From June 20th to 24th, I was invited by the Monetary Authority of Singapore (MAS) to participate in the first "Inclusive Financial Technology Forum" held in Kigali, the capital of Rwanda, and stayed in Singapore and Dubai for several days on the way back and forth. For two full weeks, it happened to turn a semicircle along the northern edge of the Indo-Pacific region. Before I went there, I heard people analyze that the real opportunities for the application of blockchain in the real economy, or blockchain, are not in the United States, Europe or East Asia, but in Africa, the Middle East and Southeast Asia, which happens to be the Indian Ocean Rim region. called the Indo-Pacific region. Although these analyzes are well-founded, but for me, it is hearsay after all, and I am still skeptical about this point of view. The so-called "reading thousands of books is not as good as traveling thousands of miles", after a trip in person, I did get some intuitive feelings, and I also thought a little more about the development prospects of the blockchain in the Indo-Pacific region, so I also want to share it through this article Here are my main thoughts. Of course, a short two-week itinerary is not enough to draw any profound conclusions. It is only for reference in the industry. Criticism and different opinions are welcome.

1. Background

The reason why I was able to participate in the "Inclusive Financial Technology Forum" this time is because Solv Protocol and our ecological partner Unizon Blockchain Technology (hereinafter referred to as UBT) incubated in Australia were invited by MAS to sponsor and participate in the forum. As a representative of Solv, I set off from Melbourne, Australia, via Singapore and Dubai, and arrived in Kigali, the capital of Rwanda, on the morning of June 20. While in Kigali, I moderated a sub-forum on the application of ERC-3525 in the Real World Assets (RWA) industry with UBT representatives Ms. Belle Lou and Mr. Chong Ren, delivered an exhibition presentation, and participated in two roundtables Forum, and communicated with the Deputy Governor of the Central Bank of Rwanda, the Chief Financial Technology Officer of MAS, as well as central bank officials from Ghana, Cambodia, Nigeria, Kenya and other countries and entrepreneurs in the FinTech field, visited the Rwanda Genocide Memorial Museum, and specially spent I visited the Akagera National Park in Rwanda for a day, and walked around the rural areas of this country. It can be said that I have gained a lot.

Figure 1. The Opening Ceremony of the Inclusive Financial Technology Forum

Inclusive FinTech Form is a government-industry summit initiated by MAS in Singapore. The main content, in my opinion, is that financial officials, bankers and entrepreneurs from developing countries sit together to discuss how to pass financial Technological innovations are used to provide financial services to small and medium-sized enterprises and ordinary people in these countries, helping them achieve rapid and sustainable economic development. In addition to the host Rwanda and the host Singapore MAS, the participants mainly came from Southeast Asian and South Asian countries, such as India, the Philippines, Vietnam, Thailand, Indonesia, Malaysia, Cambodia, Bangladesh, and African countries, especially sub-Saharan African countries, such as Almost all representatives from Nigeria, Kenya, Tanzania, Zambia, Uganda, Ghana, South Africa and other countries were present. The reason why this conference was held for the first time has such a pattern, mainly because of the brand appeal of Singapore and Rwanda. As a late-developing country with a small land area and scarce resources, Singapore has grown into a high-income advanced economy in just a few decades, and its achievements in financial services, social governance, and technology industries are among the developing countries in the Indo-Pacific Establish a good image and become a role model for them to learn. After the tragedy of the genocide in 1994, Rwanda was reborn from the ashes and became a model of social governance and economic development in sub-Saharan African countries in less than three decades. The combination of the governments of these two countries is indeed very attractive.

Figure 2. The conference attracted 2,500 attendees from dozens of countries

2. Impressions of Rwanda

This conference is my first trip to Africa, and the destination of my first trip to Africa is Rwanda, which I did not expect in advance. When I was at IBM more than ten years ago, the company had a motion to let me travel to Kenya to support the African expansion strategy, but it was not implemented in the end. At that time, I knew the basic situation of Africa, and felt that if I went to Africa one day, I should go to a relatively "developed" area such as Kenya or Nigeria. I never thought that Rwanda would be the first time I landed in Africa.

