BitRock Speaks at Money 20/20 Europe 2023
On 8th June, 2023, Our Founding Partner, Alfred Shang, recently took the stage at Money 2020 and spoke about opportunities for VC investments in Asia on topics related to fintech, payment, and digital assets. Here are some key highlights from Alfred's insights:
1️. Mega Trend: Southeast Asia's Young Population and Rising Income Levels
Alfred shed light on the enormous potential in Southeast Asia, where more than half of the population is under 40 years old. As their income levels continue to rise, the demand for innovative financial services is on the rise. Alfred emphasized the significance of tapping into this young and dynamic market
2️. Tech-Savvy Middle Class and the Rise of DeFi
Alfred highlighted the tech-savviness of the emerging middle class in Asia, known for their openness to embracing new technologies. He shared insightful statistics revealing that 21% of Asia Pacific consumers have already embraced DeFi services, with an impressive 38% projected to adopt DeFi within the next six months.
3️. Crypto Adoption and the Trillion-Dollar Market
During his presentation, Alfred drew attention to the significant disparity between the crypto market and traditional financial markets. With a market cap of ~one trillion dollars, the crypto market presents a still nascent yet tremendous opportunity, especially when compared to the traditional financial market, which stands at a staggering $400 trillion. Alfred highlighted the importance of fostering crypto adoption, particularly among financial institutions and insurance companies, who are increasingly leveraging blockchain and digital assets.
4. Supply Chain Migration and Digitalization Opportunities
Alfred also discussed the exciting opportunities arising from the increasing trade, people, and capital flows in Asia with the rest of the world. The Asia Pacific region is a major hub for international trade, with significant volumes of goods and services being exchanged. Asia registered 28.7% growth in the value of merchandise trade in 2021. The use of Web 3 technologies enables secure and immutable tracking of supply chain transactions, enhancing trust and efficiency in trade finance.
Moreover, Alfred shared the positive regulatory developments in jurisdictions like Hong Kong, which have introduced clear guidelines and a welcoming environment for crypto services. These regulatory advancements further enhance the potential for our organization in these markets.
Stay tuned for more updates on our ongoing efforts to leverage these trends and drive innovation in the fintech and payment landscape!
