- Southeast Asian extension of Tezos to bring Blockchain to the accounting sector
- Tezos Southeast Asia teamed up with ACCA to achieve its latest milestone
- Some bookkeeping practices could be rationalized under the new system
Tezos News Today – according to reports from an official announcement on April 13, Tezos Southeast Asia (TSA), a Singapore-based independent entity is set to drive technological and economic growth in Southeast Asia with the native smart contract technology. The firm has teamed up with The ACCA (Association of Chartered Certified Accountants) to achieve its goal of introducing Blockchain technology to the accounting sector.
The audit and ledger sector is quickly adapting to evolving technologies. Now, RSM, the fifth most extensive accounting firm in the world (encompassing no less than 120,000 countries) announced that it has collaborated with Lukka. Lukka is a Blockchain-based digital currency accounting firm. The goal of the partnership is to provide a highly-focused model toward cryptocurrency taxing.
Tezos Southeast Asia Brings Blockchain to Accounting Industry
A World Economic Forum whitepaper recently stressed the inabilities of Blockchain technology in terms of interoperability. The paper cited it as the main reason for the technology’s lack of use in the mainstream sector. However, the technology is becoming commonplace. This is why to facilitate the growth of enterprise-level acceptance of Tezos in the region, Tezos Southeast Asia teamed up with ACCA.
After signing the memorandum, the ACCA will offer clarity and guidance on global accounting yardsticks. Meanwhile, TSA will deploy Blockchain technology to fight problems in the accounting sector. The next action will involve both TSA and ACCA designing teaching material and scholastic content that will help accounting professionals to gather in-depth knowledge of how Blockchain tech can remodel the industry.
Tezos and ACCA a Match Made in Heaven
Reuter Chua, the head of ACCA Singapore, remarked that Blockchain technology has an exhausting task because there are some domains in bookkeeping that must be revived. From facilitating faster settlements, streamlining auditing procedures, to handling digitizing extensive compliance processes, auditing can use the benefits that Blockchain technology offers.
Caleb Kow, the president of Tezos Southeast Asia, shared his view on how Blockchain technology will refashion an industry that heavily relies on manual intervention and paper-based data. Kow added that considering Blockchain’s potential to manage and store data transparently, some bookkeeping practices will likely be rationalized. Kow said:
“We have full confidence that working with ACCA will benefit both parties mutually because it will resolve the concerns of the traditional industry and promote the Tezos network and its ecosystem. We will prepare accounting experts for the future challenges that they may face in the industry.”