Like most people, my only memory of Rwanda was the horrific massacre 29 years ago. The 1994 Rwandan massacre occurred between April and July, but it was already July when the news about the massacre spread to China. Therefore, my memory of the massacre is similar to that of the World Cup in the United States that year. linked together. In my memory, the first minute of the TV news program is still broadcasting the wonderful scenes of the World Cup match, and the next minute is the tragedy of the victims of the massacre. I remember that my biggest feeling about this news time at that time was not horror or sadness, but a kind of shock and disbelief. I felt that the 21st century was close at hand. Maradona had taken banned drugs. Baggio ordered The ball has been hit with anti-aircraft guns, and the United States has opened up the information highway. How can there be a country in this world that engages in racist massacres? And one kill is more than a million people! It's unbelievable, what a barbaric and backward place this must be. Many years later, I saw the movie "Hotel Rwanda", and I had a little understanding of the cause and effect of the Holocaust, but I still didn't feel that I would have any connection with Rwanda.

But before I went to Rwanda this time, I heard many people tell me that Rwanda has been the most successful country in Africa for more than two decades, known as "Switzerland in Africa" or "Singapore in Africa". But I checked Wikipedia. After all, it is a poor country with a per capita GDP of less than 1,000 US dollars. How can it be compared with Switzerland and Singapore?

I stayed in Rwanda for four days, and it should be said that it had a huge impact on me. I have a preliminary understanding of the reasons why the outside world gives Rwanda a good reputation. A comprehensive introduction to my impression of Rwanda will be an article of thousands of words. Here I just briefly introduce a few points based on the theme of this article.

Natural Conditions: Rwanda covers an area of 27,000 square kilometers and is mountainous, known as the "Land of Thousand Mountains". What impressed us most about the natural conditions of Rwanda was its excellent climate. Rwanda is close to the equator, but it is summer, the temperature is only in the 10s to 20s, and the humidity is around 40. It is dry, cool and extremely comfortable. It is in stark contrast to the hot and humid Singapore and the hot Dubai. Moreover, Rwanda only has a dry season and a rainy season in a year. The dry season is generally dry and cool, while the rainy season is humid and warm. In terms of climate alone, it is indeed a very suitable area for human habitation. Of course, as far as we know, large areas of nearby Kenya, Uganda, and Tanzania have similar climate characteristics, which are completely inconsistent with our impression of the equatorial region. This may be due to the climate regulation effect of the nearby huge Lake Victoria.

Figure 3. Rwanda is located on the southwest side of Lake Victoria, the second largest freshwater lake in the world, close to the equator

Population: At the time of the Rwanda genocide, the country had a population of 7 million. The three-month massacre killed more than 1 million people, and another 1 million became refugees. The country lost more than 2 million people in just a few months. However, with the end of the war, national reconciliation, political stability, and economic development, Rwanda's population has increased rapidly in the past 29 years, and it has also become a major destination for immigrants from neighboring countries. Today, it has a population of 13 million. The massacre that year was an atrocity committed by the Hutu against the Tutsis. After the genocide, the Rwandan government no longer allowed the distinction between Hutus and Tutsis, and everyone is a unified Rwandan nation. In terms of appearance, Rwandans do have some characteristics. There are more tall people. Men over 190 are not uncommon. a lot of.

Figure 4. Photographs of some of the victims at the Kigali Holocaust Memorial

**Economy and infrastructure: **Rwanda is a landlocked and mountainous country with relatively scarce resources. The main specialties are coffee and tea. The state of the infrastructure is equivalent to where we were in the early 1990s. The road quality is good, but too narrow, often two-way two-lane, a slow car can block the back of the car for a long time. During my stay in Rwanda, I encountered a power outage, I don't know if it was sporadic or normal. The living conditions of urban residents are roughly equivalent to the fourth- and fifth-tier cities and towns in my country, while many earthen houses can be seen in rural areas. However, the government has started a program to build and provide free housing for all poor people, and the conditions are quite good. Universal access to basic medical insurance. There are a lot of cars, and the brand is not bad, but the oil quality is poor, and the air is full of choking exhaust smell, which makes me feel like returning to the early 1990s when I breathe.

Figure 5. Kigali CBD, the capital of Rwanda

Figure 6. Free housing built by the Rwandan government for the poor (under construction)

Security and Civilization: Compared with Rwanda's economic level, its security and civilization have reached a surprisingly high level. The law and order is very good, and a foreigner who walks alone at night does not have to have any safety concerns. The people are generally warm, friendly and courteous. When we stopped at the side of the road and prepared to cross the road, all kinds of vehicles in motion would stop and wait, and children would wave enthusiastically when they saw foreigners. Of course, we have also noticed that in Rwanda, there are a large number of soldiers and police patrolling the streets with live ammunition. Obviously, this kind of security is the result of the active governance of the government. It is said that Rwanda's public security has become its national business card, a unique advantage that neighboring countries do not have.

