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Singapore's government launches blockchain innovation programme

Monday 7 December 2020 13:06 CET | News

A group of Singaporean government agencies has announced it is launching a new research program for blockchain technology with about USD 8.9 million USD in funding.

Called the Singapore Blockchain Innovation Programme (SBIP), the project is a collaboration between Enterprise Singapore, Infocomm Media Development Authority, and the National Research Foundation Singapore. It has support from the Monetary Authority of Singapore, the country’s central bank and financial regulator.

SBIP’s funding comes from the National Research Foundation, and will be used to develop, commercialise, and encourage the adoption of blockchain technology by companies. The program will first focus on the use of blockchain in trade, logistics and the supply chain.

As TechCrunch presents, the program will look to engage close to 75 companies over the next three years. It is already working with Dimuto, a global supply chain platform, to use blockchain technology to trace perishables with the goal of improving farmers’ creditworthiness.

The program’s other plans include finding ways to help blockchain systems and networks collaborate with one another and growing the blockchain sector’s talent pool. Singapore’s government is positioning itself as a partner to blockchain developers and companies, with the goal of becoming a crypto hub that is more open to the technology than other countries.


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Keywords: Singapore, blockchain, SBIP, Enterprise Singapore, Infocomm, National Research Foundation, monetary authority, trade, supply chain finance, crypto, central bank
Categories: Blockchain & Cryptocurrencies | E-invoicing, SCF & E-procurement
Countries: Singapore
This article is part of category

Blockchain & Cryptocurrencies