Singapore, 26 June 2020 – Blockchain Association Singapore (BAS) announced today that it has signed a Memorandum of Understanding (MOU) with the Banking and Financial Services Union (BFSU) and the National Trades Union Congress (NTUC) to grow the blockchain professionals in Singapore and build a sustainable pipeline of talents to bolster the blockchain ecosystem. The MOU was signed through a virtual ceremony using a blockchain-based document signing solution from Dedoco, a BAS member. In attendance were the Co-Chairpersons of BAS, Ms Tan Bin Ru and Mr Chia Hock Lai, Mr Melvin Yong, Director, U Associate, Assistant Secretary-General, NTUC and Mr Patrick Tay, Executive Secretary, BFSU, Assistant Secretary-General, NTUC.
Through this strategic partnership, BAS, BFSU and NTUC will co-organise joint programmes and events to engage current and potential blockchain professionals and further empower the community to leverage blockchain and scalable technologies for business growth and transformation.
BAS will be hosting the Singapore Blockchain Week 2020, one of the largest virtual blockchain events in Asia, with over five thousand attendees expected throughout the event. The anchor event – Singapore Blockchain Week Virtual Summit will take place on 21 July, followed by a series of meetups, workshops, coding bootcamps and investor events to be organised from 22 July to 23 July 2020.
According to the IMDA’s Future of Services report, the blockchain market size in Singapore is projected to grow from S$380 million in 2022 to S$3.63 billion by 2030. This reflects the huge potential for blockchain technology in Singapore’s push towards becoming a smart nation, for such emerging technologies to be tested, deployed and scaled.
Ms Tan Bin Ru, Co-Chairwoman, BAS, who presented the opening speech said, “The current pandemic is hastening certain sectors to reinvent itself while other sectors, particularly in the technology and digital arenas, continue to thrive. In the same manner, talents would need to reskill themselves or update their skillsets to stay relevant and be able to quickly plug into where talent gaps will be in the post pandemic economy. I strongly believe that blockchain is an important underlying technology that will propel many digital applications to help businesses scale and transform. Our partnership with BFSU and NTUC will bring tremendous value for the blockchain talents and community to shape the business growth for the next economy.”
Mr Chia Hock Lai, Co-Chairman, BAS said, “With the exponential growth forecasted for the coming decade, we look forward to cultivating a blockchain ecosystem that is more close-knit and stronger with such industry networks. Especially in these unprecedented times, we are heartened that BFSU and NTUC are supportive of the local blockchain community for the ecosystem to flourish.”
Mr Melvin Yong, Assistant Secretary-General, NTUC and Director, U Associate, said, “Happy to welcome BAS as our latest U Associate. The use of blockchain technology in the Fintech sector is growing, and this will create more quality jobs for our workers. With this new partnership with BAS, we will be able to create pathways for working professionals to transit into this emerging industry and seize the new opportunities that Industry 4.0 will bring.”
Mr Patrick Tay, Assistant Secretary-General, NTUC and Executive Secretary, Banking and Financial Services Union, said, “Blockchain is a technology that is growing and with it, more job opportunities will be available to workers. With this new partnership, we are able to reach out to more workers, be it those in the Fintech industry using blockchain technology or those who are looking to join industries adopting blockchain, to support them in upskilling and reskilling so that they will be future-ready for the economy of tomorrow.”
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 National Trades Union Congress (NTUC)
The National Trades Union Congress (NTUC) is a national confederation of trade unions as well as a network of professional associations and partners across all sectors in Singapore. NTUC’s objectives are to help Singapore stay competitive and working people remain employable for life; to enhance the social status and well-being of our members and working people; and to build a strong, responsible and caring labour movement. NTUC’s vision is to be an inclusive labour movement for all collars, ages and nationalities. NTUC is at the heart of the Labour Movement, which comprises 59 affiliated unions, five affiliated associations, 12 social enterprises, six related organisations as well as a growing ecosystem of U Associates and enterprise partners. For more details on NTUC, please visit our website at www.ntuc.org.sg.
About NTUC U Associate
U Associate is a key initiative by the Labour Movement to reach out to working professionals through professional guilds and communities.
Since its launch in March 2011, the U Associate ecosystem has grown, providing valuable networking opportunities across different sectors, creating avenues for crosspollination of ideas and cross-application of skillsets for our working professionals.
At the sectoral level, NTUC collaborates with U Associates to develop careers and skills progression plans for working professionals, so as to equip them with future-ready skills for the jobs of tomorrow.
About Banking and Financial Services Union
The Banking and Financial Services Union (BFSU) represents the interests of all workers who are employed in any capacity in the banking and financial services industry in Singapore. BFSU’s key focus is to protect the interests of these workers and provide support to help them stay relevant and competitive amidst technology advancement and industry transformation. Previously known as the Singapore Bank Officers’ Association (SBOA), the union’s constitution and name were changed in January 2019 to strengthen the union’s outreach to Professionals, Managers and Executives (PMEs) in the industry. BFSU is an affiliated union of the National Trades Union Congress (NTUC). For more information about the union, visit www.facebook.com/BFSU.SG.
For media queries, please contact:
Asia PR Werkz | Blockchain Association of Singapore
Steffi Anne Lee
NTUC Strategic Communications