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[1], 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.”