Yeo Guat Kwang, Assistant Director-General of NTUC, announced the formation of Blockchain Enterprises & Scalable Technologies (BEST) Association at the 2018 Inclusive FinTech Summit on November 15 in Singapore.
During a keynote speech, Yeo said the BEST's primary goal is to become an enabler for blockchain enterprises to exchange and interact.
Its mission statement also includes the objective of fostering the improvement and upgrading of distributed ledger technology (DLT), so as to realize the goal of "decentralization, cyber security and scalability."
The founding of the BEST is also driven by the need to call on enterprises to adopt a code of conduct on self-regulation and set higher standards of professional work ethics.
"This is indispensable to the healthy and sustainable development of the blockchain industry," said Yeo.
He added that BEST will serve as a podium for corporate members to air their views as well as protect and assert their interests.
It is incumbent on the association to coordinate relations between corporate members and government agencies and regulatories bodies, Yeo noted.
The former member of parliament (1997-2015) and ex-president of the Consumers Association of Singapore (2002-2012) said he expected the BEST to help small and medium enterprises (SMEs) gain a better understanding of how application of blockchain and inclusive Fintech can fuel the growth of SMEs.
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