**Political situation: **Rwanda’s current president, Paul Kagame, is a hero who led the Rwandan Patriotic Front back from overseas in 1994, overthrew the interim government that engaged in massacres, and rescued the people from suffering. In the new government, he first served as vice president, and then became president in 2000. He has been in power for 23 consecutive years. Under Rwanda's constitution, he can govern until at least 2034. Under Kagame's rule, Rwanda has a stable political situation, rapid economic development, rapid population growth, and continuous enhancement of social security. It not only solves the problem of food and clothing, but also popularizes medical insurance, and is solving the housing problem for all people. Therefore, President Kagame has a very high degree of support among the people.

Figure 7. A photo of President Paul Kagame hangs on the wall of a travel agency

Languages: Rwandans are generally multilingual, with many speaking French, English and Swahili in addition to the local language. Both English and French are compulsory subjects at school. Because they were colonized by Belgium for a long time, French is the preferred foreign language for Rwandans, so their English pronunciation is generally not standard, and they have a strong French accent. But their expression is very fluent, and they can use more advanced vocabulary and sentence patterns freely. Once we are familiar with their accent, we can communicate with them relatively smoothly in English.

MEDIA, COMMUNICATIONS AND FINANCE INFRASTRUCTURE: Rwandan households do not yet have television sets, and desktop computers are even rarer, but nearly every adult has a smartphone. The most popular local mobile phone is Techno, the African brand of Chinese mobile phone manufacturer Transsion, followed by Samsung. The Apple iPhone is only used by a wealthy few. The currency is the Rwandan franc at an exchange rate of 1160 to the US dollar and it loses a few pips almost every year. In terms of payment, cash is still the main payment method, followed by mobile payment. If you can only swipe your card, you may encounter payment difficulties in many places. ATMs can be found, but their popularity needs to be improved. The most popular local mobile payment brand is MoMo, and there are some competitors, such as BK launched by Bank of Kigali. Kenya's famous mobile payment system M-Pesa is also popular in Rwanda. The 4G network basically covers the whole country, and many public places provide free WIFI. According to our personal experience, the Internet speed is good.

Figure 8. Advertisements for mobile payment apps on the streets of Kigali

The above are some of my impressions of Rwanda. Although it seems to have nothing to do with the topic, understanding its social background is necessary to understand my main points below. Of course, because the time is too short, it is inevitable that there will be prejudice and fallacies, and I hope that friends who know more about the situation can point it out.

3. Jump into the blockchain in one step

To be honest, before participating in the conference, I thought that the blockchain-based ERC-3525 digital ticket technology we brought in the past might be a bit ahead of these Indo-Pacific countries. I think they should go to popularize electronic payment first. But what I didn't expect was the overwhelming response to our proposal. During this session, I presented to the audience the digital invoicing pilot project we are developing for the RBA CBDC. A Rwandan entrepreneur raised his hand and said that this is what we need in Africa. A technology VC from Nigeria directly requested to connect with us to discuss investment intentions. An official from the Central Bank of Ghana, a West African country, asked me whether ERC-3525 technology can help African countries solve the problem of interoperability of central bank digital currencies? A representative of the Science and Technology Innovation Department of the Central Bank of Cambodia also invited us to have an in-depth discussion with them on how to apply ERC-3525 technology in the cross-border supply chain. All these things surprised me, but also aroused my strong interest: Why do Indo-Pacific countries favor this cutting-edge technology so much?

I exchanged this with several newly explained African friends and Singaporean friends who are more familiar with the Indo-Pacific market, and I came to a very important judgment, that is, the late-developing countries in Southeast Asia and Africa are building digital economy infrastructure. Not satisfied with "remedial lessons", I don't want to repeat the path traveled by the United States and China, but I hope to jump directly into the 3.0 era, which is the digital economy based on blockchain. **

**Why do they generally have such a mentality? **

If we regard the electronic payment system pioneered by the United States based on POS machines, credit cards, and inter-bank clearing and settlement networks as Digital Finance 1.0, and the mobile Internet payment system that has flourished in China as Digital Finance 2.0, then it can be said that India The general state of the world is that both 1.0 and 2.0 are at a very early stage. As I mentioned when I introduced Rwanda's network and financial infrastructure, many of their stores do not have POS machines, bank cards are not widely used, and payments are mainly made in cash. How should we go forward? Obviously, they do not intend to spend precious funds on "remedial lessons" for 1.0, because most of these countries do not have sufficient economic volume and banking system, and they do not want to waste funds on laying POS and ATM machines. It's all understandable.

