Digital Trust: Unlocking the next wave of growth

Singapore and Hong Kong – the global gateways to Asia – are picking up speed in the race to bring digital assets and blockchain into the mainstream. These hubs, with strong financial infrastructures, no capital controls, and robust public-private partnerships, offer glimpses into the future of digital currencies and payment infrastructures.

To discuss this topic and more, DealStreetAsia, in partnership with Payment Asia, recently hosted a special event in Singapore on the Future of Money.

Titled ‘Digital Trust: Unlocking the next wave of growth,’ the session featured a power-packed panel consisting of Dennis Le, Vice President of Investments, Openspace Ventures; Shaun Leong, Equity Partner, Withersworldwide; Kavi Harilela, Business Director, Payment Asia and FGA Trust; and Bosco So, Legal Director, Hong Kong Money Service Operators Association.

In his inaugural address prior to the panel session, Kavi Harilela made a series of observations. He began by pointing out that the rigorous and excessive KYC norms and compliance procedures in place today across most geographies have resulted in banks turning away numerous legitimate clients.

His argument was that, while it was crucial to ensure integrity in the financial market, there needs to be a balance between compliance and acceptability and onboarding of legitimate clients, and added that Payment Asia, via FGA Trust, offered a potential solution.

“FGA Trust is a regulated trust in Hong Kong that operates under the HK Company Registry. We understand that trust is often perceived as one for the old wealth, one for people passing their wealth from generation to generation, for estate planning but trust is a much more powerful vehicle than that. Coming from a company in the payment space and using our fintech background, we are able to incorporate this dynamic world and utilising our banking and custodian arms, FGA Trust enables the inclusion of a diverse asset class within our trust ecosystem,” he said.

https://www.dealstreetasia.com/partner-content/digital-trust-unlocking-the-next-wave-of-growth