IBM has announced plans to establish the first IBM Center for Blockchain Innovation in Singapore. The Innovation Center is expected to deliver a number of technology pilots across the finance and trade industries over the next three years, which will build on IBM's work with the Linux Foundation Hyperledger platform.

The Innovation Center will bring in technical talent from Singapore as well as researchers from IBM Research Labs worldwide. In the first collaboration of its kind with the Singapore Economic Development Board (EDB) and the Monetary Authority of Singapore (MAS), IBM Researchers will work with government, industries and academia to develop applications and solutions which are based on enterprise blockchain, cyber-security, and cognitive computing technologies.

In addition, the center will also engage with small- and medium-sized enterprises to create new applications and grow new markets in finance and trade.

"This is IBM's first collaboration with the private sector and multiple government agencies within the same country to explore the use of Blockchain and cognitive technologies to improve business transactions across several different industries," said Robert Morris, Vice President, Global Labs, IBM Research.

The first projects for the center will focus on trade solutions using blockchain to improve efficiency of multi-party trade finance processes and transactions. The solutions and associated blockchain platform will be designed and developed in Singapore. These projects, which could also involve global banks and emerging FinTech companies, are aligned with the vision of MAS, Singapore's central bank, to further develop Singapore as a Smart Financial Center. 

"The financial sector is well-placed to play a leading role in Singapore's vision of being a Smart Nation. 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," said Sopnendu Mohanty, Chief FinTech Officer of MAS.

IBM will also work with the Port Authority of Singapore, the world's largest container transhipment port, and others to create a trade ecosystem which connects emerging financial technologies with the physical world of global trade and logistics. This will lead to new business models and attract more global trade and finance to Singapore.

"PSA is pleased to be a collaborator in the new Center for Blockchain Innovation being set up in Singapore. We will work with IBM and other partners, as well as through our new incubator program PSA unboXed, to explore the development and use of Blockchain technology for Trade, Finance, and Logistics. These are fields that we can add value to with our expertise as a hub port operator in Singapore and around the world," said Tan Chong Meng, Group CEO, PSA International.