PLMP Fintech has launched a six-story blockchain centre at Serangoon North, focused on accelerating the blockchain ecosystem for Singapore small and medium-sized enterprises (SMEs) across various industries.
The Blockchain Technology Creatanium Centre (BTCC) will not just incubate SMEs but also provide education and development as well as house a blockchain and ICO ecosystem.
"Having a successful business is all about building efficiencies and getting a suitable product or service as quickly as possible to the end user,” said Peter Lim, co-founder and chief strategy officer at PLMP Fintech. “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."
Lim further described blockchain as a "crucial mechanism" for Singapore SMEs, allowing businesses to compete on a global level and increase efficiencies in operations and funding.
Currently, SMEs contribute approximately $196.8 billion, almost half of GDP value-add, to the Singapore economy and hire 65 per cent of the workforce.
"With the BTCC, we aim to educate Singapore businesses and provide them with a wider ecosystem that supports their activities on the blockchain,” said Lim. "As a Singaporean entrepreneur, I want to see my fellow business owners succeed."
Furthermore, a planned blockchain development and research centre is set to open in September 2018 occupying a single floor of the BTCC.
The BTCC will also include an over-the-counter crypto exchange centre, a technical support centre and a rig-mining farm.
PLMP Fintech - a Singapore-based advisory firm - also clarifies that a crypto wallet is in the works and will be available within a year as well as a crypto retail point-of-sale (POS) system planned for Q1 2019, facilitating the real-world use of blockchain technology and tokens generated by blockchain-based businesses to improve business processes.
Educational courses will also be organised by PLMP Fintech in partnership with Singapore-based blockchain and business experts targeted at levelling up capabilities in the rapidly growing field, covering such topics as financial technology and blockchain security, and the regulatory and compliance landscape for blockchain and ICOs in Singapore.
Similar centres are planned for Indonesia and Thailand.
Since its founding in November 2017, PLMP Fintech has raised US$11 million from private investors and employs 35 people in Singapore, with plans to grow to 100 by the end of 2018.
The advisory currently incubates eight SMEs with plans to incubate at least 10 Singapore SMEs per quarter.
“Blockchain is set to be another game changer, with SMEs who can tap on its benefits having the opportunity to grow exponentially and leapfrog in capabilities,” said Lim. “However, all businesses have to make business sense, and not just use technologies for the sake of it."