Singapore’s blockchain ecosystem has seen substantial growth. There are 91 new additions to Singapore’s Blockchain Landscape 2020 map, making it a total of 234 entities. These entities have been active in various blockchain related initiatives. Some of these include Mastercard, VISA, Alibaba-backed Ant Financial, Tencent-backed WeBank, WireX, Phillip Securities, SAP, Contour, Facebook-backed Libra among others.
Supported by Infocomm Media Development Authority (“IMDA”), Singapore’s Blockchain Landscape 2020 map includes a new industry segment, Decentralised Finance a notable area for 2020 that has seen new companies emerge, as well as incumbents extending their services into various areas. There has been an increased activity due to numerous globally recognised projects. Temasek has recently partnered Facebook backed, Libra Association as its first Asian member, and have also spun off several subsidiaries focusing on blockchain applications including digital identity and trade finance. Recent studies by Deloitte Global Blockchain Survey 2019 and 2020 have also shown that more organisations are recruiting blockchain experts globally.
“It is time for us to assess the new reality for businesses and technology in light of COVID-19. It appears that the number of new companies emerging to serve the blockchain protocol layer has tapered off in the past year, with more companies arising in the blockchain application layer. The year ahead looks promising for blockchain-based finance, as banks and other incumbent financial institutions are set to play a much more important role post-COVID-19,” says Ng Yi Ming, Managing Partner, OpenNodes, powered by Tribe. “IMDA’s tireless efforts and support for the blockchain community in Singapore and beyond, have fostered this ecosystem growth.”
“We are excited to see more local and international blockchain companies joining Singapore’s blockchain ecosystem and innovating across various sectors such as trade finance, smart cities and solutions & consulting. It is especially encouraging to see local companies such as DLT Ledgers, a Singapore-backed blockchain platform recently expand into MENA (Middle East and North Africa). IMDA looks forward to more collaborative efforts in anchoring Singapore as a blockchain hub in Asia,” says Philip Heah, Assistant Chief Executive, Technology & Infrastructure Group, IMDA.
“Blockchain can not only transform existing businesses but also has the potential of opening up new business opportunities. It can facilitate greater transparency, open business models, portability of information and greater operational efficiency,” says Chia Song Hwee, Deputy CEO, Temasek. “There are many developments in the space that excite us, and we look forward to more opportunities to contribute to Singapore’s pioneering efforts to lead in the blockchain space.”
The use of blockchain solutions can be increasingly seen in various live projects and particularly applicable amidst the various COVID-19 scenarios and the new normal, moving forward.
“At IBM we have ramped up our blockchain initiatives to provide visibility of the food supply chain, and working closely with local corporates and tech startups across the value chain to meet shared goals. Transparency and traceability will reduce wastage, ensure food safety and quality, reduce potential disputes by improving trust between parties, and boost chances for securing credit,” says Alan Lim, Head of Blockchain Centre of Competency, Asia Pacific, IBM.
About OpenNodes, powered by Tribe An initiative by Infocomm Media Development Authority (IMDA) and powered by Tribe, OpenNodes is an ecosystem platform that connects companies to blockchain solutions providers and serves educational content to enterprise leaders and policymakers. Its members include government agencies and major technology companies like Enterprise Singapore, SGInnovate, Temasek, IBM, Intel, Consensys, Ethereum, EY, PWC, and BMW. OpenNodes actively engages industry expert circles, students, and academia to seek blockchain-based solutions to real-world problems. https://opennodes.com About Tribe Tribe is Singapore's first government-supported platform in driving neutrality, collaboration, and growth of the blockchain ecosystem, comprising of Tribe Accelerator, Tribe Academy and OpenNodes. Tribe works closely with global corporations, government agencies, top-tier blockchain companies, and late-stage startups to facilitate relevant, innovative blockchain use-cases to tackle real-world problems. These include Enterprise Singapore, IMDA, Dubai International Finance Centre, IBM, BMW Group Asia, ConsenSys, Intel, Nielsen, PwC, R3, and Temasek amongst others. For more information on Tribe, please proceed to https://www.tribex.co/