WEBVTT
1
00:00:05.040 --> 00:00:08.480
Hey, folks. We're recording at Halburn's Access Summit at the
2
00:00:08.519 --> 00:00:11.599
New York Stock Exchange and joining me is Henry Zang,
3
00:00:11.720 --> 00:00:15.919
who is the founder and CEO of DGFT. Henry, great
4
00:00:15.919 --> 00:00:16.160
to have.
5
00:00:16.160 --> 00:00:19.679
You, Thank you, thank you for inviting me for your podcast.
6
00:00:20.039 --> 00:00:22.800
Absolutely, I'm really looking forward to learning about what you're
7
00:00:22.839 --> 00:00:25.719
doing at DGFT. Let's start with your background. Where are
8
00:00:25.719 --> 00:00:27.760
you from? How'd you get into crypto.
9
00:00:28.280 --> 00:00:33.799
Okay, yeah, given my age, I started with traditional finance,
10
00:00:33.920 --> 00:00:36.399
not called the traditional finance, but I would rather say
11
00:00:36.399 --> 00:00:39.679
this as a mainstream finance. So I'm working in the
12
00:00:39.719 --> 00:00:45.000
financial industry for more than two decades, mainly with City
13
00:00:45.600 --> 00:00:48.840
with Standard chartered and always on the East West Bank,
14
00:00:49.479 --> 00:00:54.079
mostly in Asia. Different functions brought me to crypto is
15
00:00:55.399 --> 00:00:59.439
in my twenties, which is in the year of twenty
16
00:01:00.039 --> 00:01:04.040
two thousand. It's a two thousand time. That was internet
17
00:01:03.840 --> 00:01:06.439
at the time. That was internet at the time. I
18
00:01:06.640 --> 00:01:09.000
was the e commerce head when I worked for City,
19
00:01:09.760 --> 00:01:15.319
so I'm pretty much wept to og so starting Funders
20
00:01:15.719 --> 00:01:20.200
twenty in two thousand. In my twenties, in my role
21
00:01:20.239 --> 00:01:24.040
as an e commerce head, I built the first online
22
00:01:24.040 --> 00:01:30.840
payment system for in the Asian market. I thought it
23
00:01:30.959 --> 00:01:33.560
was a very cool product because you make a payment
24
00:01:33.599 --> 00:01:37.719
electronically rather than paper based and effects to the bank
25
00:01:38.120 --> 00:01:40.280
to make the payment and then people call back right
26
00:01:40.400 --> 00:01:44.519
then become electronic and as a time, people talk about
27
00:01:44.640 --> 00:01:47.120
the internet would be the future in the ten years,
28
00:01:47.719 --> 00:01:50.840
everybody very brutish convinced, but people don't know what's going
29
00:01:50.840 --> 00:01:54.920
to happen entertainments. Later on, this product become a very
30
00:01:54.920 --> 00:02:00.200
successful and profitable, commercially successful product. But actually it's on
31
00:02:00.280 --> 00:02:03.920
that that's starting from the online payment, go to the
32
00:02:03.920 --> 00:02:06.959
online banking, then go to the online finance. Then the
33
00:02:07.000 --> 00:02:10.639
whole thing tech build on the internet. So that was
34
00:02:10.719 --> 00:02:16.800
my experience twenty five years ago. Not coming to continue
35
00:02:16.840 --> 00:02:20.599
my banking career in different roles, different jurisdictions, I appreciate that,
36
00:02:21.360 --> 00:02:23.879
but I have this kind of memory and continue to
37
00:02:23.960 --> 00:02:26.280
monitor the whole world because as a time I have
38
00:02:26.319 --> 00:02:28.800
a great company come out like a paper or issue
39
00:02:28.800 --> 00:02:32.439
market like ldipay blah blah. Theyater to become huge companies.
40
00:02:33.280 --> 00:02:35.639
Then coming to this web sree, it's that time internet.
41
00:02:36.360 --> 00:02:38.080
Now we give it the name of a Web three
42
00:02:38.199 --> 00:02:43.439
next generation of Internet not only transferred information, it's transfer
43
00:02:43.800 --> 00:02:49.719
values giving my financial background and giving my tech background
44
00:02:49.840 --> 00:02:53.759
and my proder background. About twenty five years ago I
45
00:02:53.800 --> 00:02:59.879
realized this is something big, probably even bigger than Internet
46
00:03:00.520 --> 00:03:04.159
next generation, last generation that's called the web stream, a
47
00:03:04.280 --> 00:03:08.759
blockchain based because can transfer value. I'm so passionate about that.
48
00:03:08.759 --> 00:03:12.360
That's why I say, let me do something, engage early.
49
00:03:12.919 --> 00:03:15.479
I was early in the last wave. I want to
50
00:03:15.479 --> 00:03:17.319
be early in this way, but in a different way
51
00:03:17.360 --> 00:03:21.240
as a as a builder, as an entrepreneur, rather than walking
52
00:03:21.240 --> 00:03:23.840
on on our platform. So I build the DGFT five
53
00:03:23.879 --> 00:03:24.360
years ago.
54
00:03:24.919 --> 00:03:27.800
So do you see You know your background in the Internet,
55
00:03:28.039 --> 00:03:31.319
in e commerce, and you mentioned payments that where we
56
00:03:31.360 --> 00:03:33.520
are now with blockchain and the movement of value. It
57
00:03:33.560 --> 00:03:36.639
is a natural evolution of payments and the Internet.
58
00:03:37.280 --> 00:03:40.919
Very true, you know. It is about the financial market
59
00:03:41.000 --> 00:03:45.960
right and also very important is about the money. Now
60
00:03:46.000 --> 00:03:49.120
we talk about stable coin or CBDC or tokenize the deposit,
61
00:03:49.159 --> 00:03:51.000
which is a hot topic today in the in the
62
00:03:51.080 --> 00:03:55.000
in the conference, which I think very very important because
63
00:03:55.000 --> 00:03:58.280
the money no matter, no matter called the stable coin
64
00:03:58.520 --> 00:04:02.680
or CBDC or whatever, it's the money on chain. Yes, Now,
65
00:04:02.719 --> 00:04:05.680
what are called the three the phase three of money?
66
00:04:06.560 --> 00:04:10.879
Phase one paper based phase two, which is current electronic.
67
00:04:11.719 --> 00:04:14.479
Then the phase three is money on chain, it's money
68
00:04:14.479 --> 00:04:18.839
token the base why the three generations because the background
69
00:04:18.879 --> 00:04:23.639
is different, technology is different. Now were having the uh,
70
00:04:23.879 --> 00:04:26.240
we're entering to the age of this money on chin
71
00:04:26.360 --> 00:04:29.040
based on the block chain. So once the money on chin,
72
00:04:30.120 --> 00:04:33.639
you have two things. How to use money. Money is
73
00:04:33.720 --> 00:04:36.439
about two usages. If I may say, one is to
74
00:04:36.439 --> 00:04:41.199
buy something, another is to invest. Buy could be to
75
00:04:41.319 --> 00:04:44.519
be to see to see its consumer spending, to be
76
00:04:44.839 --> 00:04:50.639
a unreceivable or comparable any money you didn't spend, you
77
00:04:50.759 --> 00:04:54.560
want to earn something, so you have to invest. So
78
00:04:54.600 --> 00:04:57.000
in this regard ones the stable can money move on
79
00:04:57.160 --> 00:05:00.720
chain and of course based on the whole infra there's
80
00:05:00.800 --> 00:05:04.759
a chain wallet or the other things. Now how to
81
00:05:04.879 --> 00:05:09.399
pay and how to invest is going to be fundamentally changed.
