Wanxiang Blockchain Announces its Blockchain and FinTech Plans in JTC’s Punggol Digital District

July 28, 2021

At the inaugural PDD: Connecting Smartness event today, JTC – a government agency under Singapore’s Ministry of Trade and Industry, officially announced its partnership with Wanxiang Blockchain, a China-based blockchain technology pioneer, to test-bed new use-cases for emerging technologies like blockchain, IoT, AI, 5G and more at JTC’s Punggol Digital District in Singapore.

Blockchain is a closely watched technology that is playing an increasingly vital role in developing a vibrant digital economy and, eventually, building a well-functioning smart city. For instance, the use of blockchain technology will help with thorough and effective 3D city planning, enabling a forward-looking digital city by integrating the physical world, data and communication infrastructure in a holistic and evolving urban planning canvas.

Alongside with IoT, AI, and other adjacent technologies, blockchain also helps establish an advanced energy, governance and distributed commerce infrastructure that enables smart administration, meet carbon neutrality objectives, and foster a vibrant urban economy. More importantly, blockchain innovation and the distributed logic it represents will help smart cities to develop resilience in a world of climate change and pandemics.

Wanxiang Blockchain, part of China Wanxiang Holding, is a pioneer of Blockchain technology that aims to build a vibrant blockchain ecosystem with investment and entrepreneurship empowerment on the one hand, and providing technology and innovative solutions on the other. It aims to promote the continued development and industry applications of blockchain. Its paid-in investments in blockchain have exceeded 1 billion RMB to date, through over 200 world-class projects globally.

Leveraging its technological capabilities and business resources, Wanxiang Blockchain has stepped up in-depth, all-round cooperation with partners in Singapore. It has worked with the Infocomm Media Development Authority (“IMDA”) to co-develop blockchain-based financial solutions for cross-border trade and finance, and has managed to deploy its Supply Chain Finance Platform onto TradeTrust. Wanxiang Blockchain is committed to sharing its experience with blockchain technology with local partners in Singapore, joining forces to develop blockchain-based solutions for digital cities, cross-border trade, supply chain finance, etc.

Wanxiang Blockchain is part of a Wanxiang ecosystem of affiliated blockchain and FinTech companies that will be expanding their operations in Singapore. Grouped under “The Digital Lab” by Wanxiang, it is committed to building a strong talent pipeline for the digital community to leverage on. For example, partnerships with local start-up accelerators in Singapore will be developed for the Punggol Digital District Blockchain Makerspace and Incubator Programme to support and help students as well as early-stage startups to address data privacy issues and strengthen capabilities in data management. In addition, in partnership with local training provider AGB Education Centre in Singapore, a skills training programme named “Punggol Digital District Digital Skills 4.0” will be launched that will focus on developing the skillsets of mid-career professionals and offer certifications in areas such as blockchain, cybersecurity, robotic process automation, digital marketing, and emerging technologies like 5G, AI and cloud computing.

Wanxiang shares JTC’s vision to develop Punggol Digital District as Asia’s smart district and epicentre for the growing digital sectors in the region. With an ecosystem of government agencies, academia and industry experts, the district can be a hotbed for digital talent and skills development and will create new opportunities for the digital economy as well as sought-after digital economy jobs.

As a living lab for test-bedding of technological innovation and smart living, there is much potential for the cross-pollination of ideas between JTC’s Punggol Digital District project and Wanxiang’s various Smart City projects in China. There will be more opportunities for Wanxiang to gradually expand its business in Singapore, facilitating the exchange of intellectual and human capital between the two countries.