Tribe Accelerator Helps Raise Another S$21.5 Million to Power Market-Ready Blockchain Innovations

Asia Blockchain Review
December 5, 2019
  • A total of S$38.3 Million has been secured to support Batch I and II of its startups from around the world in solving real-world problems with blockchain technology. 
  • The second edition of the Global Demo Tour will reveal 9 new blockchain- enabled ideas across arenas of social welfare, data security, supply chain, and more.
  • To support global expansion, Tribe signed an MoU with Dubai International Financial Centre (DIFC) FinTech Hive, the largest financial technology accelerator in the Middle East, at the Singapore Fintech Festival X SWITCH 2019.

Singapore, 2 December 2019 – Tribe Accelerator (“Tribe”), Singapore’s first government-supported blockchain accelerator, has facilitated the fundraising of S$21.5 million for its participating companies through its ecosystem of corporate and investor partners. With the support of Enterprise Singapore, the pioneering blockchain accelerator has set its eyes on powering the evolution of blockchain technology and its applications across the globe by boosting collaboration and idea exchange as we step into 2020. 

The announcement was made on the first Demo Day of the Tribe Global Demo Tour for its second batch of participating companies in Singapore today. Aside from Singapore, the demo days are also being held in Dubai, Shanghai, and Abu Dhabi. Tribe Accelerator’s Global Demo Tour marks the final phase of the accelerator programme, whereby its portfolio companies travel across major innovation hubs around the world to showcase their blockchain solutions to some of the world’s most dynamic innovators. 

“Another successful round of fundraising underscores the relevance of blockchain technology in solving real-world problems. 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 with transformative innovations, that can change the face of the blockchain industry and benefit the end-user – making the technology more mainstream,” said Mr. Ng Yi Ming, Managing Partner of Tribe Accelerator. 

“We are increasingly seeing more real-life use cases of blockchain technology across different industries. At SGInnovate, we are focused 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 very promising startups through investments and venture building efforts. We trust this would help them in furthering their goals to commercialise their products and ‘move the needle’ on a larger scale,” said Hsien- Hui Tong, Head of Venture Investing, SGInnovate. 

Blockchain Innovators to Showcase Practical, Unique Solutions at the Second Edition of Global Demo Tour 

Among the second cohort of 9 participating companies showcasing market-ready solutions is Affle, AID:Tech, Aqilliz, Bluzelle, Dimuto, Eximchain, Pilab, Torus, and WhiteCoat. 

With ground-breaking applications of technologies and disruptive ideas, these companies from around the globe seek to improve quality of life and address issues across social welfare programs, digital retail, data privacy, supply chain, cybersecurity, and on-demand healthcare services. 

Fostering Trust in Social Welfare Programs Through Traceable Donations 

Tackling the issue of fraud in public spending, one of the participating companies’ AID:Tech’s goal is to empower enterprises by offering solutions for aid and social welfare programs – a forerunner in this field. It offers an interoperable decentralised digital ID protocol for end-users that enables these entitlements such as remittances, donations, and healthcare to be digitised and delivered through blockchain technology in a transparent manner. Recently, the Dublin-headquartered startup partnered with Women’s World Banking and Binance Charity Foundation to design a new technology platform to expand microinsurance to two million women. 

Enhancing Supply Chain Transparency in the Agro-Food Industry 

By integrating blockchain technology into its services, DiMuto, a Trade Solutions Platform, 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. For instance, traders can access data stored on the blockchain to track fruits, which are tagged with a unique QR code, that are being transported along the supply chain. Leveraging Tribe’s collaboration with IBM, DiMuto is scaling up technical capabilities of its own platform-agnostic technology, which will allow for its seamless integration into IBM’s blockchain food safety solution – the IBM Food Trust. This will make it easy for DiMuto’s customers to onboard the Institute of Food Technologists and share trade documents with suppliers and major retailers around the world. 

Protecting Medical Data and Enabling Patient Verification through Blockchain 

Another company breaking traditional operational boundaries in the healthcare industry is WhiteCoat, a leading digital healthcare provider offering on-demand telehealth services in Singapore. It is currently offering a simple, seamless, and end-to-end healthcare service, ranging from diagnosis, treatment and medical referrals to the delivery of medication anywhere in Singapore facilitated through its proprietary WhiteCoat app. Whitecoat aims to develop blockchain and integrate the technology into its operations to enhance the verification of patient identity and prevent exposure of medical records in the event of a cybersecurity breach. The digital healthcare provider has recently partnered Grab to bolster its medication delivery services via GrabExpress, as well as AIA to provide on-demand telemedicine services to the customers of AIA’s Integrated Shield plan. 

Government Support Paves Way to Inclusive Global Blockchain Ecosystem 

To build a worldwide collaborative ecosystem, Tribe is focusing on driving government partnerships with countries that are keen on leveraging futuristic technology for economic development across the globe. 

At the Singapore Fintech Festival X SWITCH 2019, Tribe signed MoU with Dubai International Financial Centre (DIFC) FinTech Hive, the largest financial technology accelerator in the Middle East, that gives Tribe access to a new pool of innovators, investors, and corporate partners. Tribe also launched at the event OpenNodes, a hyperconnected blockchain ecosystem platform in association with the Infocomm Media Development Authority (IMDA)

“After a successful first global demo tour, as we embark on the second one, the sheer optimism of the participating companies, investors and corporate partners is highly encouraging for us. While we gathered considerable momentum with robust corporate partnerships earlier this year, going forward we will have a razor-sharp focus on enabling global government partnerships which is a must to fuel-up the current ecosystem,” Yi Ming further stated. 

“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.”


About Tribe 

Tribe is Singapore’s first government-supported platform in driving neutrality, collaboration, and growth of the blockchain ecosystem, comprising of OpenNodes, Tribe Accelerator, and Tribe Code. Tribe Accelerator is a hyperconnected product development-focused accelerator. The accelerator works closely with global corporations, government agencies, top-tier blockchain companies, and late-stage startups to facilitate relevant, innovative blockchain use-cases to tackle real-world problems. Tribe Accelerator’s official partners include Enterprise Singapore, BMW Group Asia, ConsenSys, IBM, Intel, Nielsen, PwC, R3, and Temasek amongst others. For more information on Tribe Accelerator, please proceed to https://tribeaccelerator.co/ 


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