How Will the Advent of Crypto Banks Shape Decentralised Finance? 2022 | Radio Finance | 27 April 2022 | TBA, Singapore

The crypto finance industry is a fast-growing sector that is expected to revolutionize the banking industry as we know it today. Decentralized finance (DeFi) is a permissionless technology infrastructure, secured by encryption that enables individuals and corporates to transfer directly without the need for intermediaries. It promotes financial inclusion, facilitates open access, and creates new opportunities for alternative financial solutions that are disrupting the banking industry. While the technology is still evolving, the total value locked (TVL) in DeFi has reached $222.9 billion as of 1 April 2022 registering a YoY growth of 205% according to Defi Llama.

As DeFi aims to democratize finance and replace centralized organizations, the technology offers lower transaction costs, creates trust, speed and empowers frictionless payments and cross-border payments. It offers alternative solutions related to traditional payment services and increases profitability. The DeFi ecosystem will not just disrupt P2P payment transactions but it has the potential to transform the supply chain industry by allowing an open smart contract-driven platform where organizations use privacy-preserving technology on a public blockchain for transactions.

DeFi is promising as it can offer new products, services and operational efficiencies for the financial services industry. The adoption of the new blockchain technology and DeFi apps can further develop the financial ecosystem and create new growth opportunities. However, challenges need to be overcome, such as regulatory uncertainty and technology infrastructure gaps related to cyber-threats from hacks to coding errors “bugs”, token risks or miner extractable value and impermanent loss.

In this RadioFinance session, we will engage decentralized and crypto finance innovators and disrupters to explore their perspectives on how will DeFi and crypto banking impact the future of the financial services industry? We will take a deeper look into the opportunities and the challenges created by DeFi apps and advancements in blockchain technologies.

The discussion will offer clear insights on:

• Re-imagining a world without banks in the rise of DeFi apps and crypto banking
• Evolution of blockchain disruption in payments, lending and borrowing business model, addressing interoperability and achieving greater scale
• DeFi ecosystem is riddled with infrastructure mishaps, hacks and regulatory uncertainty – how do we prevent related risks?
• How eKYC can build trust and transparency with customers to lower the risk of financial crimes in crypto banking?

2022 Speaker

Foo Boon Ping
President and Managing Editor, The Asian Banker