82
00:05:10.160 --> 00:05:13.639
Oh absolutely, And it makes it almost a more global
83
00:05:13.680 --> 00:05:16.959
market because you have twenty four to seven trading. Anyone
84
00:05:17.040 --> 00:05:21.240
can access the asset because it's on chain. Right before,
85
00:05:21.720 --> 00:05:24.920
for example, not everyone could access certain stocks on the
86
00:05:24.959 --> 00:05:28.360
New York Stock Exchange. But with bitcoin and crypto acids
87
00:05:28.399 --> 00:05:30.000
and stable coins, you could be in any part of
88
00:05:30.040 --> 00:05:31.759
the world. So as you have Internet connection, you can
89
00:05:31.800 --> 00:05:33.439
access it totally.
90
00:05:34.519 --> 00:05:39.399
These kind of new features of benefits people start to
91
00:05:39.480 --> 00:05:43.959
realize starting from the crypto native assets like BTC. Because
92
00:05:43.959 --> 00:05:46.360
of crypto native there are nothing in the real world
93
00:05:46.439 --> 00:05:50.480
but just an on chain. But then the people once
94
00:05:50.519 --> 00:05:53.079
they like the see the values of the asset, but
95
00:05:53.319 --> 00:05:58.759
also on the other side they see the value of efficiency, transparency,
96
00:05:59.240 --> 00:06:03.240
self ownership. Then people start to think about it. BDC
97
00:06:03.480 --> 00:06:05.959
is good as an asset, but on the other side,
98
00:06:05.959 --> 00:06:09.079
the BDC is very good in terms of its features.
99
00:06:10.240 --> 00:06:14.519
Then people naturally think and the debating here is can
100
00:06:14.560 --> 00:06:19.639
we apply these good features enable make it enable other assets.
101
00:06:20.959 --> 00:06:23.839
Now there's a name called the r W A, although
102
00:06:24.000 --> 00:06:25.879
I don't think r W is a perfect name, but
103
00:06:26.120 --> 00:06:30.279
just use it real assets basically the assets which is
104
00:06:30.279 --> 00:06:33.279
not on chain, but we make the ownership or the
105
00:06:33.360 --> 00:06:37.040
representation on chain called r W A token or digital
106
00:06:37.040 --> 00:06:41.040
asset tokens. Then you can enjoy this kind of benefits
107
00:06:41.120 --> 00:06:47.439
which native assets crypto assets already inherited. That's the moment
108
00:06:47.439 --> 00:06:49.959
things on chain. Then coming to your point is like
109
00:06:50.000 --> 00:06:53.519
twenty four seven etc. On the other side is if
110
00:06:53.560 --> 00:06:57.160
I may adam just a couple more sentences, then the
111
00:06:57.199 --> 00:07:02.120
people look at the current financial industry. Mainstream financial industry
112
00:07:02.879 --> 00:07:06.759
use the best of the technology so far, but still
113
00:07:06.959 --> 00:07:11.680
there's a lot of room to improve. The current financial
114
00:07:11.720 --> 00:07:17.959
market is very local and the pretty manual in terms
115
00:07:18.000 --> 00:07:21.360
of middle office and the back office, which the technology
116
00:07:21.399 --> 00:07:27.120
hasn't been changed much in the past decades. The one,
117
00:07:27.240 --> 00:07:32.399
as you mentioned, it is like a stock we're sitting in.
118
00:07:32.439 --> 00:07:36.240
Your stock has changed, but this is US stock. If
119
00:07:36.279 --> 00:07:39.360
you go to japan stock, you go to European stock,
120
00:07:39.560 --> 00:07:42.160
you go to Asian stock. There are different separate markets
121
00:07:42.720 --> 00:07:45.240
which they cannot be you buy here, set over there.
122
00:07:45.319 --> 00:07:48.480
You okay, only buy here, set over there, And each
123
00:07:48.560 --> 00:07:54.600
one has a very distinctive settlement procedure, some T plus two,
124
00:07:54.720 --> 00:07:57.959
some T plus one, some maybe T plus x, very
125
00:07:58.040 --> 00:08:01.279
very different, and you need to move the capital cross
126
00:08:01.319 --> 00:08:04.439
the border. Then you add on another layer of complexity.
127
00:08:05.120 --> 00:08:10.240
The result is your capital efficiency it's low. Your accessibility
128
00:08:10.439 --> 00:08:14.160
even doesn't exist, then the efficiency will be low. Even
129
00:08:14.199 --> 00:08:18.519
you can transfer around, so these kind of things. Thanks
130
00:08:18.519 --> 00:08:24.199
for the technology. Using this token based Web three next
131
00:08:24.240 --> 00:08:28.399
generation of Internet can be largely addressed.
132
00:08:29.160 --> 00:08:32.919
Absolutely breaks down a lot of the walls and connects
133
00:08:34.000 --> 00:08:37.120
more of these markets that were segregated before.
134
00:08:38.080 --> 00:08:41.960
Indeed, totally that's going to be a non marginal change.
135
00:08:42.279 --> 00:08:45.360
The change work can be very substantial, as you mentioned,
136
00:08:45.360 --> 00:08:48.919
Tony said, currently is like a five days maybe eight
137
00:08:48.919 --> 00:08:54.039
hours right then next step people can talk about twenty
138
00:08:54.039 --> 00:08:59.279
four seven and the settlement and the clearing happened simultaneously,
139
00:09:00.120 --> 00:09:05.000
and it can be in minutes, seconds or even many
140
00:09:05.080 --> 00:09:09.600
seconds soon. So this is one step forward, yes, but
141
00:09:09.679 --> 00:09:12.759
this is one step forward. Is almost reached to the ideal,
142
00:09:12.879 --> 00:09:16.480
most ideal situation twenty four seven. What else you can
143
00:09:16.519 --> 00:09:20.200
expect and the real time or near real time. So
144
00:09:20.279 --> 00:09:23.759
this kind of innovation, I would say it is not
145
00:09:24.080 --> 00:09:24.960
marginal innovation.
146
00:09:25.799 --> 00:09:29.159
It's normal, absolutely, and I think I don't know if
147
00:09:29.200 --> 00:09:30.720
it was this week we heard the New York Stock
148
00:09:30.799 --> 00:09:33.120
Exchange they're looking to go twenty four to seven, you know,
149
00:09:33.240 --> 00:09:36.759
the NASDAC. So eventually, like you said, you know, everybody's
150
00:09:36.799 --> 00:09:40.279
going to be on the same playing field to get
151
00:09:40.799 --> 00:09:42.960
real time settlement twenty four to seven trading.
152
00:09:43.360 --> 00:09:47.879
Yeah, that one, I mean just encouraging me to say
153
00:09:47.879 --> 00:09:50.759
two things right. One is the financial industry is never
154
00:09:50.879 --> 00:09:54.480
slow in adopting new technologies. Look at the history when
155
00:09:54.480 --> 00:10:00.840
a new technology come out telecommunication, PC, internet, mobile. Financial
156
00:10:00.840 --> 00:10:04.080
industry never never be the slow guide to adopt it.
157
00:10:04.480 --> 00:10:08.639
So this time just another new technology, so financial industry
158
00:10:09.480 --> 00:10:12.840
will be a very active use of it. This number one.
159
00:10:13.360 --> 00:10:16.200
Another thing is that when you mentioned like an ASTech
160
00:10:17.679 --> 00:10:20.799
New York stock change coming in to do it is
161
00:10:21.080 --> 00:10:25.919
institutional engagement. So the institution was start coming. Oh absolutely,
162
00:10:25.960 --> 00:10:29.159
So that's never slow in the past. We're not slow
163
00:10:29.240 --> 00:10:31.360
this time. And also big guys start to come in,
164
00:10:31.919 --> 00:10:34.679
so this kind of change we can expect it will
165
00:10:34.759 --> 00:10:36.240
be accelerated.
166
00:10:36.919 --> 00:10:40.639
Oh absolutely. So took us about dgf T what is
167
00:10:40.879 --> 00:10:43.480
what are the services you offer? The history and who
168
00:10:43.519 --> 00:10:44.960
are you working with and things like that.