At the same time, although the centralized mobile payment system, which is the digital finance 2.0 mentioned above, is very mature, there are still some problems that make these countries feel distracted.

**First of all, the centralized Internet payment system naturally has a tendency to monopolize data. The operation center of this system can spy on, use and control the private data of all users at will, so as to easily obtain the main operating information of an economy. **In this case, these Indo-Pacific countries obviously do not want a centralized payment system operated by foreign companies to monopolize their domestic market. Therefore, they generally hope to support their own centralized payment system.

**Secondly, the fragmented Internet payment system with numerous hilltops brings huge integration friction and reduces the efficiency of regional cooperation. ** In African and Southeast Asian countries, regional economic cooperation is very active. In Rwanda, the Africans I met, whether they are from Rwanda, Nigeria, Kenya or Ghana, must be called Africa. Therefore, they have very high requirements for the interconnection of payment and financial systems between each other. During the entire forum, all topics and sessions related to financial system interoperability were the ones with the largest number of participants, the most crowded venue, the most active speeches, and the most heated discussions, which shows how much they attach importance to it. But these dozens of countries, except for a few countries with a population of hundreds of millions, most of them are low-income economies with tens of millions of people. A payment company is not only wasteful, but each of them is too small to form a scale effect, and it is not conducive to the in-depth development of digital finance. In addition, hundreds of fragmented mini Alipays will generate huge reconciliation friction, which will have a great impact on the efficiency and trust of collaboration. In addition, the severe challenges posed by this flexible and efficient centralized payment system to financial and data privacy regulation have not been resolved in developed countries, let alone Indo-Pacific countries.

Figure 9. Mobile payments market in Africa in 2022, a market of 586 million active users fragmented by nearly 200 payment companies

Of course, Internet payment is a convenient and relatively mature technology after all, so these countries are still positive about it. But when the blockchain gradually reveals its technical advantages and application prospects, the Indo-Pacific countries do have enthusiasm for the blockchain-based digital financial system that surpasses other regions. Through the communication with them, I conclude that there are four advantages of the blockchain that they value:

**First, the blockchain balances the need for these regions to collaborate in the digital economy while protecting privacy and data sovereignty. **We know that in a centralized system, the reason why privacy and data sovereignty must be mastered by the operators of the core platform is because the centralized system handed over the operation rights of the infrastructure and the ownership of the data indiscriminately to the platform operator. If users want convenience and network effects, they must transfer their data sovereignty to the platform. For the platform, all regulatory measures can only raise demands and shout slogans, and there are no substantive and effective technical regulatory methods. In the blockchain, the operation right is separated from the data sovereignty. The operation right of the infrastructure is scattered in the hands of each node, while the data sovereignty is controlled by the user through the cryptography mechanism. There is no platform operator usurping data sovereignty. question. At the same time, the data on the blockchain is tamper-proof and can be verified by a third party, so it is easy to gain trust. Trust is the basis of collaboration, so blockchain can not only promote collaboration, but also protect data sovereignty and privacy, achieving an ideal balance, especially in line with the needs of regional economic cooperation in Indo-Pacific countries.

**Secondly, the open and mutual trust environment of the blockchain and the automatic execution mechanism of smart contracts help to solve the problem of interoperability of digital financial systems in different countries. **Every country can issue its own digital currency, digital certificates and digital assets on the blockchain, but due to the internal and trust transfer mechanism of the blockchain, as well as the degree of standardization of data, it is difficult and complicated to integrate these systems The degree is much lower than the integration of traditional centralized systems, and can achieve a very high degree of automation. During this forum, we suggested to the central bank of a certain country to use a mechanism like Curve to complete the automatic exchange between multiple currencies. We even imagine some interesting applications of flash loans in certain scenarios.

