According to Deep Tide TechFlow, on November 5, Binance CEO Richard Teng stated at the Singapore Insights Forum that while Asia has driven much of the growth in the financial system, Western companies will still be the main beneficiaries. Teng pointed out that Western companies, with their scale and influence over regulatory frameworks, will dominate in seizing growth opportunities. He urged policymakers to ensure that local competitors have a fair chance and to allow for broader experimentation.
According to a Deloitte report, digital wallet spending in the Asia-Pacific region reached $9.8 trillion in 2023, accounting for two-thirds of global spending. Vincent Iswara, CEO of Indonesian mobile wallet company Dana, described the Asian payment sector as the 'Wild West', lacking unified standards. The cautious attitude of regulators has driven the flourishing development of e-wallets and digital banking in the Asia-Pacific region.
Jessie Toh, Global CFO of Coda Payments, emphasized that mobile phones are key to financial inclusion and accessibility. She also noted that stablecoins are becoming increasingly popular in economies with currency volatility, providing users with tools to combat inflation and domestic currency depreciation. Teng added that the growth of stablecoins outside the United States is driven by demand from residents of low-income countries, with young consumers using them as a means to protect funds and for low-cost transfers. Stablecoins also allow countries to gradually move away from the US-dominated financial system.