An alliance of Singaporean government agencies have launched a funded Blockchain program to promote innovation in the platform’s potential. Known as the Singapore Blockchain Innovation Program (SBIP), the infused capital is reported to be worth $8.9 Million Dollars in initial funding.

The program is led by the alliance of Enterprise Singapore,  Infocomm Media Development Authority and the National Research Foundation Singapore. Singapore’s Monetary Authority of Singapore, the nation’s central bank and main financial regulator, is reported to be supporting the program.

The funding is mainly granted by the National Research Foundation, that will allow the program to study, develop and innovate the use case of Blockchain across the Singaporean industries of trade, logistics and financial regulator.

The program aims to promote Blockchain as an innovation field for companies and corporations by showcasing Blockchain’s transformative capabilities. According to the initial press statement issued by the government agencies, the initial participants of the innovation program is numbered to 75 companies that “are working together as a consortium”.

The National Research Foundation have also enlisted the collaboration and expertise of Dimuto, a recognized global chain platform to innovate the use case of Blockchain that deals with the quality supply chain transparency of agriculture to reinforce farming’s ethical ways as an assurance on consumable goods that have an expiry date.

Enterprise Singapore’s CEO stated in the news that the global pandemic has been a disruptive accelerator when it comes to the need to implement Blockchain across multiple industries: “COVID-19 has emphasized the need for trusted and reliable business systems in the new digital world. Blockchain technology helps embed trust in applications spanning logistics and supply chains, trade financing to digital identities and credentials.”

Philippines and ASEAN

In the Philippines, Standard Chartered and Union Bank have reportedly utilize Blockchain as a Proof of Concept to issue a tokenized retail bond worth $187 Million USD.  Just earlier this year, the same collaborators introduced Bonds.ph, a platform for retail bonds. Last year, Union Bank teamed up with OCBC to conduct a Blockchain pilot basing on cross-border money remittances.

With the Philippine central bank known as the Bangko Sentral ng Pilipinas (BSP) green lighting the licenses for the entry and operation of digital banks, expect Blockchain-based banking to take off in the coming months.

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