Labuan IBFC, five blockchain bodies to form consortium

LABUAN: The Labuan International Business and Financial Centre (Labuan IBFC) and five blockchain bodies from Southeast Asia and Australia have signed a memorandum of understanding (MoU) to form the Asean Blockchain Consortium that aims to foster and strengthen cross-border relationships in promoting blockchain technology.

The bodies are Asosiasi Blockchain Indonesia (ABI), Blockchain Association Singapore (BAS), Distributed Ledger Technology Association of the Philippines (DLTAP), Thailand Digital Asset Operators Trade Association (TDO), and Blockchain Australia (BA).

In a statement Thursday, Labuan IBFC said the MoU marked the first collaboration between blockchain organisations across Asean and Australia to drive blockchain education, share knowledge on digital assets development, and promote adoption of blockchain technology across Asean and Australia.

“This MoU aims to further elevate the cooperation among the six organisations to bring the industry to greater heights, through their contribution to the development of the blockchain and digital assets industry,” it said.

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The virtual signing ceremony, which was hosted by BAS on Wednesday, witnessed by Edi Prio Pambudi, senior advisor to the Indonesian Coordinating Minister for Economic Affairs, and Sopnendu Mohanty, chief fintech officer at the Monetary Authority of Singapore.

Present were Labuan IBFC chief executive officer Farah Jaafar-Crossby, BAS co-chairman Chia Hock Lai, ABI chairman Muhammad Deivito Dunggio, DLTAP chairman Justo A Ortiz, TDO president Peeradej Tanruangporn, and BA chief executive officer Steve Vallas.

The digital signing ceremony was backed by Dedoco, a blockchain-based digital signing platform.

Labuan IBFC said the organisations would work closely to raise awareness and increase adoption of the use of blockchain technology and engaged with regulators to ensure the legal compliance of regulations is set out accordingly.

“All six signatories of the MoU shared a common objective and goal to serve the public interest in the realm of blockchain technology,” it said.

Meanwhile, Edi said digital connectivity is an urgent matter during the occurring pandemic to keep the business running and it is an opportunity for blockchain to reimagine digital connectivity with advanced adaptations.

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Farah said as a jurisdiction that is digital-friendly, Labuan IBFC believes the promise of distributed ledger technology is only at its infancy, especially within the context of financial intermediation and inclusion.

“Hence, Labuan IBFC is keen to encourage its adoption and growth across the region, and believes that the MoU is a fantastic start towards this aim,” she added.

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