The Saudi Arabian Monetary Authority blockchain pilot
The Saudi Arabian Monetary Authority reports this week that it has used blockchain technology to deposit money into its banking sector. This financial technology progress is part of the Authority’s actions to enhance its sector’s capabilities.
In a statement, they said:
“This action comes as a part of The Saudi Arabian Monetary Authority continues its efforts in exploring and experimenting with emerging technologies and keeping lead pace with the global trends of central banks in assessing the impacts of such technologies on the financial sector.”
Interestingly, The Saudi Arabian Monetary Authority also announced it would quarantine physical currency that it receives as a prudent step to limit the spread of COVID-19.
The Authority said it would continue to track the pandemic effects on all economic sectors, and it will continue to provide all necessary support to help maintain the integrity and stability of the financial industry.
Blockchain and prevention seem to be crucial in their financial technologies strategy to a robust economic future.
Hong Kong’s growing blockchain sector
Hong Kong’s Financial Services and Treasury Bureau reports, blockchain activity represents a more dominant share of the country’s new fintech firms.
“The outbreak of the COVID-19 accelerates incumbent financial institutions to embrace Fintech, and provides a window of opportunity for us to promote wider Fintech adoption e.g. the FPS, e-wallets, virtual banks and insurers.”
Hong Kong sees blockchain start-ups are increasingly growing, with 39% of new firms launching in the country’s fintech industry last year operating with blockchain technologies.
In regions like ASIA PAC, you see a four-fold adoption rate of blockchain technologies over The Americas. This adoption is driven mainly by demand, skill, and government investment.