Yahoo Finance All Markets Summit Extra Asia LIVE explores the paradigm shift brought by cryptocurrencies, decentralized finance and the great virtual migration

Pioneers, creators and industry forerunners reveal five trends to watch as part of the paradigm shift to a virtual economy

HONG KONG, August 10, 2022 /PRNewswire/ — The Yahoo Finance All Markets Summit Extra Asia returns to hong kong! Since its event last year, the global economy has been on a rollercoaster ride as new technologies have changed the way we interact, transact and live in the real and virtual worlds.

Keynote speaker_John Tsang, former Hong Kong SAR Financial Secretary and founder of the NGO Esperanza

Organized on Wednesday August 10, 2022 of 10am12 p.m. hong kong time, Yahoo Finance! All Markets Summit Extra Asia 2022 brings together industry pioneers, creators and trailblazers from all over 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

Kicking off the event is John Tsangformer financial secretary of the Hong Kong SAR and founder of the NGO Esperanzawho establishes a plan of that of Hong Kong future with blockchain technology. It foresees more start-ups and collaborations with international partners. In his speech, he also highlights his Choi Yeah NFT, through which he hopes to not only spread joy to everyone in the city, but also raise awareness about the digital future that is unfolding right now.

“Government can implement innovative policies to encourage private sector growth. This can really help to make better use of the innovations we have. Collaborations are essential for connecting with the wider world,” Tsang says.

hong kong excels in international trade: we must continue to do so even in the 21st century, with Web3 and the metaverse.”

Following his opening speech, Tsang joined Fred N’ganCo-founder and co-CEO of Bowtie Insurance and Stephanie LeungGroup Director Co-CIO & Head of StashAway hong kong to discuss how blockchain technology has democratized insurance, investing, and startups and the implementations within them.

Offering more detailed investment insights on cryptocurrency and NFTs are Co-Founder and Managing Partner of Kinetic, Jehan Chu; Eddie Lau, Chairman and CEO and Executive Director of ARTA TechFin as good as Alfian SharifuddinDBS Bank (hong kong) Limited, Managing Director and Head of Technology and Operations in Hong Kong and Mainland China. They all agree that while cryptocurrency and blockchain are game-changing technologies, the industry still has a long way to go as traditional institutions – such as banks – explore such a volatile commodity and achieve decentralized finance. They also shared their thoughts on DAO, tips for surviving the current bear market, and the profound function of NFTs in protecting data privacy in the future.

Sébastien Borget, Co-Founder of the digital company The Sandbox, reveals his insights into the meteoric influence of the metaverse in 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.

“If all of society has accepted that it’s normal to interact, to date, to work, to learn and to earn money on these virtual spaces, I have the impression that we will move to a true digital economy that will outpace the real world economy,” says Borget. “We will no longer be constrained by the same restrictions of the traditional world. This will bring true inclusion and equality.”

In another Fireside Chat on the future of blockchain, Sean Rachelco-founder of Salvation – an application for exchanging both fiat currencies and cryptocurrencies; Gavin HoCEO of Axion Global Digits and Brooks Sprain SVP Global Customer Success and Managing Director for APAC and MENA for Ripple discuss the limitless potential of blockchain to make banking a universal privilege; a new mindset towards blockchain security and network risk management; plus the transition and balance between centralized and decentralized finance.

Trends to Watch for in the Paradigm Shift to a Virtual Economy

Trend 1 – Mass Adoption

From finance to insurance, games to NFTs, the adaptation of blockchain technologies and the metaverse have eliminated the risks and restrictions that were prevalent in traditional spaces.

Gavin HoCEO of Axion Global Digitssays: “The application of these technologies breaks down the barrier of participation. They eliminate some of the risks traditionally inherent in this space. We expect massive adoption in the future.

Trend 2 – Increased regulation

As blockchain technology revolutionizes every aspect of our lives, governments around the world are driven to set standards to create a level playing field for every party involved. The challenge, however, is balancing blockchain security and network risk management while ensuring the market remains competitive.

Brooks SprainSVP Global Customer Success and Managing Director for APAC and MENA of Ripplesays, “Predictability is much better than an environment where we all try to figure out where the limit is for ourselves. In the digital world of cryptocurrency, we’ve seen downturns before and learned a little more every time. . I like the notion “the genie came out of the bottle” because we don’t go back to it. We get a little better every time. It’s an amazing time to build, but you have to be very focused on what you’re after and limit your pursuit after bright, shiny things.”

Trend 3 – Slow migration

Despite the rapid acceleration and popularity of blockchain technology, all expert speakers agree that the future of digital will remain hybrid as traditional spheres figure out how to make the change without hurting 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 are now in a hybrid form – more traditional than digital – but this shift will continue to benefit consumers as blockchain technology lowers the barrier and costs while democratizing the whole participatory process. I think the transition will be gradual and will take time in the beginning.”

Fred N’ganco-founder and co-CEO of Bowtie, and Stephanie LeungGroup Director Co-CIO and Head of StashAway HKsay education and transparency are key to taking the next steps.

“A lot of people think a virtual business means no human contact, but in fact our reps are always on the phone, in live chats and via email,” Ngan says, adding that transparency in the fine print and abundant educational content are at the heart of the brand. pillars at Bowtie.

Eddie LauCEO and Executive Director of ARTA TechFin, agrees and urges companies to help Web 2 creators migrate to Web 3.

Trend 4 – Diversity of security models and consensus

To make a decentralized blockchain realistic for regulated institutions like governments and banks, Co-Founder and Managing Partner of Kinetic, Jehan Chu indicates that variants 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 and Head of Technology and Operations in Hong Kong and Mainland China of DBS Bank (hong kong) Limited indicates that banks need to be particularly active in setting policies and reaching out to customers who are fully aware of the risk landscape.

“We have to take a slower speed than what exists in nature – these guys can push the limits,” says Sharifuddin. “The precautions are huge for a regulated entity like us, but that doesn’t mean we can’t allow small sandboxes and pilots to continue in a controlled environment.”

Trend 5 – Future of NFTS – Data

The ubiquity of NFTs in art, games and entertainment is undeniable. Yet the future says Jehan Chu, co-founder and managing partner of Kinetic, is in data, where browser-based cookies will be replaced with data NFTs that users can own and share at their discretion.

“We are looking for fundamental value and utility in NFTs. What could be more useful than being able to establish a user profile, preferences and privacy in the Web 3 space. data existed in Web 2 and in a more distributed and transparent world.”

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SOURCEYahoo

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