Blockchain still a hot topic at Money20/20 Asia, along with AI, even as interest wanes in other markets
- Blockchain made up about 15 per cent of the talks at Money20/20 Asia this year, just slightly below the proportion of talks on AI
- Markets like Thailand, where the show was held, still see a lot of potential for blockchain to help reduce costs associated with traditional finance
Blockchain technologies emerged as an important trend at an Asia fintech conference this week, along with artificial intelligence (AI).
Out of the 139 talks and panels at the first Money20/20 in Bangkok – and the first in Asia since a show in Singapore in 2019 – 22 were directly related to blockchain, digital assets and central bank digital currencies (CBDCs), according to the event organisers. AI was still the most talked about tech topic, with 25 sessions in the fintech category directly addressing it.
Asia’s strong interest in blockchain technologies marks a contrast to the US, where Money20/20 holds its flagship conference in Las Vegas. The Securities and Exchange Commission’s moves have dampened enthusiasm for Web3 in the world’s largest economy, conference attendees say, and focus has shifted largely to AI, an area in which the US has a leading position.
In Asia, “there’s still more of a focus on Web3, metaverse”, said Danny Levy, managing director of Money20/20 Asia. “We don’t see that at the other events. It’s not really a focus at all.”
Daranee Saeju, assistant governor of the Payment Systems Policy and Financial Consumer Protection Group at the Bank of Thailand, discussed the potential transformative effects of blockchain for developing economies.
“Imagine a world where payments are frictionless, borders are invisible, and money can move very fast, very cheap, convenient, secure and transparent,” Saeju said. “That’s the future we are researching here in Thailand.”
JPMorgan announced at the show a partnership with Kasikornbank, one of Thailand’s largest banks, to launch Project Carina, which will allow for fast cross-border payments. The system works by transferring Q-money tied to the Thai Baht on Kasikornbank’s Quarix blockchain to JPMorgan’s JPM Coin on that bank’s Onyx blockchain. The goal is to reduce average transaction times from 72 hours to five minutes, the companies said.
