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Blockchain startup VeChain joins PwC’s incubation program
VeChain S.E.A, a Singapore-based blockchain service provider, has announced that it will join PwC’s incubation program.
In a signing ceremony held by PwC and BitSE in Hong Kong last Monday, attended by Raymund Chao, PwC Greater China Chairman, and DJ Qian, CEO of BitSE and VeChain, the agreement was made official. This was followed by a second signing ceremony in Singapore on May 17 with Qian and Yeoh Oon Jin, PwC Singapore’s Executive Chairman.
Launched in November 2016, VeChain is a subsidiary of the leading blockchain technology company in China, BitSE. VeChain is an enterprise software designed to create, manage, maintain and update shared data about products in the supply chain. It is a state-of-the-art collaboration platform, making the supply chain more transparent and solving important problems that exist in the modern supply chain. So far, this platform has already been adopted by several established companies as part of their production system in industries such as luxury, fashion, logistics, pharmaceuticals, automotive, food safety, and wine and spirits.
“In the journey of a joint business relationship between PwC and BitSE, we are delighted to achieve this significant milestone together with PwC. VeChain S.E.A, a subsidiary of BitSE, will focus on accelerating VeChain business expansion in Southeast Asia,” said DJ Qian, a former IBM executive who left the multinational technology firm in 2013 to join the blockchain industry. “Besides technology, industry know-how and market experiences are equally important to apply blockchain technology. We share the same vision with PwC to improve the efficiency and lower the cost of trust in supply chain management. I believe this in-depth cooperation will definitely accelerate the transformation of supply chain management.”
With PwC’s incubator program, VeChain would be able to accelerate its deployment in Hong Kong and South East Asia, as well as offer the blockchain startup strategic advice, according to the official release. PwC will also provide more resources, industry know-how, and blockchain research to improve the design of VeChain and solve even more problems than the platform already does while expanding into more industries and onboarding more clients.
“Disruption is here to stay in our current volatile business environment and it brings both opportunities and challenges. We firmly believe that it is through embracing disruptive change that allows innovation to flourish. This is an exciting milestone for us, and we are confident that together with VeChain we will bring more value to the marketplace through collaborative innovation”, Oon Jin added.
PwC and BitSE partnered one year ago to promote blockchain adoption in Asia and around the world. PwC’s global network features over 223,000 professionals across industries. BitSE’s more than 70 employees worldwide and over 50 professional blockchain application developers make it one of the largest blockchain-focused startups.
“Embracing advanced technology for growth becomes the top priority for many business sectors,” said Chao. “Innovative applications and solutions could improve the effectiveness of supply chain, brand reputation, and even customer experience. We are excited about the joint initiative between PwC and BitSE and the VeChain services we provide that could help our clients achieve greater success. I envisage our services will create an impact and deliver on our firm’s purpose of building trust in society and solve important problems.”