169
00:10:45.840 --> 00:10:49.440
DGFT is a marketplace we called our next generation of
170
00:10:49.480 --> 00:10:53.480
a marketplace. Why is that? Is a technology white? It
171
00:10:53.639 --> 00:10:58.840
is a dex non constudient platform. What do we call
172
00:10:58.879 --> 00:11:02.919
this open architecture means you can connect your own wallet
173
00:11:03.279 --> 00:11:06.919
to the platform and once you get the assets, the
174
00:11:06.960 --> 00:11:11.000
assets goes into your own wallet self custodiing. So this
175
00:11:11.159 --> 00:11:14.440
kind of thing never happened before. We have this technoledge.
176
00:11:15.279 --> 00:11:18.720
So far the lot of exchanges and marketplaces and the
177
00:11:18.759 --> 00:11:23.679
financial institutions are almost one hundred percent centralized. You need
178
00:11:23.720 --> 00:11:30.000
to depend on intermediate to do financial transactions, so decentralize
179
00:11:30.000 --> 00:11:32.919
your self control. You have a minimum dependency on the
180
00:11:32.960 --> 00:11:38.519
intermediates or even no intermediate, So that's efficiency. That's efficiency.
181
00:11:38.879 --> 00:11:42.799
Number two. We deal with not only native crypto assets.
182
00:11:43.200 --> 00:11:46.679
We deal with the beyond crypto assets. There's so many
183
00:11:46.720 --> 00:11:52.480
assets of value fixing common stocks, equities, and real state commodities,
184
00:11:52.840 --> 00:11:55.679
many others that are all of value. So there's a
185
00:11:55.799 --> 00:11:59.080
huge room to be upgraded in terms of efficiency, liberty,
186
00:11:59.159 --> 00:12:03.720
or disease knowledge. That's why we go beyond cryptocurrency, not
187
00:12:03.720 --> 00:12:06.799
called other buy or security digital assets.
188
00:12:06.679 --> 00:12:08.879
Token assets essentially, oh yeah.
189
00:12:08.799 --> 00:12:12.960
Yeah, token azed assets. Number three is were licensed because
190
00:12:13.000 --> 00:12:16.519
we're in the financial industry. We believe what we're doing
191
00:12:16.639 --> 00:12:20.519
is the mainstream finance. Financial industry has its own feature.
192
00:12:20.759 --> 00:12:26.000
It is heavily regulated industry in almost all jurisdictions. This
193
00:12:26.200 --> 00:12:29.799
is not going to be going to change and publisher,
194
00:12:29.960 --> 00:12:33.799
not change protection, blah blah, right, a lot of things.
195
00:12:34.320 --> 00:12:38.440
So we were licensed. We're dealing with that. When licensing
196
00:12:38.559 --> 00:12:41.759
is a key requirement hold the people accountable. That's why
197
00:12:41.799 --> 00:12:46.320
you build a trust. So DGFT is a licensed decks
198
00:12:47.320 --> 00:12:50.039
for digital assets, and we're very proud we are the
199
00:12:50.080 --> 00:12:52.600
first way in the world be the license the decks
200
00:12:54.120 --> 00:12:55.080
for digital assets.
201
00:12:55.320 --> 00:12:59.080
It's incredible because you don't hear about deck is decentralized
202
00:12:59.120 --> 00:13:03.159
exchanges for those whom no, But that's incredible. Uh, I
203
00:13:03.159 --> 00:13:06.200
think you're the first I've heard that has a deck
204
00:13:06.279 --> 00:13:08.279
setup to handle tokenized assets.
205
00:13:08.600 --> 00:13:12.559
We indeed the first one licensed and the life in operations.
206
00:13:13.159 --> 00:13:16.159
And I read that you're working with UBS and in Vesco,
207
00:13:16.440 --> 00:13:18.840
those type of institutions.
208
00:13:18.840 --> 00:13:22.480
Correct, since we are regulated and we are regulated by
209
00:13:22.519 --> 00:13:26.399
Tier one jurisdiction. We're in Singapore starting Singapore, now in
210
00:13:26.440 --> 00:13:29.960
Hong Kong and entering to other jurisdictions, so we are
211
00:13:30.000 --> 00:13:35.759
regulated by tier one regulators and fully compliant. And on
212
00:13:35.799 --> 00:13:39.559
the other side, the good asset managers, like when you
213
00:13:39.600 --> 00:13:43.200
mentioned the UBS in Vesco, they also holding the same
214
00:13:43.279 --> 00:13:46.480
view as as will be distributed on chain. They're looking
215
00:13:46.480 --> 00:13:50.559
for partners. That's why we make ourselves and be the
216
00:13:50.759 --> 00:13:55.519
partner be chosen by this kind of tier one asset managers.
217
00:13:55.840 --> 00:13:58.039
We're very proud of it. So now we have but
218
00:13:58.080 --> 00:14:03.919
we're working with UBS in Mesco, Wellington, DBS, develop Bank
219
00:14:04.000 --> 00:14:06.799
of Singapore and with some other asse managers out of
220
00:14:06.840 --> 00:14:10.759
Hong Kong our list. This list is getting longer and
221
00:14:10.879 --> 00:14:13.639
we're very proud of it. And also this also in
222
00:14:13.679 --> 00:14:16.720
our vision is more and more asset providers probably in
223
00:14:16.759 --> 00:14:19.919
the future percent they will move the way on Chin
224
00:14:20.159 --> 00:14:23.480
just like a move from paper to electronic. Yeah, Leytown
225
00:14:23.519 --> 00:14:26.840
will be on Chen twenty five years ago online.
226
00:14:27.159 --> 00:14:30.919
Oh absolutely, it's incredible the adoption that's happening, Henry. I
227
00:14:30.960 --> 00:14:34.519
know Singapore has always been more for thinking and ahead
228
00:14:34.519 --> 00:14:37.000
of the curve than the rest of the world with crypto.
229
00:14:37.759 --> 00:14:39.840
Here in the United States, we're almost at the cusp
230
00:14:39.879 --> 00:14:43.080
of getting crypto market structure. So are you seeing the
231
00:14:43.200 --> 00:14:46.879
US opening up more where you're talking to institutions here.
232
00:14:47.399 --> 00:14:51.320
Yeah, there isn't a couple regulators of jurisdictions are very
233
00:14:51.360 --> 00:14:56.200
forward looking and taking action. Singapore, of course is the
234
00:14:56.240 --> 00:15:00.600
one we appreciate. That's why we also uh talking to
235
00:15:00.679 --> 00:15:03.919
the regulators in Singapore and also be endorsed by Singapore.
236
00:15:04.000 --> 00:15:09.759
The giving license then US definitely is in terms of
237
00:15:09.960 --> 00:15:13.120
size and the richness is never ware in the world
238
00:15:13.320 --> 00:15:17.519
as a financial market. We also see in the US
239
00:15:17.559 --> 00:15:22.200
market the regulators variously regulators which is not easy and
240
00:15:22.320 --> 00:15:26.159
also legislations. But I'm also moving very fast. Yes, the
241
00:15:26.200 --> 00:15:28.559
more in fast, and the trend is very clear. The
242
00:15:28.679 --> 00:15:34.159
trend is to embrace this innovation. But of course there
243
00:15:34.200 --> 00:15:35.879
are a lot of debate, a lot of check and
244
00:15:35.960 --> 00:15:39.480
balance talking about how to embrace, what to embrace, and
245
00:15:39.519 --> 00:15:42.720
how to embrace. That's very natural. But the trends are
246
00:15:42.759 --> 00:15:47.720
very clear, including the stable coin. There money on chain
247
00:15:47.879 --> 00:15:48.960
is also digital.
248
00:15:49.000 --> 00:15:54.440
Right, Yeah, the stable coin adoption is surging after here
249
00:15:54.480 --> 00:15:56.559
in the United States passed the Genius Act and a
250
00:15:56.639 --> 00:15:58.759
lot of institutions like banks want to launch their own
251
00:15:58.759 --> 00:15:59.399
stable coins.
