05-Jul-18, Asia Times

A unique regional mix of social and economic factors have combined to make Southeast Asia a rapidly developing blockchain technology hub.

 How Southeast Asia became a blockchain hub (c) iStock Asia Times

Image: iStock / Asia Times

First there is the region’s under-subscription to its banking network. Only 27 percent of the 655 million who call Southeast Asia home held a bank account in 2016. This contrasts sharply with the region’s high internet penetration rate, at 54 percent on average in 2017. 

Cambodia’s central bank is joining hands with Japanese company Soramitsu to build a blockchain-based payments system.

A regional influx of investor money though ICOs will only quicken the spread of apps and software that use blockchain.

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