Tezos in the accounting industry: Tezos Southeast Asia signs MOU with ACCA

  • Tezos Southeast Asia has signed a partnership with the Association of Chartered Certified Accountants (ACCA) to explore blockchain based applications in the accounting industry.
  • Tezos Southeast Asia and ACCA will develop educational materials and education strategies to promote the adoption of the Tezos blockchain.

Tezos Southeast Asia, a non-profit organization which is promoting the adoption of the Tezos blockchain in the region, has revealed in a press release that it has signed a Memorandum of Understanding (MoU) with the Association of Chartered Certified Accountants (ACCA). The partnership will aim to explore the application of Tezos blockchain in the accounting industry.

Tezos promotes adoption of blockchain technology in Asia

According to the statement, the ACCA will cooperate with Tezos by contributing and sharing its accounting expertise with Tezos. In return, Tezos will provide South East Asia with advice on the technical integration of the Tezos blockchain, focusing on improving key accounting issues. In addition, the partners will develop educational materials and strategies to promote the introduction of blockchain technology. The partners also announced that they will form partnership programs to provide training in the fundamentals of blockchain technology and training courses to be conducted by the end of this year or early next year. ACCA members will be given priority in attending these courses.

Tezos Southeast Asia President Caleb Kow said that an integration of the blockchain technology into the accounting industry will be beneficial. By adopting blockchain technology, accountants could prevent the falsification or destruction of records. In addition, accountants will be able to check data more efficiently, with less paperwork and greater reliability. Kow also added the following about the cooperation:

 We believe that by partnering with ACCA, there can be mutual understanding to find solutions that could help reduce pain points and benefit finance functions for practitioners within the accountancy sector. The Tezos blockchain takes this further by future-proofing widespread adoption through its unique and proven self-amending feature that can embrace future standards to meet the ever-changing industry needs of tomorrow.

ACCA Singapore Chief Reuter Chua said he was excited to cooperate with Tezos Southeast Asia to explore applications of the blockchain technology in his domain. In addition, Chen said:

The rise of the digital economy has pushed industries to transform and ACCA as a global professional accountancy body continues to think ahead and ensure we embark on new partnerships to deliver new value. The potential applications of blockchain technology in the accounting sector are extensive, ranging from better validation procedures in auditing to accelerating settlement times for transactions, and automating and streamlining compliance processes.

Tezos price still highly influenced by Bitcoin

Tezos (XTZ), together with Chainlink, was one of the biggest winners in 2019 among the top 20 cryptocurrencies by market capital and has significantly outperformed Bitcoin, Ethereum and Ripple in terms of price gains. In the first months of 2020, however, Tezos is also showing a high correlation to the Bitcoin price. At the time of publication, the XTZ is trading at $1.92 with a loss of 4.13% in the last 24 hours. On the weekly chart, XTZ is posting a gain of 14.78%.

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About Author

Reynaldo Marquez has closely followed the growth of Bitcoin and blockchain technology since 2016. He has since worked as a columnist on crypto coins covering advances, falls and rises in the market, bifurcations and developments. He believes that crypto coins and blockchain technology will have a great positive impact on people's lives.

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