ASEAN BLOCKCHAIN CONSORTIUM FORMED TO COLLABORATE ON DIGITAL ASSETS AND ENTERPRISE BLOCKCHAIN, STRENGTHENING CROSS-BORDER RELATIONSHIP

  • Memorandum of Understanding inked at virtual event organised by Blockchain Association Singapore
  • Areas of collaboration includes exchange of knowledge and experience on regulations, education and best industry practices

Singapore, 22 April 2021 – Asosiasi Blockchain Indonesia (ABI), Blockchain Association Singapore (BAS), Distributed Ledger Technology Association of the Philippines (DLTAP), Labuan International Business and Financial Centre (Labuan IBFC), Thailand Digital Asset Operators Trade Association (TDO) and Blockchain Australia (BA) announced today the signing of a Memorandum of Understanding (MOU) to form the ASEAN Blockchain Consortium (ABC) in order to foster and strengthen cross-border relationships in promoting blockchain technology. The digital signing ceremony was backed by Dedoco, a blockchain-based digital signing platform.

This marks the first collaboration between Blockchain organisations across ASEAN and Australia to drive blockchain education, share knowledge on digital assets development and promote adoption of blockchain technology across ASEAN and Australia.

The MOU was signed at a virtual event organised by BAS yesterday, witnessed by Mr Edi Prio Pambudi, Senior Advisor to the Coordinating Minister for Economic Affairs (Indonesia), and Mr Sopnendu Mohanty, Chief FinTech Officer, Monetary Authority of Singapore (MAS). In attendance were Mr Chia Hock Lai, Co-Chairman of BAS; Mr Muhammad Deivito Dunggio, Chairman of ABI; Mr Justo A Ortiz, Chairman of DLTAP; Ms Farah Jaafar-Crossby, CEO of Labuan IBFC; Mr Peeradej Tanruangporn, President of TDO, and Mr Steve Vallas, CEO of BA. Following the virtual signing, a webinar titled “ASEAN Blockchain: Opportunities and Challenges” was held to discuss the industry trends in blockchain within ASEAN.

All six signatories of the MOU share a common objective and goal to serve public interest in the realm of Blockchain technology. This MOU aims to further elevate the cooperation amongst the six organisations to bring the industry to greater heights, through their contribution to the development of the Blockchain and Digital Assets industry. The organisations will work closely to raise awareness and increase adoption of the use of Blockchain technology. They will also engage with regulators to ensure the legal compliance of regulations are set out accordingly.

Over the past few months, BAS has proactively engaged various stakeholders and conducted education programmes such as the Blockchain Talent Programme with Singapore Polytechnic to educate and foster talent in Blockchain. BAS, together with Elliptic Singapore and Global FinTech Institute, will also be launching a digital assets compliance training programme in Q3 2021 to raise the level of professional competency in handling compliance of digital assets in the region.

QUOTES

Mr Edi Prio Pambudi, Senior Advisor to the Coordinating Minister for Economic Affairs (Indonesia), commented, “Digital connectivity is an urgent matter during the occurring pandemic to keep the business running. Then, it is the opportunity for blockchain to reimagine digital connectivity with advanced adaptations.”

Mr Chia Hock Lai, Co-chairman at BAS, said, “The growth in the digital assets and blockchain industry is tremendous and BAS is proud to collaborate with our ASEAN and Australia counterparts to further support the growth of the industry in a healthy and sustainable pace, while providing ample room for innovation.”

Mr Muhammad Deivito Dunggio, Chairman of ABI, commented, “the rise of blockchain technology in the world is inevitable, Indonesia as the highest rate of digital adoption will be at the frontline, the MOU could be the starting point of the new technological advancement in blockchain industry.”

Mr Justo A Ortiz, Chairman of DLTAP, said, “The MOU will allow us to share our experience and learn from other consortium members especially on the use of blockchain as a governance tool to eliminate non-value-added costs associated with trust in transactions among self-interested parties. We look forward to the collaboration and support the growth of the industry in ASEAN and Australia.”

Ms Farah Jaafar-Crossby, CEO at Labuan IBFC, commented, “As a jurisdiction that is digital friendly, we believe that the promise of distributed ledger technology is only at its infancy, especially within the context of financial intermediation and inclusion. Hence, Labuan IBFC is keen to encourage its adoption and growth across the region, and believe that the MOU is a fantastic start towards this aim.”

Mr Peeradej Tanruangporn, President of TDO, said, “We are eager to learn from the experience of other associations. The MOU serves as a milestone toward exciting possible international collaborations that we could see in the future.”

