IBM opens first blockchain innovation center in Singapore

US technology giant IBM said it will establish its first blockchain innovation centre in Singapore on Tuesday (July 12).

In a first-of-its-kind collaboration with the Singapore Economic Development Board (EDB) and the Monetary Authority of Singapore (MAS), IBM researchers will work with government, industry and academia to develop applications and solutions based on enterprise blockchain, cybersecurity and cognitive computing technologies.

The blockchain innovation center will employ staff in Singapore as well as researchers from IBM's global research labs.

Over the next three years, the Singapore Innovation Centre expects to launch a series of technology pilots in the financial and trading industries.

The Singapore Innovation Centre will also work in partnership with small and medium-sized enterprises to create new applications and explore new markets in finance and trading.

Robert Morris

“This is the first time IBM has collaborated with the private sector and multiple government agencies in the same country to explore the use of blockchain and cognitive technologies to improve business transactions across multiple different industries,” said Robert Morris, vice president of IBM Research Global Labs.

“Now that new cloud services are making it easier to use these technologies, leaders across all industries are beginning to take notice of the profound and disruptive impact blockchain technology has on all sectors, including finance, banking, IoT, healthcare, supply chain, manufacturing, technology, government, legal systems, and more.”

Kiren Kumar, executive director of consulting communications and media at EDB, said the Singapore Innovation Centre will enable companies across industries to collaborate with IBM to jointly create advanced digital solutions for the global market in Singapore.

"We are very pleased that IBM continues to actively collaborate with higher education institutions through the Singapore Innovation Centre to create a talent pool for Singapore to foster the development of emerging technologies," he said.

The first project of the Singapore Innovation Center will focus on solutions in the field of transactions, using blockchain technology to efficiently improve trade finance processes and transactions for all parties. The solution and the corresponding blockchain platform will be designed and developed in Singapore.

IBM said that these projects will allow global banks and emerging financial technology companies (Internet financial companies) to participate, and the original intention of the project is consistent with MAS's vision, which is to further develop Singapore's smart financial center.

The US company said that IBM will work with the Port Authority of Singapore (the world's largest container transshipment port) and others to create a trading ecosystem that connects emerging financial technologies with the world of global trading and logistics. New business models will emerge and more global trading and financial companies will be attracted to Singapore.

“We will work with IBM and other partners, as well as through our new incubator program, PSA unboXed, to explore the development and application of blockchain technology in the fields of transactions, finance and logistics,” said Tan Chong Meng, CEO of PSA International Group.