IBM teams up with Singapore government agencies to develop blockchain-based financial applications

IBM teams up with Singapore government agencies to develop blockchain-based financial applications

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The technology and consulting multinational giant IBM announced it is planning to set up an IBM Center for Innovation in Singapore in collaboration with the government agencies the Singapore Economic Development Board (EDB) and the Monetary Authority of Singapore (MAS).

The new center will cooperate with government, industries and academia for the development of applications and solutions based on blockchain and cognitive computing technologies. Among the main goals of the new enterprise is to accelerate the adoption of blockchain in finance and trade. The first projects of the Center are indeed focusing on trade solutions to improve efficiency of multi-party trade finance processes and transactions. According to the plans of MAS and Singapore’s Central Bank to develop the city-state as a smart financial center, the projects would also involve international fintech companies.

“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. Now with new cloud services that make these technologies more accessible, leaders from all industries are beginning to take note of the resulting profound and disruptive implications in a range of settings including finance, banking, IoT, healthcare, supply chains, manufacturing, technology, government, the legal system, and more,” said Robert Morris, Vice President, Global Labs, IBM Research.

“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. We are also pleased that IBM continues to engage actively with institutes of higher learning through the Center, creating roles for a deep talent pool in Singapore to advance emerging technologies,” said Kiren Kumar, media and communications director of EDB.

This is the second blockchain-related news from IBM in less than two weeks. Earlier in July the company announced it has successfully completed a know-your-customer (KYC) project with the French bank Credit Mutuel Arkea.

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