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Underserved remittance service in Singapore gets boost from pilot using blockchain-enabled tokenised currency

Goola Warden
Goola Warden8/1/2019 07:30 AM GMT+08  • 8 min read
Underserved remittance service in Singapore gets boost from pilot using blockchain-enabled tokenised currency
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(Aug 5): In June, the Monetary Authority Singapore announced that it would be issuing two full digital bank licences and three digital wholesale bank licences to players of non-bank parentage. But there are very few underserved segments in the local financial services. On July 29, in a results briefing, Piyush Gupta, CEO of DBS Group Holdings, said he viewed micro small and medium-sized enterprise (SME) financing and moneylending as underserved parts of the financial network.

Remittances could be another underserved segment. For the Filipino foreign worker community, sending remittances home takes a long time and is expensive. What can be done to improve this essential service for workers in Singapore?

On July 23, Philippines Stock Exchange-listed Union Bank of the Philippines (UnionBank) successfully piloted blockchain-based remittances from Singapore to the Philippines in partnership with Oversea-Chinese Banking Corp (OCBC) using Adhara, a liquidity management and international payments platform.

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