IBM to set up Blockchain innovation center in Singapore

Enterprise IT major IBM on Tuesday announced plans to set up the first IBM Center for Blockchain Innovation in Singapore.

The proposed Blockchain innovation center will open new opportunities for both Singapore and IBM in the future.

The US-based technology major has tied up with the Singapore Economic Development Board (EDB) and the Monetary Authority of Singapore (MAS) for the purpose.

IBM in a statement said the Innovation Center is expected to deliver a number of technology pilots across the finance and trade industries over the next three years. These projects will build on IBM’s work with the Linux Foundation Hyperledger platform.

IBM Researchers will work with government, industries and academia to develop applications and solutions which are based on enterprise blockchain, cyber-security, and cognitive computing technologies.

The Center will also engage with small- and medium-sized enterprises to create new applications and grow new markets in finance and trade.

“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,” said Robert Morris, vice president, Global Labs, IBM Research.

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, which could involve banks and financial technology companies, are aligned with the vision of MAS, Singapore’s Central Bank, to develop Singapore as a Smart Financial Center.

“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,” said Sopnendu Mohanty, Chief FinTech Officer of MAS.

IBM will also work with the Port Authority of Singapore, the world’s largest container transhipment port, and others to create a trade ecosystem which connects emerging financial technologies with the physical world of global trade and logistics.