IBM teams up with MAS and EDB to unveil maiden blockchain innovation centre in Singapore

It’s the firm’s first collaboration of its kind.

Singapore’s Economic Development Board (EDB) and the Monetary Authority of Singapore will soon unveil the first blockchain innovation centre in the city-state, engaging with small and medium-sized enterprises to create new applications and grow new markets in finance and trade.

According to a press release by IBM, the project will 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 of global labs at IBM Research.

Meanwhile, the centre’s first projects 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 press release said.

Over the next three years, IBM said the Innovation Centre 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,” the press release said.