Opportunities Created by Cross Border Data Flows

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Ecosystm, supported by their partner Zurich Insurance, conducted an invitation-only Executive ThinkTank at the Point Zero Forum in Zurich, earlier this year. A select group of regulators, investors, and senior executives from financial institutions from across the globe came together to share their insights and experiences on the critical role data is playing in a digital economy, and the concrete actions that governments and businesses can take to allow a free flow of data that will help create a global data economy.

Here are the key takeaways from the ThinkTank.

  1. Bilateral Agreements for Transparency. Trade agreements play an important role in developing standards that ensure transparency across objective criteria. This builds the foundation for cross-border privacy and data protection measures, in alignment with local legislations.
  2. Building Trust is Crucial. Privacy and private data are defined differently across countries. One of the first steps is to establish common standards for opening up the APIs. This starts with building trust in common data platforms and establishing some standards and interoperability arrangements.
  3. Consumers Can Influence Cross-Border Data Exchange. Organisations should continue to actively lobby to change regulator perspectives on data exchange. But, the real impact will be created when consumers come into the conversation – as they are the ones who will miss out on access to global and uniform services due to restrictions in cross-country data sharing.

Read below to find out more.

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Pathways for Aligning Innovation and Regulation in a DeFi World

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Ecosystm and Bitstamp, conducted an invitation-only Executive ThinkTank at the Point Zero Forum in Zurich. A select group of regulators and senior leaders from financial institutions from across the globe came together to share their insights and experiences on Decentralised Finance (DeFi), innovations in the industry, and the outlook for the future.

Here are the 5 key takeaways from the ThinkTank.

  1. Regulators: Perception vs. Reality. Regulators are generally perceived as having a bias against innovations in the Financial Services industry. In reality, they want to encourage innovation, and the industry players welcome these regulations as guardrails against unscrupulous practices.
  2. Institutional Players’ Interest in DeFi. Many institutional players are interested in DeFi to enable the smooth running of processes and products and to reduce costs. It is being evaluated in areas such as lending, borrowing, and insurance.
  3. Evolving Traditional Regulations. In a DeFi world, participants and actors are connected by technology. Hence, setting the framework and imposing good practices when building projects will be critical. Regulations need to find the right balance between flexibility and rigidity.
  4. The Importance of a Digital Asset Listing Framework. There has been a long debate on who should be the gatekeeper of digital asset listings. From a regulator’s perspective, the liability of projects needs to shift from the consumer to the project and the gatekeeper.
  5. A Simplified Disclosure Document. Major players are willing to work with regulators to develop a simple disclosure document that describes the project for end-users or investors.

Read below to find out more.

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Risks and Opportunities of Net Zero Commitments and Decarbonisation Pathways

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Ecosystm supported by their partner EY, conducted an invitation-only Executive ThinkTank at the Point Zero Forum in Zurich. A select group of regulators, investors, technology providers, and senior leaders from financial institutions from across the globe came together to share their insights and experiences on the practicability, regulatory support, and implications of sustainable finance portfolios.

Here are some of the key takeaways from the ThinkTank.

  1. The Barriers to a Sustainable Future. The first step towards a sustainable future is recognising the challenges organisations face when pursuing Net Zero targets. Often, Net Zero targets are looked upon as additional costs.
  2. Overcoming the Challenges. It is important to connect Net Zero back to business goals, given that there might be sudden shifts in regulations and because of the emergence of environment-conscious consumers.
  3. A Sustainable Future Requires a Collaborative Approach. Global governments, regulators, Financial Services institutions, other enterprises, and technology providers need to collaborate on building a sustainable future.
  4. A Time for Simplification. Clear mandates on reporting climate aspects similar to how financial aspects are reported, will result in greater adoption of sustainability and ESG measures.
  5. The Role of Digital Architecture. The path to a Net Zero, decarbonised world will be technology-led.

Read below to find out more.

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Ecosystm ThinkTank: Risks and Opportunities of Net Zero Committments and Decarbonisation Pathways

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A partner event of our annual flagship Singapore FinTech Festival, Point Zero Forum represents a unique collaboration between Elevandi (an entity set up by MAS), and the Swiss Secretariat for International Finance (SIF), organised in cooperation with the BIS Innovation Hub, Monetary Authority of Singapore, and Swiss National Bank. The inaugural Forum will be graced by Singapore’s Deputy Prime Minister, Heng Swee Keat, Switzerland’s Federal Councillor and the Head of the Federal Department of Finance, Ueli Maurer, as well as leading CEOs (UBS, Julius Baer, Six Group); and innovative founders (FTX Group, wefox). The Forum will serve as the starting point for engaging investors and policymakers with innovators to advance the future of financial services (FOFS). 

