Singapore’s first government-supported blockchain accelerator Tribe announced that its participating startups have raised a total of $70 million in funding, thereby leveraging its ecosystem of global investor partners.
Tribe’s notable investor partners include HSBC, Enterprise Singapore, IMDA, BMW Group Asia, IBM, Intel, PwC and Temasek with global pharmaceutical firm Pfizer being the latest to join the network.
Bei Goh, Digital Client Partner Lead Emerging Markets Asia, Pfizer said, “There is huge potential for blockchain in the pharmaceutical sector, from the tracking and authenticating of vaccines and medicines to making supply chains more efficient.”
Being part of the Tribe ecosystem gives Pfizer access to promising blockchain and other deep tech startups as well as insights into the latest trends across the industry, added Goh.
Tribe has also revealed a new strategic investment from Seoul-headquartered Korea Investment Partners (KIP), Mandiri Investment Management Singapore, Greg Kidd and Hong Kong-based Stellar Partners, to expand into new markets and grow its blockchain ecosystem.
This marks KIP’s first direct investment in Singapore – the ventured capitalist has $3 billion in AUM and its portfolio includes global companies such as eToro, KakaoMobility, Naver and GushCloud.
“We are supporting a range of cutting-edge blockchain startups from around the world, with a total valuation of over $1 billion, that are solving global problems from food security to medicine deliveries. We are also supporting education efforts, opening access to education for underprivileged students and bridging the talent gap in the blockchain space,” said Yi Ming Ng, CEO at Tribe.
A notable startup that has benefited from Tribe’s programme is Accredify, which has developed a blockchain-based digital health passport that allows users to conveniently access and store test results via mobile app for travel declaration.
Accredify has partnered with 80 labs and 440 clinics across Asia, providing tamper-proof cryptographic protection for medical documents, allowing immigration officials to immediately verify and authenticate test results, facilitating travel between countries.
Another Tribe-supported startup AID:Tech uses blockchain technology to provide a legal digital identity to those without more traditional documentation, giving vulnerable populations a way to prove their identity when they go to vote, open a bank account, or access healthcare.
Currently, AID:Tech is working with Women’s World Banking to offer microinsurance to 2 million uninsured and underinsured women in more than 10 emerging markets.
Blockchain-driven ride-hailing app TADA was “able to successfully launch and grow from a Singaporean blockchain accelerator to a global network” after leveraging on Tribe’s network of investors and partners, according to their global manager Jonathan Chua.
Since 2018, Tribe has worked closely with global corporations, government agencies, top-tier blockchain companies, and late-stage startups to build a community that promotes blockchain collaborations and innovations in Singapore.
Through the added support from Indonesia, South Korea, USA, Hong Kong investors, Tribe will continue to widen its global reach and drive collaboration across industries and governments to enable more market-ready blockchain solutions to global problems.
