Singapore-based advisory company PLMP Fintech launched a blockchain center in the city-state to help SMEs get access to the emerging industry.
PLMP Fintech, an advisory firm based in Singapore, launched a blockchain center to support small and medium-sized enterprises (SMEs) integrate into the blockchain ecosystem across multiple market sectors. The Blockchain Technology Creatanium Centre (BTCC) is in a six-story building located in Serangoon North, Singapore. Besides helping SMEs make their first steps into the blockchain world, the center will offer education and development services.
Peter Lim, co-founder of PLMP Fintech, told Singapore media:
“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.”
“We can add a level of trust, accountability, and traceability to the business process, enabling efficiencies and savings that can be used to grow the business or passed on to the end user,” he added.
He noted that distributed ledger technology (DLT), as blockchain is also called, was an essential tool for local SMEs as it helps them keep competitive at a global level. As of today, SMEs hire about 65% of Singapore’s workforce and contribute about $197 million to the city-state’s economy, which represents nearly half of the GDP value-added.
BTCC (not to be confused with BTC China) will see a blockchain development and research center launched in September of this year, which will occupy an entire floor. Also, the center will include an OTC exchange, a technical support center and a mining farm. Lim revealed that the team was working to develop a crypto wallet, which is expected to be ready within a year.
PLMP Fintech will organize educational courses in collaboration with Singaporean blockchain and business talents. The sessions will touch upon a variety of topics, such as blockchain features, regulation, and blockchain and initial coin offerings (ICOs) in the context of Singapore.
In the future, Indonesia and Thailand might see similar blockchain centers.
Last year, Prudential Singapore and StarHub partnered to launch a blockchain-based trading platform aimed at SMEs. Cites Gestion is responsible with the development of the platform, which was planned to go live early in 2018. However, no launch announcement has appeared yet.