Show News

Cloud Expo Asia Techerati technology

04 Oct 2018

A Matter of Trust

“Blockchain can create much bigger disruption, given the right mode of execution.”

While blockchain can be used by large companies, it is also applicable to many others, including smaller businesses. “The click is on how the mass can be collaborated into an ecosystem. The ecosystem using Blockchain will be an interesting opportunity to seize the chance like what Airbnb or Uber have on building a platform for a vertical business.”

In the Greater China region, Blockchain is still engaged in large financial institutions. Terence Yeung, Chief FinTech Officer, Moneysq.com, explains that large banks or insurance companies are developing various way to leverage the technology to stay competitive: “By creating more innovative value proposition that may disrupt the market.”

“For example, the way to make a transaction go online across multiple parties via smart contract. It is still yet to come to smaller players, or indeed the size of the ecosystem is still small for SME based environment so there is still room for a lot to come.”

An advantage of Blockchain is that its nature enables trust to be built across businesses. “There are two ways of establishing trust,” says Terence. “One way is to spend years to know your partner – when you know the person long enough, the chances are that trust can be built on it. The other option is to leverage Blockchain using its share ledger nature.

Some people say that having a contract can establish trust but Terence doesn’t agree as a legal contract is not trust, but one can claim for penalty if what is obligated is not fulfilled.

So, in the finance field, Blockchain can enable a lot of business proposition since trust can be enabled with the services being offered. “Now it is time for financial industries to find more innovative ways to disrupt the market with new ways of doing the old thing.”

However, Terence adds that businesses need to watch out for transaction overheads, including forex risks and overheads, cross border legal jurisdiction risks, and potential pushbacks from the old methods.

Currently, Terence is getting more parties to enjoy the benefits of Blockchain. While this technology can be used by large companies, it is also applicable to many others, including smaller businesses. “The click is on how the mass can be collaborated into an ecosystem. The ecosystem using Blockchain will be an interesting opportunity to seize the chance like what Airbnb or Uber have on building a platform for a vertical business.”

“Blockchain can create much bigger disruption than these two companies, given the right mode of execution.”

Terence Yeung, Chief Fintech Officer, Moneysq.com will be speaking on:
Blockchain - Sharing on implementation experience in Greater China Region
13:45 - 14:05 | Thu 11th Oct
Fintech and Blockchain Theatre

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Testimonials

  • Western Digital has been exhibiting Cloud Expo Asia and Data Centre World for a few years now and have always seen great success at the shows. Western Digital has an extensive storage solutions portfolio and with this bring the largest scale cloud & data centre exhibition in Singapore and ASEAN, it is important for us to have a presence here. With the Significant representation of overseas delegates other than Singapore-based delegates, this allows us to reach out a mass group audience in one location.
    APeC Channel Marketing, Western Digital
  • We’ve met a good mix of new prospects and existing customers over the two days. There were many relevant questions posed by the delegates, attesting to the immense interest the show has generated for us leading up to the show.
    Marketing – South East Asia and India, Splunk
  • Through Cloud Expo Asia, we get new prospects, lead generation and a lot of brand exposure. Across these two days, it’s been very exciting and we’re already looking forward to next year!
    Marketing Manager, Netpluz Asia Pte Ltd
  • Conferences like these at Cloud Expo Asia are always exciting because not only we have a chance to hear about the latest best practices and developments, and also reconnect with peers, clients and partners. I would love to be back at Cloud Expo Asia again!
    Director, Fintech & Crypto, PwC Singapore
  • As the COO in one of the biggest insurance companies in Japan, I’ve arranged my team to take turn to come visit across these two days to get the latest industry knowledge. Because of my role, I am particularly interested in the risk management and security sessions. What we’re appreciated the most is that we can source a variety of content at one place, including solution providers, end-users and those institutions [IASA, ISC2 etc.]. It is very comprehensive.
    COO, Tokio Marine Insurance Group
  • I’ve never visited an event of such massive scale featuring some of the most amazing brands and speakers here. I learnt a lot from attending the sessions like blockchain, digitisation, logistics and customer experience. I am very impressed with the breadth of the topics covered all under one roof over two days. I’ve also met many new suppliers I’ve never knew before and got to establish contact with them now. Coming to this event has given me so much value.
    Founder, All about Supply Chain