “The island-States of Malta & Singapore may be geographically distant, but we’re united by our similarities, including that of being strategic gateways to our respective regions. There is ample scope for further cooperation.”

Based on everything that has been outlined so far, it will certainly be interesting to observe how the MOU will impact blockchain-based innovation in the two countries. While both are forward-thinking and non-conservative when it comes down to the fintech market, there is still a long way to go from now.

Intro: Malta and Singapore have recently signed a memorandum of understanding (MOU), meant to solidify collaboration on developing blockchain technology and improving digital innovation.