252
00:15:59.440 --> 00:16:04.240
Now incredible, Yeah, because I would say wise men think,
253
00:16:04.279 --> 00:16:08.759
I like right, People quickly realize it's not difficult to
254
00:16:08.799 --> 00:16:12.279
really to understand the benefit, right, especially once you try
255
00:16:12.279 --> 00:16:16.120
it a little bit, Just like before people talk about
256
00:16:16.120 --> 00:16:21.039
the internet. Then when they start to use internet, you
257
00:16:21.159 --> 00:16:28.120
quickly realize the kind of unprecedented benefits. Repeat again here.
258
00:16:29.039 --> 00:16:33.279
Then people see there's a room to improve. And back
259
00:16:33.279 --> 00:16:35.960
to what we just said, is a financial industry never
260
00:16:36.080 --> 00:16:39.919
slow in adopting new technologies. Oh?
261
00:16:39.960 --> 00:16:42.919
Absolutely, So what's on your road map for this year?
262
00:16:42.960 --> 00:16:44.159
What are your top priorities?
263
00:16:45.440 --> 00:16:46.960
What do we have a lot of things to do
264
00:16:47.120 --> 00:16:50.759
so sometimes just overly excited, but we need to prioritize.
265
00:16:51.200 --> 00:16:54.240
So what do we focus on is a first of all,
266
00:16:54.279 --> 00:16:58.600
we believe in this future open architecture based the UH,
267
00:16:58.679 --> 00:17:04.000
the the financial infrastructure, new financial infrastructure. It is a
268
00:17:04.559 --> 00:17:07.480
very open based you can call the DeFi. This is
269
00:17:07.519 --> 00:17:10.880
our focus, so we're very focused on that. Number two
270
00:17:10.960 --> 00:17:13.839
will very focus on the capital markets. We are not
271
00:17:13.920 --> 00:17:17.559
payment company. When not focused on payment, payments will work
272
00:17:17.559 --> 00:17:21.200
closely with payments, but we focus on the capital markets
273
00:17:21.680 --> 00:17:24.799
digital assets because money, how to pay, how to earn.
274
00:17:25.599 --> 00:17:28.759
Once you use the money to pay, you will immediately
275
00:17:28.799 --> 00:17:32.079
ask how do I invest? I want the assets being
276
00:17:32.079 --> 00:17:37.839
token That's the direction and of course we are core values.
277
00:17:38.640 --> 00:17:43.440
We're building this platform for the asset providers the name
278
00:17:43.599 --> 00:17:48.119
like UBS, Invesco and others. We building this platform for
279
00:17:48.200 --> 00:17:52.640
the investors who are investing in this valuable assets in
280
00:17:52.680 --> 00:17:55.599
the token way, enjoy the quality of the assets and
281
00:17:55.839 --> 00:17:59.599
enjoyed efficiency of the way. And number three, which is
282
00:17:59.680 --> 00:18:04.480
unique for essay in tokens, we work for the builders
283
00:18:04.519 --> 00:18:08.000
just like you buy money market funds in tokens instead
284
00:18:08.039 --> 00:18:11.720
of as a replacement for deposit, what else can you
285
00:18:11.759 --> 00:18:16.480
do with it, Yes, more easy to be collaturalized or
286
00:18:17.240 --> 00:18:23.400
be for the lending, borrow money, cross border type of thing.
287
00:18:23.519 --> 00:18:26.559
So that's we called the generally recorder for the builders.
288
00:18:27.200 --> 00:18:30.599
So it's for the for the asset providers, for the investors,
289
00:18:30.640 --> 00:18:31.799
and for the builders.
290
00:18:32.839 --> 00:18:36.119
Yeah, you're able to open up new use cases and
291
00:18:36.240 --> 00:18:39.480
utility put put the assets to work in different ways.
292
00:18:39.559 --> 00:18:45.200
Right, that's correct. Then we did we implement something last year.
293
00:18:45.519 --> 00:18:47.599
We'll continue to do it. We see the benefit, we
294
00:18:47.640 --> 00:18:51.240
see the market's demand. For example, we make the ubs
295
00:18:51.359 --> 00:18:53.880
IS money market fund. Ubs is a very reputable as
296
00:18:53.880 --> 00:19:00.680
a manager for money market funds, stable, good liquidity, decent written.
297
00:19:01.440 --> 00:19:03.319
We build an use case that we walk with a
298
00:19:03.400 --> 00:19:08.359
centralized exchange crypto exchange like a bybit cook coin. They
299
00:19:08.440 --> 00:19:10.759
take ub as money market as collateral.
300
00:19:11.160 --> 00:19:11.599
Oh wow.
301
00:19:12.359 --> 00:19:17.039
Then from the trader user perspective, they can enjoy boths.
302
00:19:17.279 --> 00:19:19.440
They can enjoy the efficiency in the in the in
303
00:19:19.480 --> 00:19:23.960
the token way. They can also enjoy the reliable and
304
00:19:24.000 --> 00:19:29.480
a sustainable yield from the collective assets. So it's enjoy
305
00:19:29.559 --> 00:19:32.359
on both sides. That's one of the typical case of
306
00:19:33.119 --> 00:19:36.359
building applications. Many can be due and a lot of
307
00:19:36.440 --> 00:19:38.880
peers in the industry also doing the same thing. We're
308
00:19:38.960 --> 00:19:41.079
very excited about it.
309
00:19:41.079 --> 00:19:44.000
It's an exciting time, Henry. I'm really looking forward to
310
00:19:44.079 --> 00:19:47.039
seeing future updates on digit f T. Thank you so
311
00:19:47.119 --> 00:19:48.359
much for taking the time to chat.
312
00:19:49.039 --> 00:19:50.720
Thank you very much. Thank you for having me.
313
00:19:51.480 --> 00:19:53.839
This episode is brought to you by v Chanin. V
314
00:19:53.960 --> 00:19:56.920
Chain is one of the top layer one enterprise blockchains
315
00:19:57.000 --> 00:20:00.000
in the crypto asset class, and they are getting adopted
316
00:20:00.279 --> 00:20:03.039
by many big brands and companies around the world who
317
00:20:03.039 --> 00:20:07.160
are building Web three and decentralized application technologies. I've been
318
00:20:07.200 --> 00:20:09.519
a VET token holder for many years. In fact, I
319
00:20:09.640 --> 00:20:13.160
started investing in v chain back in twenty eighteen, and
320
00:20:13.240 --> 00:20:15.559
some of the key features of the v chain blockchain
321
00:20:15.599 --> 00:20:19.799
includes its secure, affordable, scalable, fast, and sustainable. Some of
322
00:20:19.839 --> 00:20:25.480
the companies and brands working with vchain include Jivon, Chi, Walmart, China, BMW,
323
00:20:25.759 --> 00:20:29.599
Boston Consulting Group, and many more. Most recently, they partnered
324
00:20:29.640 --> 00:20:32.759
with Dana White in the UFC, and Dana White even
325
00:20:32.799 --> 00:20:36.279
said recently that he purchased over a million dollars of
326
00:20:36.319 --> 00:20:40.079
the VET token, and vchain also recently launched staking where
327
00:20:40.079 --> 00:20:43.240
you can stake the VET token and earn great rewards,
328
00:20:43.440 --> 00:20:45.440
so if you'd like to learn more about vchain, go
329
00:20:45.480 --> 00:20:48.279
to vchain dot org. Link will be in the description.
330
00:20:48.599 --> 00:20:51.119
Thank you so much for tuning in. Please hit the
331
00:20:51.240 --> 00:20:53.599
like button subscribe if you haven't as yet. If you're
332
00:20:53.599 --> 00:20:56.640
listening on a podcast platform such as Spotify or Apple,
333
00:20:56.839 --> 00:20:59.559
please follow and leave a five star rating. Thank you
334
00:20:59.599 --> 00:21:00.000
so much,
1
00:00:05.040 --> 00:00:08.480
Hey, folks. We're recording at Halburn's Access Summit at the
2
00:00:08.519 --> 00:00:11.599
New York Stock Exchange and joining me is Henry Zang,
3
00:00:11.720 --> 00:00:15.919
who is the founder and CEO of DGFT. Henry, great
4
00:00:15.919 --> 00:00:16.160
to have.
