IBM is making a big move in Singapore! Building a blockchain innovation center to attract various government agencies and enterprises

IBM today announced plans to establish the first IBM Center IBM Center for Blockchain Innovation Blockchain Innovation in Singapore. In its first 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 enterprise-level blockchain, cybersecurity and cognitive computing technology applications and solutions. In addition, in addition to drawing on the expertise of the talent pool in Singapore and the IBM Research network, the center will also build new applications with small and medium-sized enterprises and open up new markets in finance and trade.

“This is the first time IBM has collaborated with the private sector and multiple government agencies in one country to explore the use of blockchain and cognitive technologies to improve enterprise transactions across different industries,” said Robert Morris, vice president of IBM Research Global Labs. “As new cloud services make these technologies more accessible, leaders across all industries are beginning to see the profound and disruptive impacts they will have on a wide range of sectors, including finance, banking, IoT, healthcare, supply chain, manufacturing, technology, government, justice systems and more.”

Kiren Kumar, EDB's head of infocomm and media, said: "This IBM Blockchain Innovation Centre will allow companies across industries to collaborate with IBM to create cutting-edge digital solutions for global markets right here in Singapore. We are also pleased that IBM will continue to actively collaborate with the Institute of Higher Education through this centre to play a role in enhancing emerging technologies for Singapore's talent pool."

The first projects at the innovation centre will focus on trade solutions that use blockchain to improve multi-party trade finance processes and transaction efficiency. These solutions and the associated blockchain platforms will be designed and developed in Singapore. These projects, which are likely to involve global banks and emerging financial technology companies (known as 'FinTechs'), are in line with the vision of MAS, Singapore's central bank, to further develop Singapore as a Smart Financial Center Financial Center.

Sopnendu Mohanty, Chief FinTech Officer at MAS, said: “MAS’ financial sector is well on its way to playing a leading role in Singapore’s vision to become a Smart Nation. Given that technology is key to financial services, MAS is pleased to continue working with companies like IBM to foster innovation in financial technology and encourage the adoption of secure and effective technology in the financial sector.”

IBM will also work with the Port of Singapore Authority (PSA), the world's largest container transshipment port, and other institutions to create a trade ecosystem that connects emerging financial technologies with the physical world of global trade and logistics. This will lead to new business models and attract more global trade and finance to Singapore.

Tan Chong Meng, CEO of PSA Group, said: “PSA is delighted to be a collaborator in this new Blockchain Innovation Centre. We will be working with IBM and other partners, as well as our new incubator programme, PSA unboXed, to explore the development and use of blockchain technology in the trade, finance and logistics sectors. These are areas where we can add value with our expertise, making Singapore a global hub port operator. We believe that new technologies like blockchain have the potential to reshape multi-party transactions. Singapore is a true innovation hub that can experiment with the various uses of this technology.”

The innovation centre was welcomed by the Infocomm Development Authority of Singapore (IDA). IDA Assistant CEO Khoong Hock Yun said: "As we build Singapore into a Smart Nation, innovation in the financial sector is key to helping enhance Singapore's competitiveness as a global trading hub. The industry's move sends a very clear signal that Singapore is taking advantage of opportunities to become a market leader in emerging technologies like blockchain. This can translate into strong benefits for our entire financial ecosystem, including enhancing local technological capabilities. We hope to see more examples of industry innovation moving forward."

Over the next three years, the innovation center is expected to offer many technology pilot projects in the financial and trade industries. These projects will be built on IBM's collaboration with the Linux Foundation's Hyperledger Project. The innovation center will be staffed by Singapore's technical talent and global researchers from IBM Research Labs.

About IBM Research

For more than 70 years, IBM Research has been leading the future of information technology, with more than 3,000 researchers and 12 laboratories across six continents. IBM Research scientists have produced six Nobel Prize winners, 10 U.S. National Medals of Technology, five U.S. National Medals of Science, six Turing Awards, 19 inductees into the U.S. National Academy of Sciences, and 20 inductees into the U.S. National Inventors Hall of Fame.