Finxeed leads TradFi and DeFi convergence at South East Asia Digital Transformation Summit 2022
Kuala Lumpur, Malaysia–(Newsfile Corp. – 26 Dec 2022) – Finxeed, a leading decentralized credibility scoring platform, kicked off the virtual closed-door South East Asia Digital Transformation Summit 2022 on 20 December.
Finxeed held the South East Asia Digital Transfomation Summit with the theme “Building a Trusted Ecosystem between TradFi and DeFi”. Various thought leaders, institutions, industry partners, leading community platform from Dbank Group, Cuyo Banking and Financial Group (CBFG), Access Blockchain Association, FinX, Certik, BCWEX, Maneki Meow and Blogtienao attended the event and shared their key insights. The summit has invited over 700 participants, while 9 industry leaders gave their keynote on ecosystem for credibility, social identity, building communities of trust and implementing ESG in DeFi.
“Southeast Asia, with nearly 700 million inhabitants, despite the region’s great progress in financial inclusion, around 70% of the adult population remained ‘underbanked’ or ‘unbanked’. Decentralized finance allows users to access capital without the constraints of traditional financial intermediaries, which further promotes financial inclusion in the region, and Finxeed is commendable for leading the movement in Southeast Asia,” highlighted by Congressman Uy, the former House of Representatives, Philippines and the former vice governor of the province of Isabela when he delivered his inaugural address.
Finxeed and industry experts attending the Southeast Asia Digital Transformation Summit 2022 explored how institutions can leverage blockchain technology to build a network of trust and to provide sustainable and transparent financing to broader markets and consumers.
“Blockchain technology provided everyone with a safe and reliable decentralized credit system, but blockchain technology can only solve the problems caused by excessive concentration of power in centralized traditional finance,” concluded Micheal Su, CEO of Dbank Group. “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 for the development of human society.”
“It is the responsibility of an international banking and finance group to assess the strategies and priorities to develop 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 for the environment,” noted Dr. Samuel, Senior Advisor to the CBFG.
This summit showcased a new generation of entrepreneurs building real-world solutions 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 DeFi’s immutability, immediacy, low fees and low volatility, we can create more transparency, fairness and trust in the payments sector; further bridging the gap between TradFi and DeFi,” stressed Alex Rumondor, CMO of FinX. “The importance of auditing to reveal exploits and security vulnerabilities in the technology behind DeFi. Conducting DeFi auditing is required to secure investors’ funds and to increase the project’s lifespan in the market,” said John Kiew, business development at Certik.
“DeFi essentially lacks the primitives to represent the 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 can ultimately offer greater trust in across social distance, and transiently leverage relationships of trust,” said Ian Lim, VP of APAC at Manaki Meow.
The summit led regulators and supervisors to consider examining how their use of technology to evolve with the financial industry. Regulation of blockchain-based finance should not require deviations from long-established principles for the regulation of specific economic activities.
“Decentralization does not mean a lack of regulations, but allocating too much centralized power and resources. As the core of the blockchain industry, an exchange is not only a trading platform, but also has other economic characteristics. Therefore, we need to cooperate with a number of industries including traditional financial institutions, for to develop a large and healthy market with investors and customers,” said Max Ding, CEO of BCWEX.
“SEA regulators should speed up the development of regulatory frameworks governing digital assets. From a media perspective, Lily believes that the media industry should be responsible for providing authentic information about projects so that users have a more accurate overview of Dapps, avoid fraud,” highlighted by Lily Tran, Head of Partnerships at Blogtienao.
“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 and demand for applied blockchain technology and non-restrictive government policies,” Rene Bernard, First President of the Access Blockchain Association addressed.
This summit focuses on how to engage first movers, governments, institutions, tech, media and community in building a trusted ecosystem between TradFi and DeFi. The longer-term digitization trends, globalization and declining trust in centralized institutions accelerate TradFi’s need to innovate and create synergies with DeFi.
Going forward, Finxeed’s key initiative is to promote the digital realm and strengthen trust in the blockchain community and bring more thought-provoking summits across Southeast Asia. Societies must be ready to welcome adoption to maximize disruption to existing financial systems. A more open dialogue needs to be bridged between regulators or government bodies with DeFi institutions to achieve final regulatory clarity faster.
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 promote greater inclusion and accessibility for the community.
About the Southeast Asia Digital Transformation Summit 2022
SEADTS 2022 brings together various stakeholders in the digital transformation ecosystem, covering new age technology developers, enterprise solution providers, users, decision makers, knowledge partners and think tanks on one platform to analyze and discuss the roadmap for digital transformation in the near future.
About Finxeed
Finxeed is a decentralized credibility scoring platform founded in 2022 and is run by a team of experienced professionals from finance, technology and marketing, who specialize in creating breakthrough solutions for the digitized world. The company is also backed by leading venture capitalists and angel investors, who share the vision of creating a network of trust through big data, to increase trust, transparency and security in a decentralized society.
By combining on-chain footprint collection systems, decentralized credibility scoring and oversight technology, Finxeed will build the most trust-centric environment spanning the entire blockchain industry vertical. Leading the wave in provenance, authenticity and credibility in web3.
Media contact
Representative: Jaz pee
Contact: (60) 12 218 9181
Email: [email protected]
Website – www.finxeed.com
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