On July 14 an announcement was made stating that the SFA said that startups would receive support from R3’s Venture Development program.
This will provide a gateway into R3’s ecosystem for all pre-series A companies that are building on Corda.
Corda is an open-source enterprise blockchain platform that is used by an expanding network of over 350 participants who build distributed applications (CorDapp) on the platform.
This includes wide range of industries, such as financial services, insurance and healthcare, etc.
Access to the Corda blockchain platform is expected to provide the SFA startups with opportunities such as:
- Reduce costs
- Generate new revenue streams
- Reshape domestic and international markets
Moreover, the R3 Venture Development Program will provide participants with access to:
- Community events
- Mentorship from industry members
- Forging relationships with investors
The SFA also stated that its partnership with R3 is part of the association’s long-term commitment to Singapore’s blockchain ecosystem.
SFA President Mr. Chia Hock Lai said:
“This type of collaboration between organizations with the purpose of supporting early stage blockchain companies in their venture journey is what SFA seeks in order to create a stronger, inclusive FinTech ecosystem.”
Before its collaboration with R3, the SFA had established partnerships with:
- IMDA’s OpenNodes initiative
- Tribe Accelerator
The SFA also took part in Singapore Blockchain Week, a government-supported virtual blockchain event that was conducted June that gathered together over 5000 participants.