Malta and Singapore sign MOU to promote blockchain and digital innovation

At a time when some countries continue to take a conservative approach towards blockchain technology and the opportunities that lie therein, two nations are building a castle.

On Monday, April 8, Malta and Singapore, both nations vying the lead the global blockchain economy signed an MOU to promote digital innovation, especially blockchain technology.

The deal was signed by Silvio Schembri, Malta’s Junior Minister for Financial Services, Digital Economy and Innovation, and Dr. Janil Puthucheary, Singapore’s Minister of State at the Singapore-Malta Business Forum.

The meeting also reportedly featured a discussion on the commercial opportunities available in both nations and how they could tap into emerging technologies to get the best results.

In a tweet preceding the signing of the MOU, Malta’s Minister of Foreign Affairs and Trade Promotion, Carmelo Abela noted,

“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.”

Only time will tell what landmark developments the newly signed MOU will bring to the ever-growing blockchain ecosystem.

Meanwhile, it also marks a significant step for both island nations with a combined population of roughly 6 million people aiming to lead an industry that is sparking reforms across many sectors globally.

Malta, the least populated of the duo is already labeled the Blockchain Island, while Singapore has also made some inroads with the adoption of the technology.