**Third, the blockchain makes currency programming an everyday tool. **Because the cryptography-based security model of the blockchain system is simpler and more complete than the centralized system, it can achieve a very high degree of openness. In the centralized system, some operations that require layer-by-layer authorization and road-to-door checks can be directly released on the blockchain for ordinary users to use. Currency programming is an example. China's Internet payment has been in business for so long, and the functions that really dare to be released to users, that is, the primary applications such as "grabbing red envelopes" and "group collection", have to be launched with caution by the platform. Users themselves do not have the ability to program payments. The blockchain allows anyone to program currency and payment through smart contracts. This openness is beyond the reach of Internet payments, and it is also a very attractive capability for Indo-Pacific countries. When the audience saw the functions such as ERC-3525 automatic share calculation, automatic account distribution, payment status refresh UI, setting payment limit and time, etc., they were very excited. Customized programming and control.

**Fourth, the blockchain can support the establishment of new regulatory mechanisms. **Centralized financial technology system, since regulators cannot directly implement supervision from the system level, all regulatory rules are a kind of gentlemen's agreement, and the regulatory means can only be fixed-point spot checks, which are not only costly and slow to respond, but also The effect is very poor. Many people complain that the current financial regulation in developed countries controls decent innovators to death. When they really encounter giant beetles who act recklessly, they are helpless and do nothing. In the blockchain, once a credible digital identity, digital account, and digital certificate system are established, regulators can implement substantive control through smart contract codes, whether it is legislative prevention beforehand, adjustment and response during the event, or Compared with today's supervision technology, the efficiency of post-event forensics execution has been improved by at least two orders of magnitude. Therefore, in this forum, digital accounts and digital certificates have also become hot topics. I talked to a Nigerian FinTech expert and asked him his views on the issuance of a central bank digital currency in Nigeria. He said that the main significance of the central bank's digital currency is not payment. Those who seize the efficiency of payment every day to question the value of the blockchain are too small. The point is that the popularity of the central bank's digital currency will prompt every enterprise and individual to establish a digital identity and Digital accounts, let them use digital wallets. This is the most important public infrastructure for the next generation of digital economy and financial regulation. I take this view seriously.

It can be seen that the interest of these countries in the blockchain has real logic. In comparison, large countries like China and the United States, with highly integrated economies, are dragged down by user habits and existing systems. For a period of time, there may indeed be heavy burdens and impetus for the full adoption of blockchain. Insufficient problem. On the other hand, the post-emerging countries of the Indo-Pacific are eager to develop by leaps and bounds, skipping 1.0 and 2.0, and constructing a future-oriented, cross-border digital economic infrastructure directly based on the blockchain.

4. Condition Analysis

The interest is real, so can it be done? **We also need to analyze the conditions of this market. **

**First of all, the market has a strong demand for cross-border integration, and the single large market will repeatedly entangle between the centralized system and the blockchain system, and regions with strong cross-border demand have a strong demand for the decentralized foundation of the blockchain. The need for facilities is relatively clear. **This is certainly true for the Indo-Pacific region, especially the ASEAN region, the Arab countries of the Middle East and Africa, which are all politically fragmented and economically integrated regions, providing a natural hotbed for the development of blockchain.

**Secondly, the awareness of data sovereignty is strong. If a country is willing to hand over its data sovereignty to another country's centralized platform, then there is no need to use blockchain. **However, with the rise of awareness of data sovereignty and privacy protection in countries around the world in recent years, there should be fewer and fewer such countries. Even in low-income countries in Africa, governments are no longer willing to accept the control of their digital economies by foreign entities. This also enhances the attractiveness of blockchain for this region.

**Third, the infrastructure is up to standard, especially the Internet and mobile Internet infrastructure. **The countries around the Indian Ocean also basically meet the standard. According to friends familiar with the situation in Africa, with the support of China, the telecommunications and Internet infrastructure in African countries have advanced by leaps and bounds in the past few years. Now more than 80% of adults have mobile phones, and nearly 600 million people have opened mobile payment accounts. Basic conditions of the blockchain.

**Fourth, economic development poses an urgent need for digital financial infrastructure. **This is also in line with the reality of the Indo-Pacific region. With the restructuring of the global supply chain, the Indian Ocean Rim has increasingly become an active area of economic development covering the entire chain from raw materials to production and manufacturing. On the other hand, the more than 3 billion people in this region are mainly low- and middle-income countries. In recent years, economic development has begun to accelerate, and it may enter a period of high-speed economic growth driven by trade and regional cooperation. This undoubtedly puts forward requirements for the development of digital finance, which is also conducive to the development of blockchain in this area.

