In partnership with Payment Asia, DealStreetAsia hosted a special event in Singapore on the Future of Money, titled 'Digital Trust: Unlocking the next wave of growth. ' The event shed light on the evolving landscape of digital assets and blockchain technology in the global market, with a specific focus on Asia's role as a gateway to innovation and growth. The discussion was led by a panel of industry experts including Dennis Le, Vice President of Investments at Openspace Ventures; Shaun Leong, Equity Partner at Withersworldwide; Kavi Harilela, Business Director at Payment Asia; and Bosco So, Legal Director at the Hong Kong Money Service Operators Association. They delved into the importance of establishing trust in the financial market while balancing compliance and onboarding processes for clients.
Harilela emphasized the benefits of trusts in wealth management, highlighting Hong Kong as a favorable jurisdiction for establishing trusts due to its legal system and financial infrastructure. He discussed the role of trust in providing privacy, asset control, and tax minimization for individuals and businesses. Leong and So shared insights on the regulatory landscape in Singapore and Hong Kong, particularly regarding the recognition of digital assets as property and the role of trusts in holding digital assets securely. They discussed the need for clear regulations to prevent malfeasance in the nascent digital assets industry. The panel also addressed the potential of tokenization in the financial sector, emphasizing the importance of building trust in tokenization platforms to ensure the integrity and security of assets.
They discussed the challenges and opportunities in cross-border transactions and settlement solutions, highlighting the role of digital assets in enhancing efficiency and reducing costs. The discussion concluded with a focus on the future of money, AI's impact on venture capital, and the potential for NFTs to make a comeback in the market. The panelists expressed optimism about Asia's leadership in the digital assets space, citing the region's openness to innovation and collaboration. Overall, the event provided valuable insights into the role of digital trust in unlocking the next wave of growth in the financial industry, emphasizing the importance of balancing compliance with innovation to drive sustainable growth in the digital economy.
