DropChain Partners with Chinese State-Backed Accelerator STATA
We are excited to announce our strategic partnership with Sanya Travel Attraction Technology Accelerator (STATA) on August 10, 2018. STATA is fully sponsored by Sanya Municipal People’s Government to connect with innovative technology enterprises and start-ups around the world, facilitating market entry and business development in China’s Hainan province.
Under the terms of this partnership, STATA & DropChain will work together closely to develop our presence in Hainan ahead of plans to establish China’s largest Free Trade Zone in the province. STATA will smooth the way to key local business partners and government relations, enabling DropChain to access the right networks in local markets. DropChain will also utilise STATA’s advisory services, receiving assistance on local best practices concerning business registration, trademarking, and compliance.
“We are building an ecosystem that facilitates and encourages innovation and entrepreneurship, cultivating talents from around the world to lead the next wave of digital transformation. By providing industry and market entry support, along with access to capital and government resources, our enterprise partners can realise quicker penetration into Chinese markets from Hainan,” said Joey Zhou, founder and CEO of STATA.
Earlier this year in April, China’s central authority announced plans to turn Hainan Island into a pilot international free-trade zone and a free-trade port by 2025. The project is expected to result in increased government investment for many areas including tourism, commercial trade industries for logistics, IT research and development, and blockchain deployment.
“There are bad actors globally who are relentlessly compromising the integrity of products with dangerous counterfeits, many of which are harmful to public health. We are privileged to be working alongside local government entities and STATA, playing a part in navigating transition to blockchain technology, where supply chains can discover greater transparency and traceability,” said Billy Chan, CEO of DropChain.
In July, the Hainan Industrial and Commercial Administration Bureau concluded a five-month crackdown on counterfeit agricultural material, uncovering some 1000 cases of counterfeit products worth over 14 million yuan (SGD 2.8m). A booming tourist industry with over 18 million overnight visitors to Hainan in 2017 has placed food safety as a top concern for the local government.
“More importantly, we hope to be able to make a positive impact on Hainan’s food logistics networks,” Billy added.
Stay tuned on Telegram or your preferred social channel for more news on our developments in Hainan.