50 Startups: Central Bank Director Touts Singapore as Blockchain Hub

Dozens of startups are now working with blockchain in Singapore, according to an official for the city-state's de facto central bank.

Oct 10, 2017 at 3:00 p.m. UTC

Updated Sep 13, 2021 at 7:01 a.m. UTC

A senior official for Singapore's de facto central bank says that as many as 50 startups in Singapore are working with blockchain.

During a speech yesterday, Monetary Authority of Singapore (MAS) managing director Ravi Menon said that dozens of new companies are focused on the tech – an ecosystem that is further supported by local research institutions, venture capitalists and major tech firms, he explained.

Menon also offered insight into Singapore's local DLT space when remarking about the existing partnership between the institution and the government of the Indian state of Andhra Pradesh, which in recent months has launched a series of blockchain pilots aimed at exploring potential public-sector applications. Most recently, officials there worked with Swedish blockchain startup ChromaWay on a new land registry pilot.

In the speech yesterday, Menon offered new details on how his institution aims to work with the government of Andhra Pradesh, explaining:

"We can explore how our customs and trade platforms can be linked up to facilitate exchange of trade documents and advance the digitalisation of trade. Our banks can work together on new models of cross-border payments to improve settlement time, allow for round the clock operations, and reduce settlement risk."

He went on to suggest that Singapore's burgeoning blockchain startup space could ultimately lead to new new applications in Andhra Pradesh – indicating that there may be some interplay between the state government and some of the companies working in the MAS startup accelerator.

"I look forward to seeing FinTechs in Singapore developing solutions for use cases in Andhra Pradesh that will create value and opportunity for the people of this up-and-coming state," Menon said.

Singapore image via Shutterstock

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