Linfinity organized a roundtable conference themed “Explore the Future of Blockchain Technology” in Singapore. The roundtable gathered industry leaders and entrepreneurs across different sectors to discuss the topic that how Blockchain technology can empower SMEs. Teo Ser Luck, a former minister of state in Singapore and now the chairman of Nufin Data, was also invited as a special guest.
SMEs: A Huge Market
Linfinity CEO Anndy Lian hosted the roundtable discussion. “In Singapore, 99% of the Enterprises are SMEs, contributing 49% of nominal value aded. For the supply chain industry, SMEs are also facing the pain points that traditional MNCs are trying to tackle, including the efficiency and transparency of goods and value transaction, which Blockchain solutions can step into.” Anndy said, “This is a huge market, which we all can’t afford to lose.”
Source: Department of Statistics Singapore
The Singapore-based fashion brands and marketplaces presented during the discussions—Pinc, Lovefreya.co, and Feso Asia—expressed that they want to know how Blockchain can help local designer brands. A persistent problem that they have been facing is having their designs copied, and they hope Blockchain can help mitigate profit losses from this problem.
Earlier on during Blockspace Asia, Linfinity signed Memorandums of Understanding (MOUs) with Pinc, Lovefreya.co, and Feso Asia. Linfinity, a pioneer in using Blockchain in supply chain management, will provide these three companies with technological support in supply chain management using Blockchain-based solutions.
SMEs: The First Beneficiaries from Blockchain
“There is no doubt that Blockchain is bringing new energy into a traditional industry, and it will be revolutionary. But its value depends on how we use it.” Mr. Teo said during the discussion. “The flexibility and great adaptability will make SMEs one of the first beneficiaries from Blockchain.”
Mr. Teo shared his experience on how he helped start-ups and small and medium-sized enterprises (SMEs) while at the Ministry of Manpower (MOM) and as minister of state for trade and industry. Since stepping down as minister of state for manpower, Mr. Teo has been involved in several ventures ranging from education and sports to fintech.
“It is necessary for SMEs to look at the current trends of their industry and have a sense of where it is going in the future. There is always an urgent need for innovation, and when it comes, we should grasp it and see how it can restructure the business models and fill in the gaps.”
This roundtable also invited guests from Quest Ventures, Blockvital, block connectors, and Sharechain to share their insights on how the Blockchain technologies can empower SMEs in the region. Mr. Bill Teng, Chairman of Ping An Securities also highlighted the fact that if we explore Blockchain thoroughly with SMEs, SMEs will most likely to benefit a lot and it will surely help in their business productivity and efficiency.