TechFlow news — On November 5, according to Fortune, Binance CEO Richard Teng stated at the Singapore Insights Forum that despite Asia driving much of the financial system's growth, Western companies will remain the primary beneficiaries. Teng noted that Western firms, due to their scale and influence over regulatory frameworks, are positioned to dominate the capture of growth opportunities. He urged policymakers to ensure local competitors have fair access and to allow broader experimentation.
A Deloitte report shows that in 2023, digital wallet spending in the Asia-Pacific region reached $9.8 trillion, accounting for two-thirds of global total spending. Vincent Iswara, CEO of Indonesian mobile wallet company Dana, described Asia’s payments landscape as the "Wild West," lacking unified standards. Regulators’ cautious approach has fueled the rapid rise of e-wallets and digital banks across the Asia-Pacific region.
Jessie Toh, Global Finance Head at Coda Payments, emphasized that mobile phones are key to financial inclusion and accessibility. She also pointed out that stablecoins are gaining popularity in economies with volatile currencies, offering users a tool to hedge against inflation and local currency depreciation. Teng added that stablecoin growth outside the U.S. stems from demand among residents in low-income countries, with younger consumers using them to protect funds and conduct low-cost transfers. Stablecoins also enable countries to gradually reduce reliance on the U.S.-dominated financial system.