5
00:00:16.160 --> 00:00:19.679
You, Thank you, thank you for inviting me for your podcast.
6
00:00:20.039 --> 00:00:22.800
Absolutely, I'm really looking forward to learning about what you're
7
00:00:22.839 --> 00:00:25.719
doing at DGFT. Let's start with your background. Where are
8
00:00:25.719 --> 00:00:27.760
you from? How'd you get into crypto.
9
00:00:28.280 --> 00:00:33.799
Okay, yeah, given my age, I started with traditional finance,
10
00:00:33.920 --> 00:00:36.399
not called the traditional finance, but I would rather say
11
00:00:36.399 --> 00:00:39.679
this as a mainstream finance. So I'm working in the
12
00:00:39.719 --> 00:00:45.000
financial industry for more than two decades, mainly with City
13
00:00:45.600 --> 00:00:48.840
with Standard chartered and always on the East West Bank,
14
00:00:49.479 --> 00:00:54.079
mostly in Asia. Different functions brought me to crypto is
15
00:00:55.399 --> 00:00:59.439
in my twenties, which is in the year of twenty
16
00:01:00.039 --> 00:01:04.040
two thousand. It's a two thousand time. That was internet
17
00:01:03.840 --> 00:01:06.439
at the time. That was internet at the time. I
18
00:01:06.640 --> 00:01:09.000
was the e commerce head when I worked for City,
19
00:01:09.760 --> 00:01:15.319
so I'm pretty much wept to og so starting Funders
20
00:01:15.719 --> 00:01:20.200
twenty in two thousand. In my twenties, in my role
21
00:01:20.239 --> 00:01:24.040
as an e commerce head, I built the first online
22
00:01:24.040 --> 00:01:30.840
payment system for in the Asian market. I thought it
23
00:01:30.959 --> 00:01:33.560
was a very cool product because you make a payment
24
00:01:33.599 --> 00:01:37.719
electronically rather than paper based and effects to the bank
25
00:01:38.120 --> 00:01:40.280
to make the payment and then people call back right
26
00:01:40.400 --> 00:01:44.519
then become electronic and as a time, people talk about
27
00:01:44.640 --> 00:01:47.120
the internet would be the future in the ten years,
28
00:01:47.719 --> 00:01:50.840
everybody very brutish convinced, but people don't know what's going
29
00:01:50.840 --> 00:01:54.920
to happen entertainments. Later on, this product become a very
30
00:01:54.920 --> 00:02:00.200
successful and profitable, commercially successful product. But actually it's on
31
00:02:00.280 --> 00:02:03.920
that that's starting from the online payment, go to the
32
00:02:03.920 --> 00:02:06.959
online banking, then go to the online finance. Then the
33
00:02:07.000 --> 00:02:10.639
whole thing tech build on the internet. So that was
34
00:02:10.719 --> 00:02:16.800
my experience twenty five years ago. Not coming to continue
35
00:02:16.840 --> 00:02:20.599
my banking career in different roles, different jurisdictions, I appreciate that,
36
00:02:21.360 --> 00:02:23.879
but I have this kind of memory and continue to
37
00:02:23.960 --> 00:02:26.280
monitor the whole world because as a time I have
38
00:02:26.319 --> 00:02:28.800
a great company come out like a paper or issue
39
00:02:28.800 --> 00:02:32.439
market like ldipay blah blah. Theyater to become huge companies.
40
00:02:33.280 --> 00:02:35.639
Then coming to this web sree, it's that time internet.
41
00:02:36.360 --> 00:02:38.080
Now we give it the name of a Web three
42
00:02:38.199 --> 00:02:43.439
next generation of Internet not only transferred information, it's transfer
43
00:02:43.800 --> 00:02:49.719
values giving my financial background and giving my tech background
44
00:02:49.840 --> 00:02:53.759
and my proder background. About twenty five years ago I
45
00:02:53.800 --> 00:02:59.879
realized this is something big, probably even bigger than Internet
46
00:03:00.520 --> 00:03:04.159
next generation, last generation that's called the web stream, a
47
00:03:04.280 --> 00:03:08.759
blockchain based because can transfer value. I'm so passionate about that.
48
00:03:08.759 --> 00:03:12.360
That's why I say, let me do something, engage early.
49
00:03:12.919 --> 00:03:15.479
I was early in the last wave. I want to
50
00:03:15.479 --> 00:03:17.319
be early in this way, but in a different way
51
00:03:17.360 --> 00:03:21.240
as a as a builder, as an entrepreneur, rather than walking
52
00:03:21.240 --> 00:03:23.840
on on our platform. So I build the DGFT five
53
00:03:23.879 --> 00:03:24.360
years ago.
54
00:03:24.919 --> 00:03:27.800
So do you see You know your background in the Internet,
55
00:03:28.039 --> 00:03:31.319
in e commerce, and you mentioned payments that where we
56
00:03:31.360 --> 00:03:33.520
are now with blockchain and the movement of value. It
57
00:03:33.560 --> 00:03:36.639
is a natural evolution of payments and the Internet.
58
00:03:37.280 --> 00:03:40.919
Very true, you know. It is about the financial market
59
00:03:41.000 --> 00:03:45.960
right and also very important is about the money. Now
60
00:03:46.000 --> 00:03:49.120
we talk about stable coin or CBDC or tokenize the deposit,
61
00:03:49.159 --> 00:03:51.000
which is a hot topic today in the in the
62
00:03:51.080 --> 00:03:55.000
in the conference, which I think very very important because
63
00:03:55.000 --> 00:03:58.280
the money no matter, no matter called the stable coin
64
00:03:58.520 --> 00:04:02.680
or CBDC or whatever, it's the money on chain. Yes, Now,
65
00:04:02.719 --> 00:04:05.680
what are called the three the phase three of money?
66
00:04:06.560 --> 00:04:10.879
Phase one paper based phase two, which is current electronic.
67
00:04:11.719 --> 00:04:14.479
Then the phase three is money on chain, it's money
68
00:04:14.479 --> 00:04:18.839
token the base why the three generations because the background
69
00:04:18.879 --> 00:04:23.639
is different, technology is different. Now were having the uh,
70
00:04:23.879 --> 00:04:26.240
we're entering to the age of this money on chin
71
00:04:26.360 --> 00:04:29.040
based on the block chain. So once the money on chin,
72
00:04:30.120 --> 00:04:33.639
you have two things. How to use money. Money is
73
00:04:33.720 --> 00:04:36.439
about two usages. If I may say, one is to
74
00:04:36.439 --> 00:04:41.199
buy something, another is to invest. Buy could be to
75
00:04:41.319 --> 00:04:44.519
be to see to see its consumer spending, to be
76
00:04:44.839 --> 00:04:50.639
a unreceivable or comparable any money you didn't spend, you
77
00:04:50.759 --> 00:04:54.560
want to earn something, so you have to invest. So
78
00:04:54.600 --> 00:04:57.000
in this regard ones the stable can money move on
79
00:04:57.160 --> 00:05:00.720
chain and of course based on the whole infra there's
80
00:05:00.800 --> 00:05:04.759
a chain wallet or the other things. Now how to
81
00:05:04.879 --> 00:05:09.399
pay and how to invest is going to be fundamentally changed.
