Singapore is known as the “promising land” in the blockchain sector thanks to its fast-growing, strong technology finance and policies that create opportunities for innovation. For that reason, The Connect event of the Vietnam Blockchain Association (VBA) chose the lion island nation as the next stop.

In Singapore, blockchain technology is strongly supported by regulators such as the Monetary Authority of Singapore (MAS). Since 2019, Mr. Ravi Menon – CEO of MAS has delivered a speech positioning blockchain as the technology that will solve the story of cross-border payments and trade finance. MAS encourages experimentation of cross-border payments via blockchain, with projects like Ubin, Dunbar, allowing to set up sandbox for financial institutions, startups to test different Fintech solutions.

The VBA delegation took a photo with the Singapore Blockchain Association

That same year, ConsenSys published a report on the Singapore blockchain ecosystem, stating that the lion island nation has maintained a stable regulatory environment that is always pro-business and supports new technologies such as blockchain, as evidenced by For more than a decade, Singapore has consistently ranked among the top three countries in the Doing Business Index assessed by the World Bank. According to a report by the Infocomm Media Development Authority (IMDA), the Singapore blockchain market has the potential to reach a market spend range of US$201 million – $272 million by 2022 and $1.9 billion – $2.6 billion by 2030 at a CAGR of 32.5%.

Three years later, even when “turbulences” like the FTX bankruptcy happen, Mr. Lawrence Wong – Singapore’s Deputy Prime Minister and Minister of Finance still maintains his stance on digital assets, in a statement at Bloomberg New Economy Forum 2022: “We will tighten and review the necessary regulations, but we will continue to pursue progress around digital assets, which we think has great potential.”

It is Singapore’s transparent and open management strategies, which both effectively monitor the market and help businesses grasp technological advancements, that have made VBA decide to organize The Connect event in Singapore to learn about the business experience from leading industry leaders and experts in this island nation.

The Connect event organized by Vietnam Blockchain Association takes place from April 20 to 22 in Singapore, including meeting and talks with leading financial and technology institutions in Singapore, combined with a networking dinner. between a business and an investment fund. During this trip, the leadership and VBA experts team had the opportunity to accompany representatives from the State Bank of Vietnam and representatives of promising Vietnamese technology startups such as Verichains, LocaMos, DecomWings, TrustKeys Network and AIT Labs.

Meet Singapore’s leading organizations and associations

VBA has had several meetings with major technology and financial institutions in Singapore, including: Singapore International Chamber of Commerce (SICC); Singapore Blockchain Association; Singapore Fintech Association; Singapore’s Leading Trade Association for the Technology Industry (SGTECH); Singapore Blockchain & Cryptocurrency Industry Association (ACCESS); UOB Investment Fund (United Overseas Bank Venture Management); Google Cloud office; Amazon Web Services office; SICPA (Swiss Corporation provides security inks for currency and sensitive documents); Antler (business incubator and startup accelerator); CertiK (the leading security-focused rating platform for analyzing and monitoring Blockchain protocols and DeFi projects); JDI Technology Corporation…

VBA delegation worked with Singapore Chamber of Commerce (SICC)

In particular, there was a meeting with the Singapore Chamber of Commerce (SICC) to discuss the development of a common set of standards for the community and opportunities for multilateral cooperation. This is a prestigious and long-standing organization in Singapore, established in 1837. With more than 190 years of operation, SICC offers members many opportunities to cooperate and share experiences, ready to support, create opportunities for startups, multinational enterprises who want to expand their business in Singapore.

The VBA representative and delegation members also visited Google Cloud headquarters, met with businesses such as Cardano and Amazon Web Services to discuss cooperation and exchange educational materials. Here, the delegation heard about the partners’ plans and orientations to develop the Web3 ecosystem in the Asia-Pacific region.

Creating conditions for technology startups to access investment funds

The main event of the chain of activities in Singapore is The Connect Dinner Party taking place on April 20 at Shangri-la Hotel, with the participation of 10 international funds and organizations such as UOB Ventures, SICPA, JDI, etc. On the Vietnamese side. there were representatives from the State Bank of Vietnam, technology startups in Vietnam.

Contributing to the program, Ms. Van Hien – General Secretary of VBA said: “Community and cross-border is what makes blockchain technology develop strongly. Without building community, Without creating connections, businesses and organizations applying blockchain will be single individuals, unable to find a common voice. and jointly develop a set of blockchain standards with large organizations, and create opportunities for business members to better understand the market in the countries we have visited.”

Standing Vice Chairman of Vietnam Blockchain Association speaks at the beginning of the hour

The activity opens up many networking opportunities between businesses in the industry, between investment funds and startups. Attendees were briefly introduced to the organization, helping to understand the goals and roles of companies to easily access and find cooperation opportunities, in accordance with the program’s criteria.

Representatives of the State Bank (left) and VBA discuss with guests (right)

The Connect is a series of events initiated and periodically organized by the Vietnam Blockchain Association with the goal of promoting cooperation in the Asia-Pacific region and expanding its reach to major economic blocs worldwide. demand, providing the opportunity to learn from real-world experiences. Since its launch in March 2023, The Connect has been held in Thailand (March 2023), Singapore (April 2023) and is expected to be available in Hong Kong in May 2023, South Korea (June 2023).