Judging from these four points, the Indo-Pacific region is very conducive to the development of the blockchain industry. Therefore, it should be said that this region is likely to develop into an important market for the blockchain industry in the next few years, and even lead the development of blockchain in some aspects.

Of course, they also have obvious disadvantages. The main reason is that the infrastructure is still weak. Many poor people do not have access to smart phones or the Internet. Another disadvantage is that there is an extreme shortage of relevant talents, and they basically do not have the ability to develop related systems by themselves, so they need to be introduced from outside.

5. Singapore's strategy

Where there is demand, there will be supply. The above analysis has been seen by an institution a long time ago, and that is of course the Monetary Authority of Singapore. Recently, the Monetary Authority of Singapore released a series of projects and white papers, which are obviously aimed at transnational blockchain infrastructure. There are three main plans:

The first one is Project Guardian, a cross-border digital asset network, which is a digital asset network composed of multiple blockchains and traditional centralized networks, serving as the infrastructure of the entire system.

The second is Project Orchid, which is Purpose Bound Money, a programmable digital currency. I have introduced this technology twice in the past few days, and I think it is a very important technology. MAS pushes this PBM mainly to provide a new technical framework for the supervision of currency payment on the premise of maintaining several important attributes of currency.

The third is Project Savanah and other digital certificate projects, whose purpose is to reliably express and confirm the identity, account, qualification, transaction records, etc. of the user subject.

The latter two projects actually address regulatory issues. In fact, the long-term failure of the industrial blockchain is not because of too many restrictions, no room for hype, and no speculation as many people say. There are two fundamental reasons: the account is not on the chain, and the funds are not on the chain. Once these two problems are resolved, various businesses and individuals will flock to it. In order for the government to safely guide enterprises and individuals to the chain, and to allow traditional institutions to safely move assets, funds, and businesses to the chain, the issue of regulatory compliance must first be resolved. Because in the modern mainstream economy, anti-money laundering, anti-terrorist financing, and the implementation of economic and financial sanctions are all unavoidable needs, and it can also be said to be the biggest difference between crypto infrastructure and industrial blockchain. If the two plans of MAS can be promoted, on the one hand, the ability to manage accounts and the ability to manage money will be established, which will basically make up for the shortcomings of the industrial blockchain and realize the on-chain of accounts and funds. There is hope for the chain.

This whole set of plans of MAS is obviously not designed for itself. Singapore has a population of 6 million, and the scale and scale of this set of plans is based on a population of one billion. In my opinion, Singapore has learned the lessons of the past ten years of repeated failures in the industrial blockchain, and has taken the lead in formulating a step-by-step, methodical and structured blockchain and digital economy infrastructure development strategy for the Indo-Pacific region. .

I can't help but think that if China can implement a similar strategy in 2019 with the help of policy Dongfeng, and the government will lead the orderly construction of infrastructure, account systems, programmable currency and regulatory technology frameworks, maybe now China's industrial blockchain applications have also passed. It has begun to take shape and can be exported. For infrastructure at the level of the Internet and industrial blockchain, the government's strategy and support can still play a positive role in the construction of the early system. If we look back at the early development history of the Internet, we will understand that the market mechanism is more effective in finding the direction of innovation, but once the direction of innovation is established, appropriate government strategies and industrial policies can accelerate industrial development.

Of course, I am not saying that MAS will definitely succeed this time. After all, it will take a lot of time to meet all the conditions. Even if the infrastructure is well established, it will take a lot of time for market liquidity to gradually build up. But I think that MAS has found the right route and the demand market, and it is indeed possible to establish a value closed loop and feedback loop between technological innovation, infrastructure construction, and the application market relatively quickly, thereby leading the industry to achieve rapid development through rapid iteration and leading rest of the world.

I communicated with many Singaporean friends and learned that Singapore positions itself as the center of the future digital economy world. Because of the small size of the country, Singapore's real economy has little room for development. But in the digital economy, Singapore's physical space will no longer be a limitation, but it has the opportunity to become a powerhouse in the global digital economy. This is Singapore's ambition.

There is a real demand, and Singapore is taking the lead. I now believe that the Indo-Pacific region will become a hot spot for the development of the blockchain industry. This market should bring rare opportunities for those in the industry who are committed to using blockchain to create real economic value.