Digital assets have the potential to shape a new era of responsible and inclusive finance. The value of the underlying technology is no longer under debate, as experiments showcased at the Singapore FinTech Festival 2023 (SFF 2023) demonstrate its potential for cost savings, innovation, and inclusion.
The path forward is characterized by a multiplicity of solutions and possibilities, as the industry has developed multiple forms of money, many tokenization products, and a wide array of possible network solutions. The challenge ahead is how to achieve convergence across these multiple pathways. If achieved, the result will be an ecosystem that is inclusive, accessible, and democratized, offering a wide range of financial services and opportunities that benefit a global audience.
Realizing this vision will require strategic collaboration and dialogue between the public and private sectors. Policymakers are needed to not only establish adaptable regulatory frameworks that combine innovation and safety, but also help coordinate on issues of governance, interoperability, and privacy. The private sector plays a pivotal role in driving technological advancements and discovering practical applications of digital assets in line with consumer and policy concerns, so as to realize the broader societal benefits of digital finance. Together, both sectors can ensure an innovative, secure, and equitable digital financial ecosystem.
Written by Oliver Wyman in association with Elevandi, this report draws insights from 970 speakers and participants from financial institutions, academia, startups, and policy leaders, as well as regulatory bodies and experienced crypto natives, at SFF 2023.