Blockchain

Singapore Launches Blockchain Centre to Help Small and Medium-Sized Firms

Rick D. | July 10, 2018 | 8:00 pm
Singapore
Blockchain

Singapore Launches Blockchain Centre to Help Small and Medium-Sized Firms

Rick D. | July 10, 2018 | 8:00 pm

A Singapore-based fintech startup has launched a massive blockchain centre to help small and medium-sized businesses in a number of industries. The six-story construction is located at Serangoon North.

New Singapore Blockchain Centre to Provide Various Services to Small and Medium-Sized Businesses

The new blockchain centre will be known as The Blockchain Technology Creatanium Centre (BTCC). It has been created by PLMP Fintech. The BTCC is hoping to provide various blockchain-based services for small and medium-sized businesses wanting to get started using the technological breakthrough.

PLMP Fintech’s co-founder and chief strategy officer, Peter Lim, told local news publication Channel Asia Singapore about what he hopes the BTCC will achieve:

“Having a successful business is all about building efficiencies and getting a suitable product or service as quickly as possible to the end user… Blockchain gives us that ability to scale and at much lower costs.”

Lim went on to state that blockchain can give traceability, accountability, and additional trust to various business operations. This, he believes, will reduce inefficiencies and create opportunities for companies to save money. These savings can then be passed onto customers.

He also told the publication that he believes that Singapore’s small and medium-sized enterprises will find blockchain to be a “crucial mechanism” for realising their aspirations of competing on the global level.

Channel Asia Singapore cite that these smaller and medium-sized companies currently contribute around half of the Singapore economy’s GDP and are responsible for employing around two-thirds of the entire workforce.

Lim continued:

“With the BTCC, we aim to educate Singapore businesses and provide them with a wider ecosystem that supports their activities on the blockchain… As a Singaporean entrepreneur, I want to see my fellow business owners succeed.”

Later in 2018, there are plans to include a blockchain research and development centre at the BTCC. It’s expected that this addition will occupy an entire floor of the six-story structure.

In addition, there are also hopes to launch an over-the-counter (OTC) exchange in the building, as well as a tech support centre and cryptocurrency mining farm.

PLMP Fintech are also hoping to launch their own cryptocurrency wallet within the next twelve months, as well as a point of sale system for digital currencies. This latter addition is expected to be launched at some point during Q1 of 2019.

Not only that, but PLMP Fintech are hoping to provide courses in blockchain education at the new facility. These are thought to include topics such as security, regulations, and compliance.

Similar centres to the one in Singapore are also being planned for Thailand and Indonesia.

With the launch of the BTCC, it looks like 2018 is going to be an exciting year for the blockchain industry in Signapore. Along with the new facility dedicated to all things blockchain, the Suntec Singapore Convention & Exhibition Centre is due to play host to the Crypto EXPO Asia Forum in October.

Featured image from Shutterstock.
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