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Singapore announces funding for innovation and blockchain adoption

The Singapore government continues to support blockchain innovation in the country with more investments.

Today, in a press release the The Singapore Communications Media Development Authority (IMDA) has announced initial funding for companies to develop a complete blockchain platform to connect all relevant stakeholders to and from the inside. outside of the industry. The amount of the loan has not been disclosed.

The platform seeking to receive funding should include business guides on the adoption of blockchain, a directory listing of the Singapore blockchain community and allow interested companies to contact other entities, according to the local The Straits Times publication.

The IMDA also expects the platform to connect Singapore's blockchain community with international communities, especially those in China and Silicon Valley.

According to IMDA, the nascent state of the blockchain and the lack of large-scale success cases outside the fintech sector have hampered widespread adoption.

"End-user companies therefore have a lack of established business models on how to work together using blockchain," said an IMDA spokesperson. "This has led the industry to show signs of specialized and silenced blockchain solutions, rather than interoperable network blockchains, that would offer maximum benefit to users."

In addition, IMDA also announced the second series of its "blockchain challenge", after recently closing the first edition that saw seven projects funded.

Participants must produce minimum achievable products (MVP) or POC (Proofs-of-concept) that solve challenges faced by the industry. They can choose between two categories, business and transformation.

The IMDA is focusing on advances in the telecommunications industry with the help of blockchain in this set of challenges. Participants are asked to present projects that improve or innovate on a native level Wireless @ SG program.

The deadline for communications is January 31, 2019.

This is not the first time that Singapore has tried to link blockchain entrepreneurs with leaders of other industries. At the beginning of this year, the country expressed interest in helping blockchain startups to create their traditional bank accounts.

Published November 22, 2018 – 10:24 UTC

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