CINDX Research: Asia-Pacific is Adopting Blockchain Development Faster than any other Geography
Blockchain has already taken the entire world by storm. When it comes to the active pursuit of blockchain projects, Asia is emerging as the epicenter of the blockchain industry. Led by investors and developers in Japan, South Korea, and China, the Asia Pacific has become an important blockchain market hub.
Research conducted by CINDX reveals that if the impetus around the blockchain industry in the Asia Pacific region stays constant, this region will eventually supersede all other major global blockchain market hubs, such as the US and Europe.
Therefore, establishing a presence in the Asia Pacific region is crucial to the success of any serious blockchain or cryptocurrency firm.
Let’s look at the data.
What’s Going on in the Asia Pacific Region?
Although the phenomenon of blockchain innovation is currently concentrated in the US and Europe, China’s aggressive adoption of blockchain is the driving force behind Asia’s development as a blockchain hotbed. According to a report from Cognizant, fintech financing in the Asia-Pacific region doubled from $5.2 billion in 2015 to $11.2 billion in 2016, compared with $9.2 billion in the U.S. and $2.4 billion in Europe.
The same report studied a select population from China, Australia, Japan, and Singapore, and found that 88% of Asia-Pacific respondents said they view blockchain as critical to the future of their industries.
The report states that by 2020, more than half of the world’s middle class could be based in the Asia Pacific region. This population will be responsible for over 40% of global middle-class consumption, and will cause an increased need for financial services in the region.
One of the firms attempting to proactively address this need is MicroMoney, a global blockchain-based lending services company. MicroMoney aims to serve at least one million unbanked people in Asia with first-time loans by 2020.
Meanwhile, CINDX has also set its focus on the Asia Pacific market. The company believes that a seamless integration of its global crypto asset management platform could usher in a new era of prosperity around the globe, including the Asia Pacific market. Investors in the Asia Pacific region have shown enthusiasm for CINDX’ Security Token Offering ICO launch. Likewise, CINDX is also positive about the enthusiasm for blockchain development in Asia.
The General Atmosphere of Blockchain Technology Adoption in Asia
The Asia Pacific region is also becoming a leading destination for blockchain development because of its progressive regulatory environment. Japan and South Korea have already provided the blockchain industry with legal and governmental regulation, and their central banks are in the process of licensing exchanges.
The Monetary Authority of Singapore has also adopted a friendly and proactive approach toward blockchain. China’s Central Bank is testing its own sovereign blockchain digital currency to provide the citizens with a flexible regulatory environment.
The Role of Banking and Financial Organizations
Almost all major banks in the Asia Pacific region have been experimenting with blockchain technology.
OCBC Bank became the first Southeast Asian Bank to use a blockchain payment solution for local and cross-border ‘bank to bank’ fund transfers.
The Hong Kong Monetary Authority and the Monetary Authority of Singapore are similarly planning to launch a distributed ledger technology platform for trade finance cross-border infrastructure. BOC Hong Kong (Holdings) Ltd. is making active plans to use the technology to improve its operational efficiency of processing mortgages.
The Monetary Authority of Singapore is working on a proof-of-concept trial that uses distributed ledger technology to make interbank domestic payments more convenient. Japan’s megabanks and SBI Holdings are supporting initiatives on blockchain technology and applications in the cryptocurrency, infrastructure, payment, and transactions domains.
South Korean banks are actively investing in blockchain and crypto start-ups while banks in China have teamed up with local e-commerce giants like Tencent to trial the use of blockchain technology in financial applications.
The CINDX Initiative
CINDX has been actively supporting investors in the Asia Pacific regions to build their trusted crypto portfolio on the company’s innovative platform. CINDX has also opened its STO (Security Token Offering) to investors in the Asia Pacific region. Asia Pacific investors can buy CINX tokens using fiat currency.
CINDX believes that the friendlier crypto and blockchain development environments in the Asia Pacific region are an important part of the beginning of a new era in fintech. The company is fully dedicated to helping its Asia Pacific clients to reap the benefits of innovation, transparency, and a superior investment business model of the firm.
CCINDX is an investment platform that allows individuals to combine several crypto exchange accounts into one trading terminal, and gives them the option to connect to the best managers without having to transfer their funds. Moreover, implementation of blockchain-based transactions will allow the trading history to be saved, and a rating system will be used to differentiate the successful managers from the less successful ones.
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