IBM to Open First Blockchain Innovation Centre in Singapore

IBM to Open First Blockchain Innovation Centre in Singapore
IBM plans to open a blockchain innovation centre in Singapore in collaboration with the government, as the city-state strives to become Asia's main financial technology hub.

The tech giant will be working with the main economic planning agency, the Singapore Economic Development Board (EDB), and the Monetary Authority of Singapore (MAS) to accelerate blockchain adoption for finance and trade.

One project, together with PSA International - one of the world's largest container transshipment ports owned by state investor Temasek Holdings - aims to connect fintech with global trade and logistics.

The blockchain technology works by creating permanent, public "ledgers" of all transactions that could potentially replace complicated systems such as clearing and settlement with one simple database.

Singapore is rushing to reinvent itself as Asia's fintech hub to fend off a regulatory threat to its wealth management industry and revive a sluggish economy.

Observers say it is ahead of long-time rival Hong Kong, but measures to curb the number of foreign workers and previous regulations creating a risk averse culture at odds with the trial-and-error approach of fintech startups, remain key obstacles in developing the sector.

© Thomson Reuters 2016

For the latest tech news and reviews, follow Gadgets 360 on Twitter, Facebook, and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel.

Further reading: Blockchain, Cryptocurrency, IBM, Internet
Tesla Under US SEC Scanner for Withholding Fatal Autopilot Crash: Report
Samsung Galaxy On5 Pro, Galaxy On7 Pro Launched in India
Share on Facebook Gadgets360 Twitter Share Tweet Snapchat Share Reddit Comment google-newsGoogle News


Follow Us


© Copyright Red Pixels Ventures Limited 2023. All rights reserved.