VeChain Joins PwC to Target China
Singapore-based blockchain startup VeChain S.E.A, a subsidiary of China’s BitSE, has joined accounting giant PwC‘s incubation program.
PwC and BitSE held a signing ceremony in Hong Kong with PwC Greater China chairman Raymund Chao and BitSE and VeChain CEO DJ Qian, a former IBM executive who left the multinational technology firm in 2013 to join the blockchain industry, to make the agreement official. A second signing ceremony was held in Singapore on May 17 with Qian and PwC Singapore executive chairman Yeoh Oon Jin.
BitSE and PwC plan to leverage their respective strengths to bring blockchain technology to the China market. The PwC incubation program will help VeChain to accelerate its development by providing the company with access to the Hong Kong and South East Asia markets and giving strategic advice leveraging PwC’s global network.
VeChain, which launched in November 2016, is an enterprise software designed to create, manage, maintain and update shared data about products in the supply chain. VeChain focuses on four areas: anti-counterfeiting, supply chain management, asset management, and client experiences. By putting unique IDs on the blockchain and embedding each product with an NFC (Near Field Communication) chip, RFID (Radio Frequency Identification) tag, or QR (Quick Response) code, all of which can verify whether an item is genuine or not.
“In the journey of a joint business relationship between PwC and BitSE, we are delighted to achieve this significant milestone together with PwC. VeChain will focus on accelerating its business expansion in Southeast Asia,” said Qian. “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.”
Last year, PwC and BitSE partnered 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.”
