Finxeed Leads TradFi and DeFi Convergence at South East Asia Digital Transformation Summit 2022
Newsfile Corp.
6 min read
Kuala Lumpur, Malaysia--(Newsfile Corp. - December 26, 2022) - Finxeed, a leading decentralized credibility scoring platform, kicked off the virtual close door South East Asia Digital Transformation Summit 2022 on Dec 20th.
Finxeed held South East Asia Digitial Transfomation Summit with the theme of "Building a Trusted Ecosystem betweeen TradFi and DeFi". Various thought leaders, institutions, industry partners, leading commmunity platform from Dbank Group, Cuyo Banking and Financial Group (CBFG), Access Blockchain Association, FinX, Certik, BCWEX, Maneki Meow and Blogtienao participated the event, and shared their key insight. The summit has invited over 700 attendees, while 9 industry leaders gave their keynote on credibility scoring ecosystem, social identity, building communities of trust and implementing ESG in DeFi.
"Southeast Asia, with nearly 700 million residents, despite the region's great strides in financial inclusivity, around 70% of the adult population remained "underbanked" or "unbanked". Decentralized finance allows users to gain access to capital without the limitation of traditional financial intermediaries, further promoting financial inclusivity in the region and Finxeed is commendable for leading the movement in Southeast Asia," highlighted by Congressman Uy, the former House of Representative, Philippines and the former Vice Governor of the Province of Isabela as he gave his officiating speech.
Finxeed and industry experts participating in the Souteast Asia Digital Transformation Summit 2022 explored how institutions can leverage blockchain technology to build a trust network and to provide sustainable and transparent financing to broader markets and consumers.
"Blockchain technology provided everyone with a safe and reliable decentralized credit system, however, blockchain technology can only solve the problems caused by the excessive concentration of power in centralized traditional finance," Micheal Su, CEO of Dbank Group concluded. "Being open and transparent to the public, learning the value of the investment concept of traditional finance, and only doing things that are valuable and useful to the development of human society."
"It is the responsibility of an international banking & finance group to consider the strategies and priorities in developing our actions towards sustainable finance in DeFi, to integrate environmental, social and governance (ESG) criteria into our business decisions that support economic growth and provide lasting benefits to the environment," Dr. Samuel, Senior Advisor for CBFG noted.
This summit presented a new generation of entrepreneurs, building real-world solutions that are designed to enable a brighter future, and we can expect to see the development of even more sophisticated financial solutions built for a more inclusive digital asset driven economy.
"By leveraging on DeFi's immutability, instantaneousness, low fee, and low volatility, we can create more transparency, fairness, and trust in the payment sector; further bridging the gap between TradFi and DeFi,"emphasised by Alex Rumondor, CMO of FinX. "The importance of audit in revealing exploits and security weaknesses in the technology behind DeFi. It is required to conduct DeFi audit to safeguard investors' funds and to increase the project's longevity in the market," John Kiew, Business Development of Certik mentioned.
"DeFi essentially lack the primitives to represent that social identity, it has become fundamentally dependent on the centralized TradFi structures it aims to transcend, replicating their limitations. Building a social identity framework in DeFi may eventually offer greater trust across social distance, and harness transitory of trust relationships," Ian Lim, VP of APAC of Manaki Meow stated.
The summit prompted that regulators and supervisors should consider investigating how their use of technology to evolve alongside that of the financial industry. Regulating blockchain-based finance should not require a departure from long-established principles on the regulation of specific economic activities.
"Decentralization does not imply a lack of regulations, but to allocate overly centralized power and resources. As the core of the blockchain industry, an exchange is not only a trading platform but also has other financial attributes. Therefore, we must cooperate with a variety of industries including traditional financial institutions, to develop a large and healthy market with investors and customers," Max Ding, CEO of BCWEX said.
"Regulators of SEA should expedite the development of regulatory frameworks that govern digital assets. Coming from a perspective in media, Ms Lily thinks that the media industry should be responsible for providing authentic information about projects so that users have a more accurate view of Dapps, avoiding scams," highlighted by Lily Tran, Head of Partnership of Blogtienao.
"In order to nurture a good breeding ground that can hatch solutions to positively disrupt the established imperfect financial systems, we need to see a combination of people's understanding & demand for applied blockchain technology and non-restrictive government policies," Rene Bernard, First President of Access Blockchain Association addressed.
This summit focuses on how to engage first movers, governmental, institutions, technological, media and community in building a trusted ecosystem between TradFi and DeFi. The longer-running digitalization trends, globalization and declining trust in centralized institutions are accelerating TradFi's need to innovate and create synergies with DeFi.
Moving forward, Finxeed's key initiative is to further the digital realm and empowerment of trust within the blockchain community and bring more thought provoking summits throughout Southeast Asia. Communities must be ready to welcome adoption to maximize disruption in existing financial systems. A more open dialogue must be bridged between regulators or governmental bodies with DeFi institutions to reach definitive regulatory clarity more rapidly.
While the stakes are high for the integration of TradFi and DeFi, it is an important bridge to build for the world of DeFi in its mission to foster greater inclusivity and accessibility for the community.
About Southeast Asia Digital Transformation Summit 2022
SEADTS 2022 brings together different stakeholders of the digital transformation ecosystem, covering new age technology developers, enterprise solution providers, adopters, policy makers, knowledge partners and think tanks on one platform to analyse and discuss the roadmap of digital transformation in the near future.
About Finxeed
Finxeed is a decentralized credibility scoring platform founded in 2022 and is powered by a team of experienced professionals from the fields of finance, technology, and marketing, who specialize in creating cutting-edge solutions for the digitalized world. The company is also backed by leading venture capitalists and angel investors, who share the vision of creating a trust network through big data, to enhance trust, transparency, and security in a decentralized society.
By combining on-chain footprint data collection systems, decentralized credibility scoring, and supervisory technology, Finxeed will be building the most trust-centric environment that spans the entire blockchain industry vertical. Leading the wave in provenance, authenticity, and credibility in web3.