82
00:05:10.160 --> 00:05:13.639
Oh absolutely, And it makes it almost a more global
83
00:05:13.680 --> 00:05:16.959
market because you have twenty four to seven trading. Anyone
84
00:05:17.040 --> 00:05:21.240
can access the asset because it's on chain. Right before,
85
00:05:21.720 --> 00:05:24.920
for example, not everyone could access certain stocks on the
86
00:05:24.959 --> 00:05:28.360
New York Stock Exchange. But with bitcoin and crypto acids
87
00:05:28.399 --> 00:05:30.000
and stable coins, you could be in any part of
88
00:05:30.040 --> 00:05:31.759
the world. So as you have Internet connection, you can
89
00:05:31.800 --> 00:05:33.439
access it totally.
90
00:05:34.519 --> 00:05:39.399
These kind of new features of benefits people start to
91
00:05:39.480 --> 00:05:43.959
realize starting from the crypto native assets like BTC. Because
92
00:05:43.959 --> 00:05:46.360
of crypto native there are nothing in the real world
93
00:05:46.439 --> 00:05:50.480
but just an on chain. But then the people once
94
00:05:50.519 --> 00:05:53.079
they like the see the values of the asset, but
95
00:05:53.319 --> 00:05:58.759
also on the other side they see the value of efficiency, transparency,
96
00:05:59.240 --> 00:06:03.240
self ownership. Then people start to think about it. BDC
97
00:06:03.480 --> 00:06:05.959
is good as an asset, but on the other side,
98
00:06:05.959 --> 00:06:09.079
the BDC is very good in terms of its features.
99
00:06:10.240 --> 00:06:14.519
Then people naturally think and the debating here is can
100
00:06:14.560 --> 00:06:19.639
we apply these good features enable make it enable other assets.
101
00:06:20.959 --> 00:06:23.839
Now there's a name called the r W A, although
102
00:06:24.000 --> 00:06:25.879
I don't think r W is a perfect name, but
103
00:06:26.120 --> 00:06:30.279
just use it real assets basically the assets which is
104
00:06:30.279 --> 00:06:33.279
not on chain, but we make the ownership or the
105
00:06:33.360 --> 00:06:37.040
representation on chain called r W A token or digital
106
00:06:37.040 --> 00:06:41.040
asset tokens. Then you can enjoy this kind of benefits
107
00:06:41.120 --> 00:06:47.439
which native assets crypto assets already inherited. That's the moment
108
00:06:47.439 --> 00:06:49.959
things on chain. Then coming to your point is like
109
00:06:50.000 --> 00:06:53.519
twenty four seven etc. On the other side is if
110
00:06:53.560 --> 00:06:57.160
I may adam just a couple more sentences, then the
111
00:06:57.199 --> 00:07:02.120
people look at the current financial industry. Mainstream financial industry
112
00:07:02.879 --> 00:07:06.759
use the best of the technology so far, but still
113
00:07:06.959 --> 00:07:11.680
there's a lot of room to improve. The current financial
114
00:07:11.720 --> 00:07:17.959
market is very local and the pretty manual in terms
115
00:07:18.000 --> 00:07:21.360
of middle office and the back office, which the technology
116
00:07:21.399 --> 00:07:27.120
hasn't been changed much in the past decades. The one,
117
00:07:27.240 --> 00:07:32.399
as you mentioned, it is like a stock we're sitting in.
118
00:07:32.439 --> 00:07:36.240
Your stock has changed, but this is US stock. If
119
00:07:36.279 --> 00:07:39.360
you go to japan stock, you go to European stock,
120
00:07:39.560 --> 00:07:42.160
you go to Asian stock. There are different separate markets
121
00:07:42.720 --> 00:07:45.240
which they cannot be you buy here, set over there.
122
00:07:45.319 --> 00:07:48.480
You okay, only buy here, set over there, And each
123
00:07:48.560 --> 00:07:54.600
one has a very distinctive settlement procedure, some T plus two,
124
00:07:54.720 --> 00:07:57.959
some T plus one, some maybe T plus x, very
125
00:07:58.040 --> 00:08:01.279
very different, and you need to move the capital cross
126
00:08:01.319 --> 00:08:04.439
the border. Then you add on another layer of complexity.
127
00:08:05.120 --> 00:08:10.240
The result is your capital efficiency it's low. Your accessibility
128
00:08:10.439 --> 00:08:14.160
even doesn't exist, then the efficiency will be low. Even
129
00:08:14.199 --> 00:08:18.519
you can transfer around, so these kind of things. Thanks
130
00:08:18.519 --> 00:08:24.199
for the technology. Using this token based Web three next
131
00:08:24.240 --> 00:08:28.399
generation of Internet can be largely addressed.
132
00:08:29.160 --> 00:08:32.919
Absolutely breaks down a lot of the walls and connects
133
00:08:34.000 --> 00:08:37.120
more of these markets that were segregated before.
134
00:08:38.080 --> 00:08:41.960
Indeed, totally that's going to be a non marginal change.
135
00:08:42.279 --> 00:08:45.360
The change work can be very substantial, as you mentioned,
136
00:08:45.360 --> 00:08:48.919
Tony said, currently is like a five days maybe eight
137
00:08:48.919 --> 00:08:54.039
hours right then next step people can talk about twenty
138
00:08:54.039 --> 00:08:59.279
four seven and the settlement and the clearing happened simultaneously,
139
00:09:00.120 --> 00:09:05.000
and it can be in minutes, seconds or even many
140
00:09:05.080 --> 00:09:09.600
seconds soon. So this is one step forward, yes, but
141
00:09:09.679 --> 00:09:12.759
this is one step forward. Is almost reached to the ideal,
142
00:09:12.879 --> 00:09:16.480
most ideal situation twenty four seven. What else you can
143
00:09:16.519 --> 00:09:20.200
expect and the real time or near real time. So
144
00:09:20.279 --> 00:09:23.759
this kind of innovation, I would say it is not
145
00:09:24.080 --> 00:09:24.960
marginal innovation.
146
00:09:25.799 --> 00:09:29.159
It's normal, absolutely, and I think I don't know if
147
00:09:29.200 --> 00:09:30.720
it was this week we heard the New York Stock
148
00:09:30.799 --> 00:09:33.120
Exchange they're looking to go twenty four to seven, you know,
149
00:09:33.240 --> 00:09:36.759
the NASDAC. So eventually, like you said, you know, everybody's
150
00:09:36.799 --> 00:09:40.279
going to be on the same playing field to get
151
00:09:40.799 --> 00:09:42.960
real time settlement twenty four to seven trading.
152
00:09:43.360 --> 00:09:47.879
Yeah, that one, I mean just encouraging me to say
153
00:09:47.879 --> 00:09:50.759
two things right. One is the financial industry is never
154
00:09:50.879 --> 00:09:54.480
slow in adopting new technologies. Look at the history when
155
00:09:54.480 --> 00:10:00.840
a new technology come out telecommunication, PC, internet, mobile. Financial
156
00:10:00.840 --> 00:10:04.080
industry never never be the slow guide to adopt it.
157
00:10:04.480 --> 00:10:08.639
So this time just another new technology, so financial industry
158
00:10:09.480 --> 00:10:12.840
will be a very active use of it. This number one.
159
00:10:13.360 --> 00:10:16.200
Another thing is that when you mentioned like an ASTech
160
00:10:17.679 --> 00:10:20.799
New York stock change coming in to do it is
161
00:10:21.080 --> 00:10:25.919
institutional engagement. So the institution was start coming. Oh absolutely,
162
00:10:25.960 --> 00:10:29.159
So that's never slow in the past. We're not slow
163
00:10:29.240 --> 00:10:31.360
this time. And also big guys start to come in,
164
00:10:31.919 --> 00:10:34.679
so this kind of change we can expect it will
165
00:10:34.759 --> 00:10:36.240
be accelerated.
166
00:10:36.919 --> 00:10:40.639
Oh absolutely. So took us about dgf T what is
167
00:10:40.879 --> 00:10:43.480
what are the services you offer? The history and who
168
00:10:43.519 --> 00:10:44.960
are you working with and things like that.
