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Launch of new $12m programme to advance blockchain innovation

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Dec 7 (Monday) — A new $12 million Singapore Blockchain Innovation Programme (SBIP) was jointly launched by the Enterprise Singapore (ESG), the Infocomm Media Development Authority (IMDA) and the National Research Foundation (NRF) on Monday (Dec 7).

Funded by NRF, the programme aims to align blockchain technology research with the needs of the industry, to facilitate the development, commercialisation and adoption of wider real-world applications. This industry-driven initiative will engage close to 75 companies including MNCs, large enterprises and ICT companies to conceptualise 17 blockchain related projects within the next three years in sectors starting with trade and logistics, and supply chain.

Beyond research translation, SBIP will look into:

  • Blockchain scalability to enable the adoption of blockchain in environments with high transaction rates.
  • Blockchain interoperability, to enable value exchange across blockchain systems and address the current challenges of siloed blockchain networks.
  • Growing the blockchain tech talent pool to enable ICT companies to further tap on blockchain technologies.

“As the architect of Singapore’s digital future, we are constantly pushing the forefront of innovation in areas such as Blockchain. As the first major industry driven blockchain research programme, our intent is to proliferate blockchain adoption to a much broader set of industries, beyond just finance. This includes levelling up industry manpower and know-how. These efforts allow Singapore to build a strong blockchain ecosystem and establish our role as a Trust Hub.”

– Mr Lew Chuen Hong, Chief Executive, IMDA.

“COVID-19 emphasised the need for trusted and reliable business systems in the new digital world. Blockchain technology helps to embed trust in applications spanning logistics and supply chains, trade financing to digital identities and credentials. The acceleration of innovative business solutions under the Singapore Blockchain Innovation Programme will help our enterprises be more globally connected and competitive.”

– Mr Peter Ong, Chairman, Enterprise Singapore.

“The Singapore Blockchain Innovation Programme (SBIP) provides exciting growth opportunities for the blockchain innovation landscape and is a significant milestone in Singapore’s journey towards becoming a trusted, digital economy. Blockchain technology is increasingly playing an important role in technological innovation, industrial transformation, and digital finance. SBIP will help companies accelerate their technology adoption and be ready for the next phase of digital evolution.”

– Professor Low Teck Seng, Chief Executive Officer, NRF.

About SBIP

Singapore Blockchain Innovation Programme (SBIP) is a collaborative and nationwide technical community, hosted by the National Research Foundation, advancing blockchain technologies for business.

SBIP aims to unite communities of software developers in Singapore to build next-generation blockchain frameworks and to provide industrial blockchain infrastructure support.

For more information, visit https://sbip.sg/

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