Singapore Boosts Its Blockchain and FinTech Sectors

Singapore
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The Singapore banking establishment is keen to implement FinTech and blockchain innovations after the launch of its accelerator program, FinLab, earlier this month.

On August 3, the Singaporean banking society, the United Overseas Bank (UOB) held its first accelerator program that focused on technology solutions for the financial sector and smart contracts.

Nine startups that took part: Attores, CardUp, FinMitra, FinReg, Nickel, SsinoConnect, Stock2Day, Tuple, and Turnkey Lender.

According to Singapore news outlet, The Straits Times, startup Attores is working toward building a blockchain system that executes smart contracts that will change banking services, which are still paper-intensive.

Founded in 2013 by CEO and co-founder David Moskowitz, the aim of Attores is to build ‘an open repository of smart contracts, and a platform which will enable the secure customization of these contracts.’

Speaking to The Straits Times, Moskowitz explained that the ideal way to enable their startup stood out from its competitors was to experiment with blockchain. The only way to achieve this was to receive mentorship and funding from a bank, which is what the UOB provided.

He said:

Our mentors at the bank guided us towards a clear direction and insights on industry needs so that we could refine our product market fit.

The Straits Times said that Attores was adding the finishing touches to a proof of concept, which Attores states “could potentially help financial institutions gain more efficiency and open new lines of business.”

First Blockchain Innovation Centre

In July, CCN reported that IBM was opening its first Centre for Blockchain Innovation in Singapore with the intention of attracting more technical talent from the country. It aims to bring together numerous technology pilots within the trade and finance industries over the next three years.

Many believe that Singapore is the perfect location to become a leading Smart Nation. Countless may see this as the case with the launch of its accelerator program and the opening of its first Centre for Blockchain Innovation.

Featured image from Shutterstock.

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