A signing ceremony of the founding partnership between Tencent and Global Esports Federation is held in Singapore on Dec. 16, 2019. (Photo by Then Chih Wey/Xinhua)

The Global Esports Federation (GEF) kicked off here Monday with a view to guiding and promoting the development of esports worldwide. China's Internet conglomerate Tencent became a Global Founding Partner of the global governing organization for esports.

Secretary General of the Singapore National Olympic Council Chris Chan was elected as President of the Executive Board of GEF. He was joined in the launching ceremony by Edward Cheng, vice president of Tencent, which was committed to be GEF's first founding global partner.

Guided and inspired by values of sport and the principle of harnessing technology for good, GEF, with the motto of "Worldconnected", will develop credibility, legitimacy and prestige to Esports in society by leveraging the history, foundations and principles of sport, Chan said in his speech. He also mentioned it's their intention to host the first Global Esports Games in 2020.

Rebutting some doubts concerning esports, Chen expressed belief that esports will gain more recognition globally, just as extreme sports have done before.

Global Esports Federation's President Chris Chan (R) and Tencent's Vice President and Global Esports Federation's Vice President Edward Cheng shake hands during the signing ceremony of the founding partnership between Tencent and Global Esports Federation held in Singapore on Dec. 16, 2019. (Photo by Then Chih Wey/Xinhua)

 
Cheng noted in his speech that the establishment of GEF "marks a historic moment", adding that in respond to the Declaration of 8th Olympic Summit, a unified international federation for Esports is important to the development and promotion of Esports worldwide.

It is not only the tie between Esports and traditional sports, but also the crucial step to elevate Esports into a globalized sport, he said.

According to him, Tencent will spare no efforts in working with GEF to promote Esports globally, help craft more rigid and healthy international standards, and share China's experience in Esports with the rest of the world.

"With our collective effort, I believe Esports will unleash unlimited possibilities of sports in the digital age," he noted.

It was predicted that global esports revenue will surpass one billion U.S. dollars this year, supported by an estimated audience of 454 million, witnessing a year-on-year growth of 26.7 and 15 percent respectively.