PwC Hong Kong and PwC Singapore have entered a joint business relationship with VeChain Global Technology Holding, a blockchain service provider which has a focus on IoT, supply chain management, and anti-counterfeiting.

PwC Hong Kong is in discussions with VeChain to provide trust based services on the VeChain platform. This will require the use of VeChain Tokens, a cryptocurrency, to access and perform transactions on the platform.

Last year, VeChain S.E.A became a portfolio company of PwC China and PwC Singapore within PwC’s incubation programme.

PwC Asia Pacific and Greater China chairman Raymund Chao commented: “We are glad to establish a deeper relationship with VeChain, which aims to build a trusted and distributed business ecosystem to help address long-standing challenges in supply chain management, food trust and anti-counterfeiting areas.”

In connection with the joint business relationship, PwC Hong Kong and PwC Singapore have acquired an ownership interest in VeChain.