169
00:10:45.840 --> 00:10:49.440
DGFT is a marketplace we called our next generation of
170
00:10:49.480 --> 00:10:53.480
a marketplace. Why is that? Is a technology white? It
171
00:10:53.639 --> 00:10:58.840
is a dex non constudient platform. What do we call
172
00:10:58.879 --> 00:11:02.919
this open architecture means you can connect your own wallet
173
00:11:03.279 --> 00:11:06.919
to the platform and once you get the assets, the
174
00:11:06.960 --> 00:11:11.000
assets goes into your own wallet self custodiing. So this
175
00:11:11.159 --> 00:11:14.440
kind of thing never happened before. We have this technoledge.
176
00:11:15.279 --> 00:11:18.720
So far the lot of exchanges and marketplaces and the
177
00:11:18.759 --> 00:11:23.679
financial institutions are almost one hundred percent centralized. You need
178
00:11:23.720 --> 00:11:30.000
to depend on intermediate to do financial transactions, so decentralize
179
00:11:30.000 --> 00:11:32.919
your self control. You have a minimum dependency on the
180
00:11:32.960 --> 00:11:38.519
intermediates or even no intermediate, So that's efficiency. That's efficiency.
181
00:11:38.879 --> 00:11:42.799
Number two. We deal with not only native crypto assets.
182
00:11:43.200 --> 00:11:46.679
We deal with the beyond crypto assets. There's so many
183
00:11:46.720 --> 00:11:52.480
assets of value fixing common stocks, equities, and real state commodities,
184
00:11:52.840 --> 00:11:55.679
many others that are all of value. So there's a
185
00:11:55.799 --> 00:11:59.080
huge room to be upgraded in terms of efficiency, liberty,
186
00:11:59.159 --> 00:12:03.720
or disease knowledge. That's why we go beyond cryptocurrency, not
187
00:12:03.720 --> 00:12:06.799
called other buy or security digital assets.
188
00:12:06.679 --> 00:12:08.879
Token assets essentially, oh yeah.
189
00:12:08.799 --> 00:12:12.960
Yeah, token azed assets. Number three is were licensed because
190
00:12:13.000 --> 00:12:16.519
we're in the financial industry. We believe what we're doing
191
00:12:16.639 --> 00:12:20.519
is the mainstream finance. Financial industry has its own feature.
192
00:12:20.759 --> 00:12:26.000
It is heavily regulated industry in almost all jurisdictions. This
193
00:12:26.200 --> 00:12:29.799
is not going to be going to change and publisher,
194
00:12:29.960 --> 00:12:33.799
not change protection, blah blah, right, a lot of things.
195
00:12:34.320 --> 00:12:38.440
So we were licensed. We're dealing with that. When licensing
196
00:12:38.559 --> 00:12:41.759
is a key requirement hold the people accountable. That's why
197
00:12:41.799 --> 00:12:46.320
you build a trust. So DGFT is a licensed decks
198
00:12:47.320 --> 00:12:50.039
for digital assets, and we're very proud we are the
199
00:12:50.080 --> 00:12:52.600
first way in the world be the license the decks
200
00:12:54.120 --> 00:12:55.080
for digital assets.
201
00:12:55.320 --> 00:12:59.080
It's incredible because you don't hear about deck is decentralized
202
00:12:59.120 --> 00:13:03.159
exchanges for those whom no, But that's incredible. Uh, I
203
00:13:03.159 --> 00:13:06.200
think you're the first I've heard that has a deck
204
00:13:06.279 --> 00:13:08.279
setup to handle tokenized assets.
205
00:13:08.600 --> 00:13:12.559
We indeed the first one licensed and the life in operations.
206
00:13:13.159 --> 00:13:16.159
And I read that you're working with UBS and in Vesco,
207
00:13:16.440 --> 00:13:18.840
those type of institutions.
208
00:13:18.840 --> 00:13:22.480
Correct, since we are regulated and we are regulated by
209
00:13:22.519 --> 00:13:26.399
Tier one jurisdiction. We're in Singapore starting Singapore, now in
210
00:13:26.440 --> 00:13:29.960
Hong Kong and entering to other jurisdictions, so we are
211
00:13:30.000 --> 00:13:35.759
regulated by tier one regulators and fully compliant. And on
212
00:13:35.799 --> 00:13:39.559
the other side, the good asset managers, like when you
213
00:13:39.600 --> 00:13:43.200
mentioned the UBS in Vesco, they also holding the same
214
00:13:43.279 --> 00:13:46.480
view as as will be distributed on chain. They're looking
215
00:13:46.480 --> 00:13:50.559
for partners. That's why we make ourselves and be the
216
00:13:50.759 --> 00:13:55.519
partner be chosen by this kind of tier one asset managers.
217
00:13:55.840 --> 00:13:58.039
We're very proud of it. So now we have but
218
00:13:58.080 --> 00:14:03.919
we're working with UBS in Mesco, Wellington, DBS, develop Bank
219
00:14:04.000 --> 00:14:06.799
of Singapore and with some other asse managers out of
220
00:14:06.840 --> 00:14:10.759
Hong Kong our list. This list is getting longer and
221
00:14:10.879 --> 00:14:13.639
we're very proud of it. And also this also in
222
00:14:13.679 --> 00:14:16.720
our vision is more and more asset providers probably in
223
00:14:16.759 --> 00:14:19.919
the future percent they will move the way on Chin
224
00:14:20.159 --> 00:14:23.480
just like a move from paper to electronic. Yeah, Leytown
225
00:14:23.519 --> 00:14:26.840
will be on Chen twenty five years ago online.
226
00:14:27.159 --> 00:14:30.919
Oh absolutely, it's incredible the adoption that's happening, Henry. I
227
00:14:30.960 --> 00:14:34.519
know Singapore has always been more for thinking and ahead
228
00:14:34.519 --> 00:14:37.000
of the curve than the rest of the world with crypto.
229
00:14:37.759 --> 00:14:39.840
Here in the United States, we're almost at the cusp
230
00:14:39.879 --> 00:14:43.080
of getting crypto market structure. So are you seeing the
231
00:14:43.200 --> 00:14:46.879
US opening up more where you're talking to institutions here.
232
00:14:47.399 --> 00:14:51.320
Yeah, there isn't a couple regulators of jurisdictions are very
233
00:14:51.360 --> 00:14:56.200
forward looking and taking action. Singapore, of course is the
234
00:14:56.240 --> 00:15:00.600
one we appreciate. That's why we also uh talking to
235
00:15:00.679 --> 00:15:03.919
the regulators in Singapore and also be endorsed by Singapore.
236
00:15:04.000 --> 00:15:09.759
The giving license then US definitely is in terms of
237
00:15:09.960 --> 00:15:13.120
size and the richness is never ware in the world
238
00:15:13.320 --> 00:15:17.519
as a financial market. We also see in the US
239
00:15:17.559 --> 00:15:22.200
market the regulators variously regulators which is not easy and
240
00:15:22.320 --> 00:15:26.159
also legislations. But I'm also moving very fast. Yes, the
241
00:15:26.200 --> 00:15:28.559
more in fast, and the trend is very clear. The
242
00:15:28.679 --> 00:15:34.159
trend is to embrace this innovation. But of course there
243
00:15:34.200 --> 00:15:35.879
are a lot of debate, a lot of check and
244
00:15:35.960 --> 00:15:39.480
balance talking about how to embrace, what to embrace, and
245
00:15:39.519 --> 00:15:42.720
how to embrace. That's very natural. But the trends are
246
00:15:42.759 --> 00:15:47.720
very clear, including the stable coin. There money on chain
247
00:15:47.879 --> 00:15:48.960
is also digital.
248
00:15:49.000 --> 00:15:54.440
Right, Yeah, the stable coin adoption is surging after here
249
00:15:54.480 --> 00:15:56.559
in the United States passed the Genius Act and a
250
00:15:56.639 --> 00:15:58.759
lot of institutions like banks want to launch their own
251
00:15:58.759 --> 00:15:59.399
stable coins.
