IBM, International Business Machines Corporation, (NYSE:IBM) has established its first Centre for Blockchain Innovation in Singapore with the assistance from the city-state’s Economic Development Board and Monetary Authority.

The center will aid and accommodate Singapore’s blockchain startups and entrepreneurs to collaborate with the city-state’s reputable and well established institutions in the finance and trade industries.

Utilizing the Linux Foundation Hyperledger platform, IBM and notable Singaporean financial establishments, banks, and fintech firms will develop various blockchain-based technologies and conduct pilot tests to improve the state’s banking sector.

By implementing innovative financial technologies and offering newly designed financial services, Monetary Authority of Singapore (MAS) chief fintech officer Sopnendu Mohanty explained that the technologies tested by IBM’s Centre for Blockchain Innovation will pave the path Singapore’s vision to become a Smart Nation.

“The financial sector is well-placed to play a leading role in Singapore’s vision of being a Smart Nation,” stated Mohanty. “Given that technology is a key enabler of financial services, MAS is pleased to continue to work with companies like IBM to promote technology innovation in finance, and encourage the adoption of safe and efficient technology with the financial industry,” he continued.

Through a strategic partnership with the Port Authority of Singapore (PSA), IBM further announced that its researchers in the center will collaborate with the world’s largest container transhipment port located in Singapore to establish a trade ecosystem.

The PSA, which handles global trade and logistics, will cooperate with IBM to merge emerging innovative financial technologies with logistics and trade data.

“We believe new technologies such as blockchain have the potential to reinvent multi-party business transactions and that Singapore is the right innovation hub to carry out field trials of such technologies across a variety of uses,” explained PSA International CEO Tan Chong Meng.

The launch of IBM’s Center for Blockchain Innovation will secure IBM’s position as a leading blockchain research group and Singapore’s vision to optimize the country’s banking sector and digitalize vital operations.

Source: Finextra

Cover Image via IBM