Singapore to Accelerate Blockchain Adoption for Finance and Trade
Government, Industry and Academia to Collaborate on Application of
Blockchain, Cybersecurity and Cognitive Technologies
– 12 July 2016 – IBM (NYSE: IBM) today announced plans to establish the first
IBM Center for Blockchain Innovation in Singapore. In the first collaboration of
its kind with the Singapore Economic Development Board (EDB) and the Monetary
Authority of Singapore (MAS), IBM Researchers will work with government,
industries and academia to develop applications and solutions which are based
on enterprise blockchain, cyber-security, and cognitive computing technologies. In addition to
drawing from the expertise in the Singaporean talent pool and that of the IBM
Research network, the Center will also engage with small- and medium-sized
enterprises to create new applications and grow new markets in finance and
is IBM’s first collaboration with the private sector and multiple government
agencies within the same country to explore the use of Blockchain and cognitive
technologies to improve business transactions across several different
industries. Now with new cloud services that make these technologies more
accessible, leaders from all industries are beginning to take note of the
resulting profound anddisruptive implications in a range of settings including
finance, banking, IoT, healthcare, supply chains, manufacturing, technology,
government, the legal system, and more,” said Robert Morris, Vice President,
Global Labs, IBM Research.
IBM Center for Blockchain Innovation will allow companies across industries to
partner with IBM in co-creating cutting edge digital solutions for global
markets from Singapore. We are also pleased that IBM continues to engage
actively with institutes of higher learning through the Center, creating roles
for a deep talent pool in Singapore to advance emerging technologies,” said
Kiren Kumar, Executive Director, Infocomms and Media, EDB.
The first projects for the Center will focus on trade solutions using
Blockchain to improve efficiency of multi-party trade finance processes and
transactions. The solutions and associated Blockchain platform will be designed
and developed in Singapore. These projects, which could also involve global
banks and emerging financial technology companies known as
“FinTechs”, are aligned with the vision of MAS, Singapore’s Central
Bank, to further develop Singapore as a Smart Financial Center.
“The financial sector is well-placed to play a leading role in Singapore’s
vision of being a Smart Nation. Given that technology is a key enabler of
financial services, MAS is pleased to continue to work with companies like IBM
to promote technology innovation in finance, and encourage the adoption of safe
and efficient technology with the financial industry,” said Sopnendu Mohanty,
Chief FinTech Officer of MAS.
IBM will also work with the PSA Singapore Terminals, the world’s largest
container transhipment port, and others to create a trade ecosystem which
connects emerging financial technologies with the physical world of global
trade and logistics. This will lead to new business models and attract more
global trade and finance to Singapore.
“PSA is pleased to be a collaborator in the new Center for Blockchain
Innovation being set up in Singapore. We will work with IBM and other partners,
as well as through our new incubator program PSA unboXed, to explore the
development and use of Blockchain technology for Trade, Finance, and Logistics.
These are fields that we can add value to with our expertise as a hub port
operator in Singapore and around the world. We believe new technologies such as
Blockchain have the potential to reinvent multi-party business transactions and
that Singapore is the right innovation hub to carry out field trials of such
technologies across a variety of uses,” said Tan Chong Meng, Group CEO,
The Center is also welcomed by the Infocomm Development Authority of Singapore
(iDA). Assistant Chief Executive Khoong Hock Yun, Development Group, iDA said,
“As we build Singapore into a Smart Nation, innovation in the financial sector
is key to help increase Singapore’s competitiveness as a global trading hub.
The industry’s move is a clear sign that Singapore is capitalizing on
opportunities to be market leaders in emerging technologies such as the
Blockchain. This can translate to strong benefits throughout our entire finance
ecosystem including the boosting of local tech capabilities. We hope to see
more examples of industry innovation moving forward.”
Over the next three years, the Innovation Center is expected to deliver a
number of technology pilots across the finance and trade industries. These
projects will build on IBM’s work with the Linux Foundation Hyperledger
platform. The Innovation Center will be staffed with technical talent from
Singapore as well as researchers from IBM Research Labs worldwide.
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