This invite-only forum aims to bring together investors, influencers, thinkers and decision-makers from the public and private sector to exchange ideas, share knowledge, develop a network, with the purpose of:

  • Developing new ideas to advance the FOFS – decentralised finance and Web 3.0, embedded finance and sustainable finance.
  • Driving investment activity by bringing together leading founders with VCs, private banking clients, family offices and PE houses
  • Dissecting regulatory considerations related to each FOFS development by bringing together public and private sector leaders

Three days of in-depth plenary sessions, deep-dive private roundtables and workshops, and exclusive sessions will focus on significant new market opportunities built on Web 3.0 architecture (June 22) – Tokenisation (June 23) and Sustainable Finance (June 23).

Ecosystm ThinkTank: Risks and Opportunities of Net Zero Committments and Decarbonisation Pathways is a closed door and confidential dialogue for a very limited number of hand-selected participants.

ESG is increasingly becoming an area of focus and Net Zero Commitments have taken centre stage across all industries. With the ‘Net Zero Intent’ gaining traction, questions around practicability, regulatory support and implications sustainable finance portfolios remain unanswered.

This ThinkTank will aim to find answers and solutions to further foster Net Zero commitments and to build practical decarbonisation pathways. Topics to address will include:

  • What are the decarbonising pathways for lending, underwriting or other products? And what are the best practices in eliminate ‘Net Zero Laggards’ from financial portfolios?
  • What support is needed from policymakers to support Net Zero execution?
  • How do governments and financial institutions engage with high emitters that are key pillars to the economy?

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Ecosystm ThinkTank: Aligning Innovation and Regulation in a DeFi World

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A partner event of our annual flagship Singapore FinTech Festival, Point Zero Forum represents a unique collaboration between Elevandi (an entity set up by MAS), and the Swiss Secretariat for International Finance (SIF), organised in cooperation with the BIS Innovation Hub, Monetary Authority of Singapore, and Swiss National Bank. The inaugural Forum will be graced by Singapore’s Deputy Prime Minister, Heng Swee Keat, Switzerland’s Federal Councillor and the Head of the Federal Department of Finance, Ueli Maurer, as well as leading CEOs (UBS, Julius Baer, Six Group); and innovative founders (FTX Group, wefox). The Forum will serve as the starting point for engaging investors and policymakers with innovators to advance the future of financial services (FOFS). 

This invite-only forum aims to bring together investors, influencers, thinkers and decision-makers from the public and private sector to exchange ideas, share knowledge, develop a network, with the purpose of:

  • Developing new ideas to advance the FOFS – decentralised finance and Web 3.0, embedded finance and sustainable finance.
  • Driving investment activity by bringing together leading founders with VCs, private banking clients, family offices and PE houses
  • Dissecting regulatory considerations related to each FOFS development by bringing together public and private sector leaders

Three days of in-depth plenary sessions, deep-dive private roundtables and workshops, and exclusive sessions will focus on significant new market opportunities built on Web 3.0 architecture (June 22) – Tokenisation (June 23) and Sustainable Finance (June 23).

Ecosystm ThinkTank: Aligning Innovation and Regulation in a DeFi World is a moderated, closed-door and confidential dialogue for a very limited number of hand-selected participants.

DeFi is increasingly becoming an area of focus for innovators and regulators globally, particularly as it develops alongside highly regulated areas of the economy – and this will be an opportunity to discuss how regulatory principles can be preserved within this ground-breaking sector.
To keep you informed on “what’s next” for this space, the agenda will consist of:
 The development of DeFi protocols and their benefits to the wider financial system.
 Retail consumer protection and regulatory jurisdiction.
 Understanding the obligations and the role of centralised regulated exchanges.
 Thinking beyond travel rule for crypto into other areas of emerging risks.

To keep the discussion focused, we are limiting participation to just ten persons from the organisations responsible for
building and regulating this ecosystem. We would be delighted if you could join us for this very important event.

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Ecosystm ThinkTank: Web 3.0 Applications: Opportunities Created by the Stemming of Cross Border Data Flows

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A partner event of our annual flagship Singapore FinTech Festival, Point Zero Forum represents a unique collaboration between Elevandi (an entity set up by MAS), and the Swiss Secretariat for International Finance (SIF), organised in cooperation with the BIS Innovation Hub, Monetary Authority of Singapore, and Swiss National Bank. The inaugural Forum will be graced by Singapore’s Deputy Prime Minister, Heng Swee Keat, Switzerland’s Federal Councillor and the Head of the Federal Department of Finance, Ueli Maurer, as well as leading CEOs (UBS, Julius Baer, Six Group); and innovative founders (FTX Group, wefox). The Forum will serve as the starting point for engaging investors and policymakers with innovators to advance the future of financial services (FOFS). 

