Singapore’s Infocomm Media Development Authority To Invest In Blockchain Startups

Blockchain, Investing, News | November 22, 2018 By:

The Infocomm Media Development Authority (IMDA), a statutory board of the Singapore government under the Ministry of Communications and Information (MCI), will be investing in tech startups to boost the local blockchain ecosystem.

In a press release, the IMDA said that blockchain’s nascent state and lack of large-scale successful cases outside the FinTech sector has hampered mainstream adoption. To foster the blockchain ecosystem in Singapore, it said that is putting up seed funding for industry players to develop platforms that will connect blockchain special interest groups, solution providers and other related services providers.

The agency will help blockchain industry players develop platforms that will include guides on enterprise blockchain adoption and a directory listing of the Singapore blockchain community, which will allow interested firms to engage with other parties. The platforms must also connect with other global blockchain communities, such as those in China and Silicon Valley.

“End-user companies have a lack of established business models on how to work together using blockchain,” the IMDA said. “This has resulted in the industry showing signs of siloed, specialized blockchain solutions rather than interoperable network blockchains, which would deliver the most benefit to users.”

The IMDA also announced that it will be launching another blockchain challenge that will reward successful projects with funding. As most commercial blockchain solutions are currently in the FinTech space, there are significant untapped opportunities for companies with pioneering blockchain solutions in non-FinTech such as the food supply chain, or records for healthcare or property. IMDA’s Blockchain Challenge seeks to accelerate the development of such solutions, and identify possible use cases with greater commercial development.