Tribe Accelerator (“Tribe”), Singapore’s government-supported blockchain accelerator has facilitated the fundraising of S$21.5 million (US$15.7 million) for its participating companies through its ecosystem of corporate and investor partners.
Enterprise Singapore also supports the fundraising, further signaling a total backing on the evolution of blockchain technology and its applications through collaboration and exchange of ideas entering 2020.
At the Singapore Fintech Festival X SWITCH 2019, Tribe also signed MoU with Dubai International Financial Centre (DIFC) FinTech Hive, the largest financial technology accelerator in the Middle East. The move gives Tribe access to a new pool of innovators, investors, and corporate partners.
Tribe also launched OpenNodes, a hyperconnected blockchain ecosystem platform in association with the Infocomm Media Development Authority (IMDA).
The fund itself was announced on the first Demo Day of the Tribe Global Demo Tour for its second batch of participating companies in Singapore today. Besides Singapore, the demo days are also being held in Dubai, Shanghai, and Abu Dhabi.
Also Read: In Photos: The launch of blockchain focussed Tribe Accelerator
Tribe Accelerator’s Global Demo Tour is the final phase of the accelerator programme, whereby its portfolio companies are set to showcase their blockchain solutions to chosen innovators present.
“Every idea or solution shared during the Demo day has the potential to revolutionise the way the linked industry works in the present. We will continue to harbour companies that can change the face of the blockchain industry and benefit the end-user – making the technology more mainstream,” said Ng Yi Ming, Managing Partner of Tribe Accelerator.
“At SGInnovate, we are focussed on helping entrepreneurial scientists build Deep Tech startups that can make a positive impact globally. This partnership with Tribe allows us to get closer to the action and support some promising startups through investments and venture building efforts to commercialise their products on a larger scale,” said Hsien-Hui Tong, Head of Venture Investing, SGInnovate.
Among the second cohort of 9 participating companies showcasing market-ready solutions is Affle, AID:Tech, Aqilliz, Bluzelle, DiMuto, Eximchain, Pilab, Torus, and WhiteCoat.
Dublin-headquartered AID:Tech, one of the participating companies, seeks to tackle the issue of fraud in public spending by offering solutions for aid and social welfare programs in the form of an interoperable decentralised digital ID protocol for end-users. It enables entitlements such as remittances, donations, and healthcare to be digitised and delivered through blockchain technology in a transparent manner.
Meanwhile, DiMuto integrates blockchain technology into its services, offering what it’s called a Trade Solutions Platform. It aims to help businesses gain greater visibility in the supply chain to reduce inefficient trade dispute settlement processes and enhance access to the global market.
Another company is WhiteCoat, a digital healthcare provider offering on-demand telehealth services in Singapore. It is currently offering an end-to-end, blockchain-integrated healthcare service, ranging from diagnosis, treatment, medical referrals to the delivery of medication in Singapore facilitated through its application, WhiteCoat app.
The blockchain integration in Whitecoat aims to enhance the verification of patient identity and prevent exposure of medical records in the event of a cybersecurity breach.
Also Read: Blockchain accelerator TRIBE introduces OpenNodes to build an innovation melting pot
Tribe said that it is focussing on driving government partnerships with countries that are keen on leveraging futuristic technology for economic development across the globe. The main mission is to build a world-wide collaborative ecosystem.
“Going forward we will focus on enabling global government partnerships which is a must to fuel-up the current ecosystem. One of our goals is to drive the adoption of blockchain at a national level as countries like Singapore pursue their Smart Nation ambition. Mighty Jaxx, one of our participating companies from Batch I is already supporting OpenCerts, a government initiative in Singapore, that enables the issue and validation of tamper-resistant digital certificates,” Yi Ming closed.
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