IBM Is Opening a Blockchain R&D Center in Singapore

By Reuters

As the city-state strives to become Asia’s main financial technology hub.

IBM plans to open a blockchain innovation center in Singapore in collaboration with the government, as the city-state strives to become Asia’s main financial technology hub.

IBM IBM 1.10% will be working with the main economic planning agency, the Singapore Economic Development Board (EDB), and the Monetary Authority of Singapore (MAS) to accelerate blockchain adoption for finance and trade.

One project, together with PSA International—one of the world’s largest container transshipment ports owned by state investor Temasek Holdings—aims to connect fintech with global trade and logistics

The blockchain technology works by creating permanent, public “ledgers” of all transactions that could potentially replace complicated systems such as clearing and settlement with one simple database.