This invite-only forum aims to bring together investors, influencers, thinkers and decision-makers from the public and private sector to exchange ideas, share knowledge, develop a network, with the purpose of:

  • Developing new ideas to advance the FOFS – decentralised finance and Web 3.0, embedded finance and sustainable finance.
  • Driving investment activity by bringing together leading founders with VCs, private banking clients, family offices and PE houses
  • Dissecting regulatory considerations related to each FOFS development by bringing together public and private sector leaders

Three days of in-depth plenary sessions, deep-dive private roundtables and workshops, and exclusive sessions will focus on significant new market opportunities built on Web 3.0 architecture (June 22) – Tokenisation (June 23) and Sustainable Finance (June 23).

Ecosystm ThinkTank: Web 3.0 Applications: Opportunities Created by the Stemming of Cross Border Data Flows is a moderated, closed door and confidential dialogue for a very limited number of hand-selected participants.

Data is a critical component of the digital economy. Driven by the rise in global technology platforms and the continuing digitalisation of economies and industries, data will become even more critical to organisations and governments.  However, regulatory barriers – due to concerns around data privacy and security, economic and competitive protection, and other geopolitical concerns – have the potential to hinder the free flow of data that will power future economic growth.

Join us for this important discussion where we will explore:

  • How a global data architecture can become a reality
  • The concrete actions that governments and businesses can take to contribute to a global data economy
  • The importance of initiatives such as the Switzerland and Singapore framework for cross-border financial data flow, that was announced last month

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Aligning Innovation and Regulation in a DeFi World

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It’s been a while since I lived in Zurich. It was about this time of year when I first visited the city that I instantly fell in love with. Beautiful blue skies and if you’re lucky enough, you can see the snow-capped mountains from Lake Zurich. It’s hard not to be instantly drawn to this small city of approximately 1.4 million people, which punches well above its weight class. One out of every eleven jobs in Switzerland is in Zurich. The financial sector generates around a quarter of the city’s economic output and provides approximately 59,000 full time equivalent jobs – accounting for 16% of all employment in the city.

Between 21-23 June, Zurich will also be home to the Point Zero Forum – an exclusive invite-only, in-person gathering of select global leaders, founders and investors with the purpose of developing new ideas on emerging concepts such as decentralised finance (DeFi), Web 3.0, embedded finance and sustainable finance; driving investment activity; and bringing together public and private sector leaders to brainstorm on regulatory requirements.

The Future of DeFi

Zug is a little canton outside of Zurich and is famously known as “Crypto Valley”. When I lived in Zurich, Zug was the home of many of the country’s leading hedge funds as Zug’s low tax, business friendly environment and fantastic quality of life attracted many of the world’s leading fund managers and companies. Today the same can be said about crypto companies setting up shop in Zug. And crypto ecosystems are expanding exponentially.

However, with the increase in the global adoption of cryptocurrency, what role will the regulators play in aligning regulation without stifling innovation? How can Crypto Valley and Singapore play a role in defining the role regulation will play in a DeFi world?

DeFi is moving fast and we are seeing an explosion of new ideas and positive outcomes. So, what can we expect from all of this? Well, that is what I will discuss with a group of regulators and industry players in a round table discussion on How an Adaptive and Centralised Regulatory Approach can Shape a Protected Future of Finance at the Point Zero Forum. We will explore the role of regulators in a fast-moving industry that has recently seen some horror stories and how industry participants are willing to work with regulators to meet in the middle to build an exciting and sometimes unpredictable future. How do we regulate something in the future? I am personally looking forward to the knowledge sharing.

For the industry to strive and innovate, we need both regulators and industry players to work together and agree to a working framework that helps deliver innovation and growth by creating new technology and jobs. But we also need to keep an eye out on the increasing number of scams in the industry. It is true to say that we have seen our fair share of them in recent months. The total collapse of TerraUSD and Luna and the collapse of the wider crypto market that saw an estimated loss of USD 500 billion has really spooked global markets.

So is cryptocurrency here for good and will it be widely adopted globally? How will regulators see the recent collapse of Luna and view regulations moving forward? We have reached an interesting point with cryptocurrencies and digital assets in general. Is it time to reflect on the current market or should we push forward and try to find a workable middle ground?

Let’s find out. Watch this space for my follow-up post after the Point Zero Forum event!

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