PwC Backs Startup VeChain to Accelerate Blockchain Adoption in Hong Kong and Southeast Asia

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by Polina Chernykh · 3 min read
PwC Backs Startup VeChain to Accelerate Blockchain Adoption in Hong Kong and Southeast Asia
PricewaterhouseCoopers (PwC) is a multinational professional services network headquartered in London, United Kingdom. It is the second largest professional services firm in the world, and is one of the Big Four auditors, along with Deloitte, EY and KPMG. Photo: Ingolf/Flickr

Blockchain services provider VeChain has announced it will take part in an incubation program of global accounting company PwC to expand the use of the blockchain technology in Asia.

VeChain, a subsidiary of the Shanghai-based blockchain company BitSE, is going to join an incubation program launched by accounting giant PwC. The initiative is expected to drive the adoption of blockchain in Hong Kong and Southeast Asia.

To make the deal official, Raymund Chao, PwC Greater China Chairman, and DJ Qian, CEO of BitSE and VeChain, held a signing ceremony in Hong Kong. On May 17, the companies held a second signing ceremony with PwC Singapore’s Executive Chairman, Yeoh Oon Jin, and Mr. Qian.

“In the journey of a joint business relationship between PwC and BitSE, we are delighted to achieve this significant milestone together with PwC,” said DJ Qian, CEO of BitSE and VeChain. “VeChain S.E.A, a subsidiary of BitSE, will focus on accelerating VeChain business expansion in Southeast Asia,” said DJ Qian, CEO of BitSE and VeChain.

“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.”

Launched in 2016, VeChain is an enterprise platform created to manage and maintain shared data products in the supply chain. The software is expected to improve the current supply chain by making the process more transparent. VeChain has already been adopted by a number of established companies from a range of industries, including automotive, fashion, logistics, pharmaceuticals, and food safety.

The program will help VeChain to accelerate the rollout of the software across Southeast Asia and Hong Kong and will give strategic advice, industry know-how, capital and resources.

“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.”

Mr. Oon Jin commented: “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.”

In 2016, PwC unveiled a new fintech platform to facilitate the use of digital assets. The system is aimed at transforming the consumer, government and financial market industries.

Earlier this year, the blockchain platform Qtum Foundation received support from PwC, which assisted the startup in preparing a white paper and providing comments on their proposed project governance structure.

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