Fintech News: SGD 16.8 Million Raised for Blockchain Solutions Through Singapore’s Government Backed Blockchain Accelerator

Published in FinTech News Singapore, 4 Jul


Today, Tribe Accelerator, Singapore’s first government supported blockchain accelerator, held its first ever Demo Day at Facebook’s Asia-Pacific Headquarters in Singapore. The Demo Day is part of a global demo tour that will showcase the market-ready solutions developed by Tribe’s participating companies.

Singapore’s demo day kickstarts a 2-week showcase across 4 major hubs across the world to demo their blockchain solutions. With the focus of developing blockchain solutions that can transform Smart Cities of the future, the batch one cohort will be exhibiting a diverse portfolio of use cases from verticals such as mobility and supply chain, data communications, fintech, insurtech and energy and sustainability.

The Global Demo Tour will gather key stakeholders and leaders from global corporates, blockchain companies, government agencies, as well as known investors.

More demo days will also be held in Shanghai, Seoul and San Francisco.

Tribe Accelerator has also facilitated the fundraising of SGD $16.8 million for its participating companies through its ecosystem of corporate and investor partners. Tribe thinks this is “unprecedented for a blockchain accelerator”, with more regional investments in the pipeline.

“Building a collaborative platform for corporations, government agencies and innovators to come together and solve real everyday problems, is the core objective of Tribe Accelerator. Our participants demonstrate that they have real market-ready solutions, and the market is responding with the quality and number of partnerships and investments channeled. People are genuinely eager for more everyday uses of blockchain and this is reflected in the uptake of regional investments, and corporate partners that are coming onboard in the months ahead.” Said Ng Yi Ming, Managing Partner of Tribe Accelerator.

 

Among the first cohort of 10 participating companies showcasing market-ready solutions, one of Tribe’s highlights includes is design studio Mighty Jaxx. With an international fanbase spanning over 5 million users, Mighty Jaxx will showcase its Govtech OpenCert capabilities with embedded chips in their limited-edition collectibles. Buyers can verify the authenticity of their limited edition Mighty Jaxx collectibles, with production details recorded on blockchain. Transfer of digital ownerships for collectibles are also on the blockchain.

Another project highlighted by Tribe is the online platform Quotz, by sgCarMart, a Singaporean online car marketplace. sgCarMart is one of the nation’s second-hand car sellers, and it will introduce blockchain technology to its online car auction platform, Quotz, which can register the service history of vehicles in a digital maintenance book.

The goal is to offer a reliable common reference data log when negotiating their transactions, and is one of the many solutions in the market now aiming to do the same. It will help both parties work out fairer valuations of second-hand vehicles as the common reference data log records information and is untampered.

Additionally, Halal supply-chain solution company, WhatsHalal, will be introducing the next stage of its mobile app, allowing consumers to use their mobile phones to scan the validity of Halal-certified products for cross-referencing.

WhatsHalal is also partnering Indonesia’s state-owned products testing, analysis, and audit company, Sucofindo, one of the largest Halal auditors. This reflects the growing demand in the international Halal markets for such everyday practical solutions.

Pioneering smart-asset company, Digix, will also be showcasing the business-use case for authenticating and securing investment-grade gold bullion through blockchain. Retail investors benefit with the added accessibility of purchasing gold digitally and knowing that the physical equivalents are safely secured in Digix’s physical vaults.

These are just four examples amongst the other innovative products and services that will be unveiled on Tribe’s Demo Day in Singapore. Tribe Accelerator, supported by Singapore’s government, wants to become a neutral platform in driving the collaboration and growth of the blockchain ecosystem. Tribe Accelerator is a product-development focused accelerator. Tribe Accelerator’s official partners include Enterprise Singapore, BMW Group Asia, ConsenSys, IBM, Intel, Nielsen, PwC and R3 amongst others.