February 24, 2024

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Vietnam Unveils Blockchain Union

Vietnam has launched its first official legal entity, the Vietnam Blockchain Union, which specialises in blockchain technology. The union was established under a decision issued by the Ministry of Home Affairs. It was set up to promote the nation’s digital economy, making Vietnam a top global contender in terms of emerging technologies. Blockchain is a form of data storage and transmission technology using encryption. Its transparency in data sharing is the reason countries and the finance, logistics, and retail industries are investing heavily in its application.

A recent report wrote that the Vietnam Blockchain Union will connect with blockchain organisations and communities around the world. It will enable members to share experiences and resources to research, test, apply, deploy and trade blockchain technology. It will also attract investment for the blockchain industry and train and develop digital human resources. According to an official, the Vietnam Blockchain Union will raise community awareness and guide the development of legal corridors, standards, and regulations in the application and creation of products and services on the blockchain technology platform.

Vietnam has been focusing on researching and applying blockchain. The state has supported the development of blockchain technology applications in socio-economic fields, in which pilot priority is given to businesses deploying feasible blockchain projects, which are expected to aid society at large. Currently, blockchain is mainly applied in the financial sector, especially in digital assets and currencies. Countries around the world are forming policies and laws to regulate this technology.

For example, in March, Taiwan’s Ministry of Economic Affairs (MOEA) formalised the designation of business activities surrounding cryptocurrencies. Cryptocurrency businesses will be listed under the category of “finance, insurance and real estate” as “virtual currency platforms and trading businesses” rather than under the category of “software design services.” Security Token Offerings (STO), a type of public offering for digital tokens using blockchain or distributed ledger technology, will be listed under the subcategory of securities firms. As such, it will be subject to the same supervision as existing businesses in the securities industry. MOEA made the Financial Supervisory Commission (FSC) the main authority responsible to oversee cryptocurrency operations. The commission will work with tax and law departments to set up rules to regulate the evolving but volatile cryptocurrency market.

In Singapore, the Monetary Authority (MAS) has created a two-pronged approach to the crypto ecosystem. Firstly, it will bolster digital asset capabilities. The digital asset ecosystem encompasses an entire range of crypto-related services, and MAS is working to enable a conducive environment for these activities to flourish. For instance, it is clarifying tax treatment, promoting talent development, offering innovation grants, and working with the industry to explore the potential of blockchain through real value experiments.

The second part of the approach is to manage risks, including money laundering and terrorism financing. MAS aims to be adaptive, continually evolving, and consultative as the crypto ecosystem is a fast-moving space. It claimed it will issue guidelines before using legislation. It will continue to provide clarity to the industry on its regulatory thinking and concerns, but at the same time, leave the door open for opportunities to co-create solutions with the industry.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

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CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

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Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

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HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

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IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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