A Singapore-based property company has claimed to be the first real estate developer in Southeast Asia to implement blockchain technology for conducting individual and institutional investment business in the sector, writes E27.
The company, NOON Capital, plans to utilize Ethereum technology in the financing and management of its real estate investments, two of which are in Thailand with a combined value of USD 20 million.
NOON announced that as part of its new way of conducting real estate business, it will aim to secure investor funding through digital certification backed by each project. Also using blockchain tech, the company hopes to be able to enable tenants to pay monthly rentals and utility bills via a digital wallet.
Its two new investments, both developments on the Thai tourist hub island of Phuket, are reportedly the direction NOON would like to take using its new blockchain-backed system. The company’s managing partner Luca Dotti explained:
“Thailand has a stable currency, low inflation, a strong banking system, and is embracing blockchain technology. It has great infrastructure for both our investors and tenants… This makes rapidly developing cities such as Phuket an attractive proposition, because it has the safety and structure of a developed country, while also having immense real estate potential for investment and development.”
In other blockchain news from Singapore, British-Dutch transnational consumer goods giant Unilever is to launch a platform run by date tech company Blis which will run on the IBM blockchain platform. The platform has been launched to address compliance and global regulations issues concerning the verification of demographic data.
The Singapore government has called for a more comprehensive spectrum of blockchain adoption. It continues to focus on the all-encompassing integrated blockchain technologies and development for broad industrial adoption.
In line with the country’s proposals to develop blockchain technology, a recent consultation paper from the Monetary Authority of Singapore has made proposals for existing regulations to be changed. This comes in light of emerging blockchain-related business practices on the city-state island.
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