IBM, Citibank Partner with Singapore Government-backed Blockchain Program 

Singapore government-backed blockchain, Tribe Accelerator announced new corporate partners for the second edition of its four-month program.

According to Straitstimes, a Singapore press holding report today, Tribe Accelerator was designed to enhance the growth of Singaporean blockchain firms, by bringing global corporations to help with their growth process. 

To align with its vision, Tribe Accelerator will be partnering with banking giant Citibank, tech giant IBM, and popular gaming developers Ubisoft to help participating startups market and scale their operations globally, beyond its current market – Singapore.  

Per the report, the second edition of Tribe Accelerator’s program would see the addition of various firms from different industries, including media, cybersecurity, healthcare, fintech, and supply-chain management.

Currently, the participating startups for the second edition of Tribe Accelerator are Binance-backed digital identity management firm Torus and SGInnovate-backed blockchain digital entitlements startup AID:Tech, among others.

Tribe Accelerator was launched in December 2018, and has since gotten widespread support from both public and private firms, such as government agency Enterprise Singapore, enterprise-focus blockchain startup R3.

“Tribe Accelerator has displayed its ability to solve real business problems in complex and highly regulated markets and has been able to identify tangible use-cases for blockchain,” Carl Wegner, managing director, and head of R3 Asia unit. 

The first edition of the Accelerator’s program was completed in July, featuring corporate partners, such as BMW Group Asia, Intel, among others while raising over S$16.8 million ($12.2 million) within three months on a global demo-tour across Singapore, Shanghai, Seoul, and San Francisco. 

Ng Yi Ming, the managing partner at Tribe Accelerator, was quoted as saying: 

The success of the inaugural batch surpassed our initial expectations by ensuring all parties are aligned with a common objective. It has greatly reduced information overlaps and made solution integration prompt.

Also, the first edition also integrated with Singapore’s GovTech OpenCerts platform, to help issue and validate academic certificates that are tamper-resistant. 

The Accelerator per the report is one of the initiatives launched by Tribe alongside OpenNodes and Tribe Code, to help tackle the problems associated with Singapore’s blockchain ecosystem. 

 In another development, IBM, in collaboration with six other firms planned on developing a supply chain management system via blockchain, to track the movement and storage of raw materials, and finished goods. 

Never miss out on our daily crypto news, stories, tips, and price analysis.  Join us on Twitter | Telegram | Facebook or subscribe to our weekly Newsletter