IBM has collaborated with the Singapore Economic Development Board (EDB) and the Monetary Authority of Singapore (MAS) to establish the first IBM Center for Blockchain Innovation in Singapore.
IBM researchers will work with government, industries and academia to develop solutions based on enterprise blockchain, cyber-security, and cognitive computing technologies. Small-and-medium-sized enterprises will also be engaged to create new applications and grow markets in finance and trade.
The first projects for the center will focus on trade solutions using Blockchain to improve efficiency of multi-party trade finance processes and transactions. These projects potentially involve global banks and emerging financial technology companies (Fintech).
IBM will also work with the PSA Singapore terminals to create a trade ecosystem which connects emerging financial technologies with the physical world of global trade and logistics.
“This 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,” Robert Morris, vice president, Global Labs, IBM Research, said.
“The 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,” Kiren Kumar, executive director, Infocomms and Media, EDB, said.
“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,” Sopnendu Mohanty, chief FinTech Officer of MAS, said.