Blockchain technology empowers SMEs to grow and go global

Picture by Launchpresso

At Singapore Fintech Festival 2019, held at The EXPO from 11-15 November 2019, a number of international experts of diverse background and experience shared their views on the Blockchain technology.

One speaker was Mr Victor Vu, Head of Research and Development of CSE Technology, a Singaporean company that has developed a proprietary CSE 3.0 technology that creates an improved Blockchain platform.

He shared about the vision of CSE to apply Blockchain technology to daily life, especially through applications that help small and medium sized enterprises (SMEs). SMEs are the backbone of the economy in many countries, especially in the emerging economies of South East Asia. They are critical to economic and social developments, employing a significant part of the workforce and contributing to a country’s national income.

However, SMEs often face challenges of having limited access to bank loans, trade finance, or alternative financing. Another major challenge for SMEs is in the adoption of new technologies in digitalization due to their small scale.

According to Mr Vu, the aim of CSE is to help SMEs solve their existing challenges, grow their business, and even help some SMEs go global — through the application of Blockchain technology. The third-generation Blockchain technology developed by CSE helps SMEs build trust, obtain peer-to-peer funding, and execute their business processes with better efficiency and security.

He also highlighted the power of Blockchain in offering Smart Contract. He disclosed that the new generation Smart Contract 2.0 tool running on CSE 3.0 Blockchain technology has been successfully applied to 62 open-source projects across 16 industries. Key projects include: SmartAgri which was initially launched in Vietnam and would soon be expanded to other markets; iCare Base healthcare program which was launched in Thailand; and Owifi project which was recently launched in Thailand and Vietnam.

At the same time, CSE is also identifying business opportunities from new innovation programs with the objective of building an international ecosystem of young innovators in the region in new technologies, particularly in Blockchain.

Furthermore, to help increase Blockchain’s adoption by SMEs across more sectors as well as non-profit organizations, CSE announced its collaboration with “Children Are Innocent”, a charity organization based in Singapore. CSE will offer the organization a Blockchain-based smart contract platform that allows donors to access data, and provides transparency on deployment of charity fund. This will help them build trust and encourage more donors to contribute to the charity fund that provides medical care and other support to needy children in the region.