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Press Release

ConsenSys Publishes Singapore Blockchain Ecosystem Report

Released at the 2019 Singapore FinTech Festival (SFF), the Report highlights growth opportunities in a market where potential spend could reach US$2 billion by 2030.
by ConsenSysNovember 12, 2019
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Singapore  — ConsenSys today released the Singapore Blockchain Ecosystem Report at the 2019 Singapore FinTech Festival. The report was researched and delivered with support from the Infocomm Media Development Authority (IMDA), the Monetary Authority of Singapore (MAS), and Temasek, and is the first joint public-private review of the fast-growing technology sector in Singapore. 

Joseph Lubin, founder of ConsenSys and co-creator of Ethereum, announced the availability of the report on stage at the festival, as he presented his views on the opportunities for wider blockchain adoption and growth, after surveying the state of the local ecosystem and key capabilities across various industries.

“We are pleased to collaborate with industry and government agencies to develop the Singapore Blockchain Ecosystem 2019 report that highlights exciting opportunities in Singapore’s Digital Economy. In fostering innovation and collaboration within Singapore’s blockchain community, IMDA has already taken the first steps with the development of OpenNodes to bring together stakeholders within the blockchain ecosystem into an engagement platform. To further spur vibrancy in Singapore’s blockchain ecosystem, IMDA is also launching the Blockchain Challenge featuring themes from Government and industry-led efforts  to grow and connect blockchain business networks. We look forward to seeing greater growth and innovations within the community,” commented Mr Philip Heah, Assistant Chief Executive, Technology & Infrastructure Group, IMDA.

Singapore’s blockchain market spending has the potential to reach between US$1.9 billion to US$2.6 billion by 2030, according to a separate finding by the IMDA. Presently there are over 500 companies and entities with blockchain as their primary business or significantly engaging in distributed technology. Six use cases across varying industries and stages of maturity are profiled in the report to provide a fuller picture of the ecosystem. They include capital market, art and collectibles, and digital credentials attestation. 

Mr Chia Song Hwee, President & Chief Operating Officer, Temasek said, “Blockchain technology has great potential in transforming businesses and opening up new business opportunities. As part of our journey to better understand its impact and value, we have embarked on various collaborations with government agencies and companies to further explore and advance the use of blockchain technology. Showcasing various industry efforts by key players to develop the space through this report is one step towards highlighting the vibrancy of the ecosystem here in Singapore. There are many developments in the space that excite us – we look forward to more opportunities to contribute to Singapore’s pioneering efforts to lead in the blockchain space.”

Mr Joseph Lubin, founder of ConsenSys and co-creator of Ethereum commented, “The emergence of local and global connected, cooperative ecosystems is essential to reap the benefits of blockchain — where more public-private partnerships can arise due to shared IT infrastructure and management. The Singapore Blockchain Ecosystem Report is a tangible body of knowledge that we hope will inspire local and international partners as markets seek increasingly sophisticated ways to deploy financial services and technologies on both sufficiently decentralized private networks as well as the maximally decentralized public mainnet infrastructure.”

“Blockchain can bring an automatic objective trust foundation to cooperation networks involving nation states and international corporations promoting healthy robust interdependency. From collaborating on Project Ubin, to building 1exchange, and enabling cross-border digital payments, ConsenSys has been deeply engaged in the forward-looking Singapore market and we are pleased to deliver this publication in partnership with Temasek, IMDA and MAS,” he continued.

Mr Sopnendu Mohanty, Chief FinTech Officer, MAS, added, “The Singapore Blockchain Ecosystem 2019 highlights the confluence of blockchain activities in Singapore, and we are excited that the combined efforts of MAS, IMDA and the blockchain ecosystem have advanced the use of blockchain technology across sectors and in wide-ranging use-cases. Financial services are closely linked to all other business activities in the broader economy, and the use of blockchain technology in other sectors creates new opportunities for the financial industry, especially in the areas of payments and financing.” 

Please refer to the report for full details. The report can be downloaded at: 

About ConsenSys

ConsenSys is a blockchain company dedicated to transforming the world’s digital architecture into a more open, inclusive, and secure internet of value, commonly called Web3. Through our unique dual focus on both public and private Ethereum applications and implementations, ConsenSys builds software to help individuals, enterprises, and governments unlock new business models, gain efficiencies through a shared IT infrastructure, and utilize modern cryptographic methods to safeguard private user data. With our global business comprised of product teams, a venture fund and startup incubator, Enterprise Ethereum consulting arm, and an educational Academy, ConsenSys is building for the decentralized future.

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