252
00:15:59.440 --> 00:16:04.240
Now incredible, Yeah, because I would say wise men think,
253
00:16:04.279 --> 00:16:08.759
I like right, People quickly realize it's not difficult to
254
00:16:08.799 --> 00:16:12.279
really to understand the benefit, right, especially once you try
255
00:16:12.279 --> 00:16:16.120
it a little bit, Just like before people talk about
256
00:16:16.120 --> 00:16:21.039
the internet. Then when they start to use internet, you
257
00:16:21.159 --> 00:16:28.120
quickly realize the kind of unprecedented benefits. Repeat again here.
258
00:16:29.039 --> 00:16:33.279
Then people see there's a room to improve. And back
259
00:16:33.279 --> 00:16:35.960
to what we just said, is a financial industry never
260
00:16:36.080 --> 00:16:39.919
slow in adopting new technologies. Oh?
261
00:16:39.960 --> 00:16:42.919
Absolutely, So what's on your road map for this year?
262
00:16:42.960 --> 00:16:44.159
What are your top priorities?
263
00:16:45.440 --> 00:16:46.960
What do we have a lot of things to do
264
00:16:47.120 --> 00:16:50.759
so sometimes just overly excited, but we need to prioritize.
265
00:16:51.200 --> 00:16:54.240
So what do we focus on is a first of all,
266
00:16:54.279 --> 00:16:58.600
we believe in this future open architecture based the UH,
267
00:16:58.679 --> 00:17:04.000
the the financial infrastructure, new financial infrastructure. It is a
268
00:17:04.559 --> 00:17:07.480
very open based you can call the DeFi. This is
269
00:17:07.519 --> 00:17:10.880
our focus, so we're very focused on that. Number two
270
00:17:10.960 --> 00:17:13.839
will very focus on the capital markets. We are not
271
00:17:13.920 --> 00:17:17.559
payment company. When not focused on payment, payments will work
272
00:17:17.559 --> 00:17:21.200
closely with payments, but we focus on the capital markets
273
00:17:21.680 --> 00:17:24.799
digital assets because money, how to pay, how to earn.
274
00:17:25.599 --> 00:17:28.759
Once you use the money to pay, you will immediately
275
00:17:28.799 --> 00:17:32.079
ask how do I invest? I want the assets being
276
00:17:32.079 --> 00:17:37.839
token That's the direction and of course we are core values.
277
00:17:38.640 --> 00:17:43.440
We're building this platform for the asset providers the name
278
00:17:43.599 --> 00:17:48.119
like UBS, Invesco and others. We building this platform for
279
00:17:48.200 --> 00:17:52.640
the investors who are investing in this valuable assets in
280
00:17:52.680 --> 00:17:55.599
the token way, enjoy the quality of the assets and
281
00:17:55.839 --> 00:17:59.599
enjoyed efficiency of the way. And number three, which is
282
00:17:59.680 --> 00:18:04.480
unique for essay in tokens, we work for the builders
283
00:18:04.519 --> 00:18:08.000
just like you buy money market funds in tokens instead
284
00:18:08.039 --> 00:18:11.720
of as a replacement for deposit, what else can you
285
00:18:11.759 --> 00:18:16.480
do with it, Yes, more easy to be collaturalized or
286
00:18:17.240 --> 00:18:23.400
be for the lending, borrow money, cross border type of thing.
287
00:18:23.519 --> 00:18:26.559
So that's we called the generally recorder for the builders.
288
00:18:27.200 --> 00:18:30.599
So it's for the for the asset providers, for the investors,
289
00:18:30.640 --> 00:18:31.799
and for the builders.
290
00:18:32.839 --> 00:18:36.119
Yeah, you're able to open up new use cases and
291
00:18:36.240 --> 00:18:39.480
utility put put the assets to work in different ways.
292
00:18:39.559 --> 00:18:45.200
Right, that's correct. Then we did we implement something last year.
293
00:18:45.519 --> 00:18:47.599
We'll continue to do it. We see the benefit, we
294
00:18:47.640 --> 00:18:51.240
see the market's demand. For example, we make the ubs
295
00:18:51.359 --> 00:18:53.880
IS money market fund. Ubs is a very reputable as
296
00:18:53.880 --> 00:19:00.680
a manager for money market funds, stable, good liquidity, decent written.
297
00:19:01.440 --> 00:19:03.319
We build an use case that we walk with a
298
00:19:03.400 --> 00:19:08.359
centralized exchange crypto exchange like a bybit cook coin. They
299
00:19:08.440 --> 00:19:10.759
take ub as money market as collateral.
300
00:19:11.160 --> 00:19:11.599
Oh wow.
301
00:19:12.359 --> 00:19:17.039
Then from the trader user perspective, they can enjoy boths.
302
00:19:17.279 --> 00:19:19.440
They can enjoy the efficiency in the in the in
303
00:19:19.480 --> 00:19:23.960
the token way. They can also enjoy the reliable and
304
00:19:24.000 --> 00:19:29.480
a sustainable yield from the collective assets. So it's enjoy
305
00:19:29.559 --> 00:19:32.359
on both sides. That's one of the typical case of
306
00:19:33.119 --> 00:19:36.359
building applications. Many can be due and a lot of
307
00:19:36.440 --> 00:19:38.880
peers in the industry also doing the same thing. We're
308
00:19:38.960 --> 00:19:41.079
very excited about it.
309
00:19:41.079 --> 00:19:44.000
It's an exciting time, Henry. I'm really looking forward to
310
00:19:44.079 --> 00:19:47.039
seeing future updates on digit f T. Thank you so
311
00:19:47.119 --> 00:19:48.359
much for taking the time to chat.
312
00:19:49.039 --> 00:19:50.720
Thank you very much. Thank you for having me.
313
00:19:51.480 --> 00:19:53.839
This episode is brought to you by v Chanin. V
314
00:19:53.960 --> 00:19:56.920
Chain is one of the top layer one enterprise blockchains
315
00:19:57.000 --> 00:20:00.000
in the crypto asset class, and they are getting adopted
316
00:20:00.279 --> 00:20:03.039
by many big brands and companies around the world who
317
00:20:03.039 --> 00:20:07.160
are building Web three and decentralized application technologies. I've been
318
00:20:07.200 --> 00:20:09.519
a VET token holder for many years. In fact, I
319
00:20:09.640 --> 00:20:13.160
started investing in v chain back in twenty eighteen, and
320
00:20:13.240 --> 00:20:15.559
some of the key features of the v chain blockchain
321
00:20:15.599 --> 00:20:19.799
includes its secure, affordable, scalable, fast, and sustainable. Some of
322
00:20:19.839 --> 00:20:25.480
the companies and brands working with vchain include Jivon, Chi, Walmart, China, BMW,
323
00:20:25.759 --> 00:20:29.599
Boston Consulting Group, and many more. Most recently, they partnered
324
00:20:29.640 --> 00:20:32.759
with Dana White in the UFC, and Dana White even
325
00:20:32.799 --> 00:20:36.279
said recently that he purchased over a million dollars of
326
00:20:36.319 --> 00:20:40.079
the VET token, and vchain also recently launched staking where
327
00:20:40.079 --> 00:20:43.240
you can stake the VET token and earn great rewards,
328
00:20:43.440 --> 00:20:45.440
so if you'd like to learn more about vchain, go
329
00:20:45.480 --> 00:20:48.279
to vchain dot org. Link will be in the description.
330
00:20:48.599 --> 00:20:51.119
Thank you so much for tuning in. Please hit the
331
00:20:51.240 --> 00:20:53.599
like button subscribe if you haven't as yet. If you're
332
00:20:53.599 --> 00:20:56.640
listening on a podcast platform such as Spotify or Apple,
333
00:20:56.839 --> 00:20:59.559
please follow and leave a five star rating. Thank you
334
00:20:59.599 --> 00:21:00.000
so much,
