Singapore to invest $9 million for blockchain research

The Monetary Authority of Singapore are funding a blockchain innovation programme that will apply the technology to logistics, supply chains and trade

Infocomm Media Development Authority (IMDA), Enterprise Singapore (ESG) and the National Research Foundation Singapore (NRF) announced today the launch of the Singapore Blockchain Innovation Programme (SBIP). The project, which is supported by the Monetary Authority of Singapore (MAS), will see S$12 million (9 million USD) invested in research and further strengthening the blockchain ecosystem of Singapore.

ESG is a government agency concerned with enterprise development which is supporting the advancement of Singapore as a global trading hub through its work with local companies to build, innovate and internationalise. They see blockchain technology as a useful tool for reducing the cost and risk and increasing the speed and efficiency of transactions between business entities.

Peter Ong, Chairman of Enterprise Singapore, said “COVID-19 emphasised the need for trusted and reliable business systems in the new digital world. Blockchain technology helps to embed trust in applications spanning logistics and supply chains, trade financing to digital identities and credentials. The acceleration of innovative business solutions under the Singapore Blockchain Innovation Programme will help our enterprises be more globally connected and competitive.”

Around 75 companies, comprising multinationals, large enterprises and ICT companies, are involved in the initiative, which aims to conceptualise 17 blockchain related projects in the sectors of supply chain, logistics and trade over the next three years. One such company is DiMuto, a trading service that is spearheading the Collaborative Commerce movement. They will work with SBIP on using blockchain to improve farmers’ credit worthiness by tracking and tracing high-value perishables.

SBIP will be exploring blockchain interoperability and scalability to enable value exchange across blockchain systems and wider blockchain adoption respectively. The programme will also look into expanding Singapore’s blockchain tech talent pool to allow ICT companies to further incorporate blockchain technologies.

Professor Low Teck Seng, CEO of the National Research Foundation Singapore added, “The Singapore Blockchain Innovation Programme (SBIP) provides exciting growth opportunities for the blockchain innovation landscape and is a significant milestone in Singapore’s journey towards becoming a trusted, digital economy. Blockchain technology is increasingly playing an important role in technological innovation, industrial transformation, and digital finance. SBIP will help companies accelerate their technology adoption and be ready for the next phase of digital evolution.”