Blockchain Association Singapore (BAS), a new industry group, has been formed in the South Asian financial hub by merging two existing bodies - the Singapore Blockchain Association (SBA) and the Blockchain, Enterprise, and Scalable Technologies (BEST).

Announced on Wednesday, the new blockchain industry group will be tasked to push the development of existing and new blockchain companies in the city-state.

The new body is headed by Chia Hock Lai and Tan Bin Ru as co-chairpersons.

Chia was the former chairman of the SBA and currently presiding the Singapore Fintech Association while Tan was the former chairman of BEST and is the chief executive for the Asia-Pacific region and the UAE for OneConnect Financial Technology.

“Singapore has become a burgeoning hub for blockchain and there is a need for an industry push to facilitate and encourage the development of new and existing players in this space. I am confident that the establishment of [the] Blockchain Association Singapore will add more vibrancy and support to the current ecosystem while providing guidance for enterprises who are keen to adopt blockchain solutions,” Chia said.

The Asian blockchain hub

Singapore is considered to be the financial hub of Asia, and its economy is driven by the financial services companies. Due to friendly regulations, the country is also suitable for blockchain industries, and many major crypto companies are now settled there.

“Firms today will need to stay nimble and find new, effective ways to enhance their business - blockchain is one of the technologies that can create tremendous value. With this in mind, we will stay committed to advancing blockchain and scalable technologies for our members and international partners,” Tan added.

Aiming to build a strong talent pipeline, the association also partnered with Singapore Polytechnic to promote blockchain literacy.

Meanwhile, Singapore is also pushing to properly regulate the crypto companies and introduced the new AML framework earlier this year.

Blockchain Association Singapore (BAS), a new industry group, has been formed in the South Asian financial hub by merging two existing bodies - the Singapore Blockchain Association (SBA) and the Blockchain, Enterprise, and Scalable Technologies (BEST).

Announced on Wednesday, the new blockchain industry group will be tasked to push the development of existing and new blockchain companies in the city-state.

The new body is headed by Chia Hock Lai and Tan Bin Ru as co-chairpersons.

Chia was the former chairman of the SBA and currently presiding the Singapore Fintech Association while Tan was the former chairman of BEST and is the chief executive for the Asia-Pacific region and the UAE for OneConnect Financial Technology.

“Singapore has become a burgeoning hub for blockchain and there is a need for an industry push to facilitate and encourage the development of new and existing players in this space. I am confident that the establishment of [the] Blockchain Association Singapore will add more vibrancy and support to the current ecosystem while providing guidance for enterprises who are keen to adopt blockchain solutions,” Chia said.

The Asian blockchain hub

Singapore is considered to be the financial hub of Asia, and its economy is driven by the financial services companies. Due to friendly regulations, the country is also suitable for blockchain industries, and many major crypto companies are now settled there.

“Firms today will need to stay nimble and find new, effective ways to enhance their business - blockchain is one of the technologies that can create tremendous value. With this in mind, we will stay committed to advancing blockchain and scalable technologies for our members and international partners,” Tan added.

Aiming to build a strong talent pipeline, the association also partnered with Singapore Polytechnic to promote blockchain literacy.

Meanwhile, Singapore is also pushing to properly regulate the crypto companies and introduced the new AML framework earlier this year.