Singapore's Fast-Growing Blockchain Industry

Singapore's Fast-Growing Blockchain Industry

In the last few years, the small bustling island of Singapore has emerged as a forerunner in the field of crypto innovation and blockchain technology in Asia. This is primarily fuelled by the support it has received by the government to adopt cutting-edge blockchain technologies, as well as continue research and development in the blockchain arena.

In fact, apart from being at the forefront of the blockchain movement in Asia, Singapore-based blockchain projects are also creating a global impact.

A few reasons for Singapore's accelerated blockchain growth can be attributed to its free market economy, tax framework, stable socio-political setting and ease of doing business — all of these factors make it easier for founders to launch their companies in Singapore.

To propel this further, the Monetary Authority of Singapore (MAS), the central authority responsible for regulating the laws of the financial sector has released a guide to digital token offerings to encourage adoption of blockchain technologies and is taking an open approach to categorize digital tokens such as utility, payment and security tokens.

MAS recognizes blockchain’s potential impact on the economy of the country and is therefore proactively encouraging projects to facilitate better systems.

It has recently launched Ubin, a project centered towards creating solutions for payment settlements and securities. Another example is  Tribe Accelerator, a government-backed blockchain accelerator based out of Singapore and branching throughout South East Asia. 

In order to create a wider impact, the Singapore government continues its efforts to foster a broader platform to support start-up blockchain-based collaborations in the country.

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Another such initiative is Blockchain Summit Singapore, a 1-day conference and exhibition in Suntec, dedicated solely to the business of blockchain and distributed ledger technology (DLT).

The conference will feature promising blockchain start-ups, 80 industry-leading speakers, keynote presentations and panel debates.

Some of the keynote speakers include thought leaders in the blockchain industry such as, Celine Le Cotonnec, Chief Data Officer, AXA Insurance Singapore, Guilhem Vincens, Head of Change and Innovation APAC, ABN AMRO and Vic Tham, CEO, Quantum Energy Asset Management & Portfolio Manager of QEX Fund.

"Singapore Blockchain Summit is going to be great, I’m really looking forward to it," Alexander Von Kaldenberg, Director of Asia Marketing for Swiss-based blockchain start-up, Velas, says. "Singapore specializes in blockchain for business and this provides us with a fantastic environment to present the innovations that Velas has developed.”

Von Kaldenberg will also be speaking at the event, with Velas featured as a gold sponsor.

Since Singapore has positioned itself as a dynamic and strategic blockchain hotbed in the Asian region, it's only fitting that Velas and other crypto-industry start-ups see it as an excellent platform to showcase their contributions to the rapidly growing blockchain market.

Other key sectors  that are leveraging the growing acceptance of blockchain in Singapore include, insurance companies employing blockchain technology to achieve transparency using smart contracts, Singaporean Airlines Krishflyer allowing users to maintain a block-chain based digital wallet for loyalty and payment programmes, and The National University of Singapore incorporating blockchain technology classes to their curriculum in partnership with IBM researchers.

With the crypto-market gaining more strength in this region, many more industries and start-ups are bound to carve their niche in this ever-expanding market.

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