Blockchain Technology Empowers SMEs to Grow and Go Global

At Singapore Fintech Festival 2019 which was held at The EXPO from 11th-15th November 2019, a number of international experts of diverse background and experience shared their views on the Blockchain technology.

Mr Lucas Landolt, Head of Operations of Llyod’s & Partners AG shared some use cases of Blockchain in the financial sector which may be applied to central bank infrastructure. In particular, Lucas also mentioned about the power of Blockchain-based Anti Money Laundering (AML) platform that utilizes smart contracts, which can automate the process of fraud detection in AML applications.

Mr Victor Vu, Head of Research and Development of CSE Technology, shared about the vision of CSE to apply Blockchain technology to daily life, especially through applications that help small and medium sized enterprises (SMEs) as they are backbones of the economy in many countries, especially in the emerging economies of South East Asia.

SMEs are crucial to economic and social developments, employing a significant part of the workforce and contributing to a country’s national income. However, SMEs often face challenges of having limited access to bank loans, trade finance, or alternative financing. Another major challenge for SMEs is in the adoption of new technologies in digitalization due to their small scale.

According to Victor, the aim of CSE is to help SMEs solve their existing challenges, grow their business, and even help some SMEs go global — through the application of Blockchain technology. The third-generation Blockchain technology developed by CSE helps SMEs build trust, obtain peer-to-peer funding, and execute their business processes with better efficiency and security.