SINGAPORE: OIO Holdings Limited (OIO) announced its entry into the Indonesian market with a Memorandum of Understanding (MOU) with PT. Infiniti Teknologi Indonesia.
Under the MOU, OIO will cooperate with Infiniti to support companies across various Indonesian industries planning to adopt blockchain-based technology in their business operations with the aim of unlocking new growth areas and addressing operational inefficiencies.
The MOU is effective for 2 years from 2 October 2020, unless mutually agreed between the parties for early termination or for further extension.
OIO aims to be a leading provider of cost-effective and innovative solutions based on blockchain to further power the growth of enterprises in Asia. In partnership with Vietnam-based Infinity Blockchain Group (IBG), OIO currently markets consultancy and software development services for enterprises seeking to adopt easy-to-use and highly cost-effective blockchain solutions across numerous industries such as, shipping, construction, logistics, and others.
Being headquartered in Singapore, a leading global blockchain cluster, places OIO in a strategic position to access the growing demand for enterprise blockchain solutions. According to market intelligence firm International Data Corporation (IDC), the Asia-Pacific region accounts for approximately 19.3% of global blockchain spending.
Even after accounting for COVID-19 related spending slowdowns, IDC expects blockchain spending to grow at a five-year Compound Annual Growth Rate of 55.3% for the Asia Pacific region (ex-Japan) and 57.1% worldwide –with global spend estimated to reach $14.4 billion by 2023.
Today, Indonesia is the world’s fourth most populous nation, the 10th largest economy in terms of purchasing power parity, and a member of the G-202. Strong macroeconomic fundamentals plus the growing number of both public and private sector blockchain projects in the country, have made Indonesia an attractive market for OIO.
“We are thrilled to enter the Indonesianmarketwith our partner PT. Infiniti Teknologi Indonesia. We believe we can leverage our experience and resources in the blockchain industry to help further propel the economic success story that is Indonesia today,” Taku Edatsune, Head of Finance and Administration of OIO Holdings said.
“We see the rise of potential needs for blockchain technology to solve the social and economic problems in Indonesia. Indonesia due to its diverse political and dispersed geographical nature, is best served by a decentralised technological solution. Hence our blockchain based collaboration with OIO,” Syarifuddin Tanzil, Infiniti Teknologi Indonesia said.
OIO Holdings Limited (OIO) is a Singapore Exchange-listed firm whose core businesses are the provision of mechanical and electrical (M&E) engineering services, and blockchain-related agency and consulting solution services.
Over the years, OIO has developed extensive expertise as an M&E engineering services and solution provider. It has built up a strong network with well-established customers who are often engaged in luxury resorts or well-known projects in Singapore and the region such as Sengkang General Hospital and Sheraton Towers Singapore Hotel.OIO has recently expanded into blockchain-related businesses which include sales agency business, software development agency business and blockchain-related consultancy businesses. OIO’s vision is to be the best service partner and provider of innovative technology solutions to power the growth of enterprises in Asia.
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