Industry pioneers, creators and innovators reveal five trends to watch amidst the paradigm shift to a virtual economy
HONG KONG, August 10, 2022 /PRNewswire/ — The Yahoo Finance All Markets Summit Extra Asia returns Hong Kong! Since last year’s event, the global economy has been on a rollercoaster ride as new technologies have transformed the way we interact, do business and live in real and virtual worlds.
held on Wednesday August 10, 2022 out 10 am – 12 o’clock Hong Kong Time to launch this year’s Yahoo Finance! All Markets Summit Extra Asia 2022 brings together pioneers, creators and innovators in the industry from all over the world Asia to further explore hot topics such as digital assets, NFTs, Metaverse, Web3 and how these applications will shape the economy of tomorrow.
The paradigm shift of the future
The start of the event is John Tsangformer Financial Secretary of the Hong Kong SAR and founder of the NGO Esperanzawho creates a blueprint Hong Kong Future with blockchain technology. He foresees further start-ups and collaborations with international partners. In his presentation, he will also highlight his Choi Yeah NFT, which he not only wants to use to bring joy to everyone in the city, but also to raise awareness of the digital future that is currently evolving.
“The government can take innovative measures to encourage private sector growth. This can really help make better use of the innovations that we have. Collaborations are essential to connect with the whole world,” says Tsang.
“Hong Kong shines in international business: we must do the same in the 21st centurySt Century, with Web3 and the Metaverse.”
Following his keynote address tsang joins Fred NganCo-Founder and Co-CEO of Bowtie Insurance and Stephanie LeungDirector of Group Co-CIO and Head of StashAway HK to discuss how blockchain technology has democratized insurance, investing and startups and the implementations within them.
Provides more in-depth investment perspectives on cryptocurrency and NFTs Jehan Chu, co-founder and managing partner of Kinetic; Eddie Lau, Chief Executive Officer and Executive Director of ARTA TechFin as well as Alfian SharifuddinDBS Bank (Hong Kong) Limited, Managing Director & Head of Technology and Operations Hong Kong and Mainland China. They all agree that although cryptocurrency and blockchain are revolutionary technologies, the industry still has a long way to go as traditional institutions – like banks – explore such volatile commodities and implement decentralized finance. They also shared their thoughts on DAO, tips for surviving in the current bear market, and the profound role of NFTs in privacy in the future.
Sébastien Borget, co-founder of digital company The Sandbox, reveals his insights into the metaverse’s escalating influence on the way we live, as well as its role in democratizing the playing field for creators who may not all have the same programming skills.
“When all of society has accepted that it is normal to interact, date, work, learn and earn in these virtual spaces, I believe we will enter a true digital economy that will transcend the real economy will,” says Borget. “We will no longer be constrained by the same limitations of the traditional world. It will bring true inclusivity and equality.”
In another fireside chat on the future of blockchain, Sean RachCo-founder of Hi – an app for trading fiat and cryptocurrencies; Gavin HoCEO of Axion Global Digits and Brooks Entwistle SVP Global Customer Success and Managing Director for APAC and MENA to the ripple discuss the limitless potential of blockchain to make banking a universal privilege; a newfound way of thinking about blockchain security and network risk management; plus the transition and balance between centralized and decentralized funding.
Trends to watch amid the paradigm shift towards a virtual economy
Trend 1 – Mass Adoption
From finance to insurance, gaming to NFTs, the adoption of blockchain technologies, and the Metaverse have eliminated the risks and limitations prevalent in traditional spaces.
Gavin HoChief Executive Officer of Axion Global Digitssays: “The application of these technologies lowers the participation barrier. They eliminate some of the risks traditionally inherent in this area. We expect mass adoption in the future.”
Trend 2 – Increased regulation
As blockchain technology revolutionizes every aspect of our lives, governments worldwide are being urged to set standards to level the playing field for all stakeholders. However, the challenge is balancing blockchain security and network risk management while ensuring the market remains competitive.
Brooks EntwistleSVP Global Customer Success and Managing Director for APAC and MENA at Ripplesays: “Predictability is much better than an environment in which we are all trying to figure out where the limit itself is. In the cryptocurrency digital world, we’ve had downturns before, and we’ve learned a little bit more each time. I love the genie’s out of the bottle idea because we don’t go back. We get a little bit better every time. This is an amazing time to build, but you have to be very focused on what you want.” Look for and limit your hunt for bright, shiny things.
Trend 3 – Slow migration
Despite the rapid acceleration and popularity of blockchain technology, all experts agree that the future of digital will remain a hybrid future as traditional spheres decipher how to make the shift without compromising their bottom line.
John Tsangformer Financial Secretary of the Hong Kong SAR and founder of the NGO Esperanzasays: “The transition from traditional to digital is a continuum. We’re now in a hybrid form – more traditional than digital – but this shift will continue to benefit consumers because blockchain technology lowers barriers and costs while democratizing the entire participation process. I think the transition will be gradual, which will take some time in the beginning.
Fred NganCo-Founder and Co-CEO of Bowtie, and Stephanie LeungDirector of Group Co-CIO and Head of StashAway HKsay education and transparency are paramount to reach next milestones.
“A lot of people think that a virtual store means there’s no human touch, but in fact, our representatives are always on the phone, live chat, and email,” Ngan says, adding that transparency is both small print and extensive Educational content the core brand are pillars at Bowtie.
Eddie LauCEO and Managing Director from ARTA TechFin, agrees and urges companies to help Web 2 creators migrate to Web 3.
Trend 4 – Diversity in security models and consensus
To make a decentralized blockchain realistic for regulated institutions like governments and banks, Jehan Chu, co-founder and managing partner of Kinetic says variations of security models have emerged, such as the Binance Smart Chain (BSC) and within it the Spartan Protocol. While financial institutions do not have the same freedom as other trading platforms, Alfian SharifuddinManaging Director & Head of Technology and Operations Hong Kong and Mainland China of DBS Bank (Hong Kong) Limited says banks need to be extra proactive when it comes to setting policies and reaching out to customers who are fully aware of the risk landscape.
“We need to go slower than what’s out there in the wild – these guys can push the limits out there,” says Sharifuddin. “The precautions are huge for a regulated company like us; but that doesn’t mean we can’t allow small sandboxes and pilots to operate in a controlled environment.”
Trend 5 – Future of NFTS – Data
The ubiquity of NFTs in art, games, and entertainment is undeniable. But the future says Jehan Chu, co-founder and managing partner of Kinetic, resides in data, replacing browser-based cookies with data NFTs that users own and can share at their discretion.
“We look for underlying value and utility in NFTs. What could be more useful than being able to set user profiles, preferences and privacy in a Web 3 space distributed, more transparent world.”
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