Singapore

Singapore Banking Industry Looks to Fintech & Blockchain

The Singapore banking industry is hot for fintech and blockchain technology. The United Overseas Bank (UOB) recently had its accelerator program FinLab on August 3, which included participating in financial technology solutions and “smart contracts as a service.”

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Singapore Bank Mentors a Blockchain-Based Smart Contract Project

shutterstock_374291458The Singaporean multinational banking organization UOB held its inaugural program that is focused on the financial sector. Nine startups were selected, including Attores, CardUp, FinMitra, FinReg, Nickel, SsinoConnect, Stock2Day, Tuple, and Turnkey Lender. One particular project is a blockchain proof-of-concept by Attores, who’s building a platform that  “simplifies the creation, deployment, and execution of smart contracts on blockchains.”

The company is working on a repository of smart contracts and an application that secures the self-executed agreements. Recently, the startup has been making headlines in the Singapore publication the TheStraightTimes about hot trends in banking. The project is led by David Moskowitz, CEO Co-Founder who founded the Singaporean Bitcoin exchange Coin Republic in 2013. In the UOB accelerator program, the team gets provided with funding and mentorship. Moskowitz told the Singapore news outlet:

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.

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CEO of Attores, David Moskowitz on CNBC

Attores is working on a proof-of-concept model that is blockchain agnostic and could help finance institutions improve efficiency. Mentors in the program are also advising the company on its specific goals and investment strategy.

The startup’s blockchain system is aimed at streamlining trade finance in contrast to the vast amounts of paperwork that applies to goods imported and exported. Moskowitz and co-founder Gaurang Torvekar say they felt they would “stand out” by being a blockchain based company among all the fintech entrants.       

Banks like UOB are highly interested in the innovations these startups have to offer. Other financial institutions involved in R&D programs in Singapore include the Oversea-Chinese Banking Corporation (OCBC) and Infocomm Investments, a development authority subsidiary.

What do you think about the Singapore Banks investing in Fintech and blockchain technology startups? Let us know in the comments below.


Images courtesy of OCB, Attores Websites, Pixabay