Mr Steve Vallas, CEO of BA, said, “The creation of international partnerships and cross border regulatory dialogue is a cornerstone element in the advancement of the Blockchain and DLT ecosystem.

Blockchain Australia is honoured to play a part in the development of the Blockchain industry with our ASEAN neighbors. The MOU will foster stronger alignment and opportunities for all participant nations.”

END

About Blockchain Association Singapore

The Blockchain Association Singapore (BAS) seeks to empower its members and the community to leverage blockchain and scalable technologies for business growth and transformation. The Association is designed to be an effective platform for members to engage with multiple stakeholders – both regional and international – to discover solutions and promote best practices in a collaborative, open, and transparent manner.

It aims to promote blockchain literacy and build a strong talent pipeline for the digital economy in Singapore. BAS also aims to accelerate the development of blockchain companies operating in or entering into Singapore, and their subsequent integration and acceleration into the Singapore blockchain ecosystem.

For more information, please visit https://singaporeblockchain.org/.

About Asosiasi Blockchain Indonesia

The association has the aims and objectives of mobilizing and organizing Blockchain technology business actors in creating a quality business environment that spurs understanding, utilization, advancement and competitiveness of Blockchain technology, in relation to the 4.0 industrial revolution, both at the national and international levels.

The association aims to facilitate socialization to the public and business actors related to Blockchain technology and the 4.0 industrial revolution, so that optimal understanding and use are obtained. Study, formulate and advocate for policies to government and non-government institutions to create a regulatory system that supports the growth and development of Indonesia’s highly competitive Blockchain technology

For more information, please visit https://asosiasiblockchain.co.id/

About Blockchain Australia

Blockchain Australia is the peak industry body that represents Australian businesses and other organisations participating in the digital economy through blockchain technology. Blockchain Australia aims to encourage the responsible adoption of blockchain technology by industry and governments across Australia as a means to drive innovation in service delivery across all sectors of the economy.

Blockchain Australia aspires to see an Australia that leads the world in the adoption of blockchain technology that has transformed the economy and society to achieve significantly greater competitiveness, efficiency, service quality, social engagement and employment.

For more information, please visit https://blockchainaustralia.org/

About Distributed Ledger Technology Association of the Philippines

The Distributed Ledger Technology Association of the Philippines is the industry association of corporations that participate in the adoption of distributed ledger technology. The association strives to establish the Philippines as the regional leader in the integration of distributed ledger technology and its beneficial use by society. The association seeks to empower the adoption of distributed ledger technology in order to drive innovation for the creation of meaningful use cases throughout all sectors of society.

For more information, please visit https://www.dltap.ph/

About Labuan International Business and Financial Centre, Malaysia

Labuan International Business and Financial Centre (Labuan IBFC), Malaysia, through our internationally recognised yet business-friendly legal framework, is the preferred international business and financial centre in Asia. Established in 1990, Labuan IBFC is regulated by the Labuan Financial Services Authority (Labuan FSA), statutory Regulator under the purview of the Ministry of Finance, Malaysia.

As a midshore jurisdiction, we offer global investors and businesses the benefits of being in a well-regulated and supervised jurisdiction, which adheres to international standards of compliance in tax transparency. We also provide fiscal neutrality and certainty in a currency neutral operating environment. Labuan IBFC, located in the centre of Asia, boasts a cost-efficient enabling environment making it an ideal location for substance creation for both global businesses looking at penetrating Asia or Asian entities aiming to go global.

Offering a wide range of business structures and investment solutions catered to cross-border transactions and international business dealings including fintech related solutions. We also provide services and solutions in niches such as risk management, commodity trading, reinsurance, wealth management, international business companies and Islamic financial services. Operating with clear and comprehensive legal provisions, guidelines and practice notes, enforced by a single regulator, Labuan FSA, Labuan IBFC provides an ideal jurisdiction for both corporates and high-net-worth individuals with international exposure.

To keep up with everything about Labuan IBFC, follow us on Twitter or @LabuanIBFC. Alternatively, visit www.labuanibfc.com.

About Thailand Digital Asset Operators Trade Association

Thailand Digital Asset Operators Trade Association was established to create a platform whereby licensed operators in the Thai digital asset industry could come together and help promote the industry together.

For media queries, please contact:

Rifdi Jaffar

Asia PR Werkz | Blockchain Association Singapore

+65 9877 8569

rifdi@asiaprwerkz.com  

Marc Ho

Asia PR Werkz | Blockchain Association Singapore

+65 8228 4068

marc@asiaprwerkz.com  

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