Government News

Singapore’s government invests $9 million in blockchain research


Singapore’s National Research Foundation (NRF), Enterprise Singapore (ESG) and Infocomm Media Development Authority (IMDA) are collaborating in a collective investment of S$12 million ($9 million) to expand Singapore’s blockchain research. The Singapore Blockchain Innovation Programme (SBIP) is also supported by the Monetary Authority of Singapore

The NFR started the initiative to align research on blockchain with the needs of national industries. During the next three years, SBIP aims to network with 75 companies and implement 17 blockchain-related projects. Furthermore, the research will explore blockchain scalability in environments with high transaction rates, blockchain interoperability and be on the lookout for promising blockchain startups.

SBIP’s first research projects will focus on trade logistics and supply chain solutions. For instance, SBIP will work with trade technology service startup DiMuto for blockchain solutions to track and trace high-valued perishables to improve farmers’ creditworthiness. Enterprise Singapore was involved in another trade announcement today about a new network of blockchain networks in Asia that includes China’s Blockchain-based Service Network (BSN).

“As the first major industry driven blockchain research programme, our intent is to proliferate blockchain adoption to a much broader set of industries, beyond just finance,” said IMDA’s CEO Mr. Lew Chuen Hong. Enterprise Singapore also backed the Tribe Accelerator, which focuses on blockchain startups within certain verticals.

Singapore is one of the prominent locations for blockchain projects. Several Chinese blockchain firms have chosen it for their headquarters or first foreign outreach, such as Huobi Global and business blockchain VeChain. Plus, Singapore has several homegrown successes, including the Zilliqa public blockchain and in trade finance, there is Nasdaq listed unicorn Tritteras, and dltledgers. Also in trade finance, bank-backed global network Contour selected Singapore as its base.

Meanwhile, MAS is one of the leaders in central bank digital currency research with its Project Ubin and home to one of the first offices of the BIS Innovation Hub, which is sharing central bank digital currency research internationally.

Image Copyright: Netfalls / BigStock Photo