Blockchain Association Singapore (BAS) and tech industry association SGTech announced Tuesday they have signed a Memorandum of Understanding (MOU) to form a strategic partnership to collaborate on blockchain-related issues in Singapore.

Under the MOU, both parties will establish a deep partnership to bolster the local blockchain ecosystem through leveraging on each other’s networks on issues such as blockchain certification, talent, as well as furthering knowledge on the technology through the hosting of various conferences and events, both parties said in a statement.

“We are excited to collaborate with SGTech to work on solving blockchain-related issues as well as empowering the furtherment of blockchain-related knowledge. We believe that we can leverage each other’s vast experience and network to further foster a robust local blockchain ecosystem. As per the recent survey by KPMG, the majority of cryptocurrency and blockchain deals for Singapore in 2021 went towards software and underlying infrastructure. We are seeing this wave and we foresee blockchain to be a frontrunner in generating jobs in Singapore,” said Chia Hock Lai, Co-Chairman of BAS.

The BAS was established to facilitate collaboration between market participants and stakeholders in the Blockchain ecosystem. The Association is an effective platform for members to engage with multiple stakeholders to find solutions to issues and to promote best practices in a collaborative, open, and transparent manner.

“SGTech is thrilled to work with the Blockchain Association Singapore and its membership base to advance the adoption of emerging technology. Based on SGTech’s Annual Survey, there is a growing interest in blockchain applications among tech companies with blockchain technology identified as one of the key technologies of interest. As the largest community serving all companies on their technology adoption journey, SGTech aims to help businesses better understand the use cases of enterprise blockchain, find the right fit in the application that can improve their operations. With the acceleration in blockchain innovation, SGTech will further support businesses in strengthening their digital capabilities with enterprise blockchain solutions built on the pillar of trust,” said Wong Wai Meng, SGTech Chair.

With more than 1,000 member companies, SGTech is an industry association with a 40-year history serving technology companies in Singapore. The association aims to convene a technology ecosystem consisting of top multinational corporations, large local enterprises, vibrant small and medium enterprises, as well as the various policyholders, regulators, and stakeholders in order to drive Singapore’s tech sector to solve pressing issues such as sustainability. SGTech aims to position Singapore as a global node for digital and data, champion standards, policies, and products for digital trust while ensuring greater cybersecurity awareness and adoption.

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