Management & legal News

Singapore’s blockchain ecosystem mapped

According to the latest announcement, Singapore’s Blockchain Ecosystem has expanded by more than 50% over the last year, to more than 200 companies.

A year ago, we reported that Singapore blockchain accelerator Tribe was launching OpenNodes to collate Singapore’s blockchain ecosystem under one umbrella. The accelerator is supported by the government and has backing from the Infocomm Media Development Authority (IMDA). The blockchain map is the work of OpenNodes. 

In the above graphic only part of the enterprise blockchain landscape is shown. The larger image is linked below. If you’re wondering about Libra, Singapore’s sovereign fund Temasek became a Libra member earlier this year. JP Morgan participated in Project Ubin last year for cross border multi currency payments. And the list includes several members of trade finance blockchain Contour that have participated in blockchain pilots including BNP ParibasHSBC and Standard Chartered.

singapore blockchain landscape
Singapore Blockchain Landscape

Tribe announcement:

Note: we are experimenting with some articles, publishing the announcement, sometimes prefixed with a brief introduction.

OpenNodes, powered by Tribe, unveiled the Singapore Blockchain Landscape Map 2020 at ‘Unitize’, a collaborative online blockchain conference organized by San Francisco Blockchain Week and Blockshow. The map is supported by Infocomm Media Development Authority (“IMDA”), a Singapore government agency. A first for the industry, blockchain summits from around the globe such as Korea Blockchain Week, Paris Blockchain Week, and Tel Aviv Blockchain Week, have come together to co-host this virtual event.

Since 2019, Singapore’s blockchain ecosystem has seen substantial growth. There are 91 new additions to Singapore’s Blockchain Landscape 2020 map, making it a total of 234 entities. These entities have been active in various blockchain related initiatives. Some of these include Mastercard, VISA, Alibaba-backed Ant Financial, Tencent-backed WeBank, WireX, Phillip Securities, SAP, Contour, Facebook-backed Libra amongst others.

Singapore’s Blockchain Landscape 2020 map includes a new industry segment, Decentralised Finance, a notable area for 2020, that has seen new companies emerge, as well as incumbents extending their services into various areas. There has been an increased activity due to numerous globally recognised projects. Temasek has recently partnered Facebook backed, Libra Association as its first Asian member, and have also spun off several subsidiaries focusing on blockchain applications including digital identity and trade finance. Recent studies by Deloitte Global Blockchain Survey 2019 and 2020 have also shown that more organisations are recruiting blockchain experts globally.

“It is time for us to assess the new reality for businesses and technology in light of COVID-19. It appears that the number of new companies emerging to serve the blockchain protocol layer has tapered off in the past year, with more companies arising in the blockchain application layer. The year ahead looks promising for blockchain-based finance, as banks and other incumbent financial institutions are set to play a much more important role post-COVID-19,” says Ng Yi Ming, Managing Partner, OpenNodes, powered by Tribe. “IMDA’s tireless efforts and support for the blockchain community in Singapore and beyond, have fostered this ecosystem growth.”

“We are excited to see more local and international blockchain companies joining Singapore’s blockchain ecosystem and innovating across various sectors such as trade finance, smart cities and solutions & consulting. It is especially encouraging to see local companies such as DLT Ledgers, a Singapore-backed blockchain platform recently expand into MENA (Middle East and North Africa). IMDA looks forward to more collaborative efforts in anchoring Singapore as a blockchain hub in Asia,” says Philip Heah, Assistant Chief Executive, Technology & Infrastructure Group, IMDA, a Singapore government agency. 

“Blockchain can not only transform existing businesses but also has the potential of opening up new business opportunities. It can facilitate greater transparency, open business models, portability of information and greater operational efficiency,” says Chia Song Hwee, Deputy CEO, Temasek. “There are many developments in the space that excite us, and we look forward to more opportunities to contribute to Singapore’s pioneering efforts to lead in the blockchain space.”

The use of blockchain solutions can be increasingly seen in various live projects and particularly applicable amidst the various COVID-19 scenarios and the new normal, moving forward.

“At IBM we have ramped up our blockchain initiatives to provide visibility of the food supply chain and working closely with local corporates and tech startups across the value chain to meet shared goals. Transparency and traceability will reduce wastage, ensure food safety and quality, reduce potential disputes by improving trust between parties, and boost chances for securing credit,” says Alan Lim, Head of Blockchain Centre of Competency, Asia Pacific, IBM.

Image Copyright: Tribe / OpenNodes