Blockchain technologies and artificial intelligence (AI) took center stage at a recent Asia fintech conference, Money20/20 in Bangkok, featuring a total of 139 talks and panels. Among these, 22 sessions were dedicated to discussions on blockchain, digital assets, and central bank digital currencies (CBDCs), while AI emerged as the most discussed tech subject with 25 sessions specifically focused on it.

The significant spotlight on blockchain technologies in Asia contrasts with the United States, where the primary Money20/20 conference in Las Vegas has seen a shift towards AI dominance, partly due to regulatory actions by the Securities and Exchange Commission dampening interest in Web3.

In the Asian landscape, a notable emphasis was placed on Web3 and the metaverse, as emphasized by Danny Levy, the managing director of Money20/20 Asia. This unique focus sets this event apart from others that may not prioritize these emerging topics as prominently.

Daranee Saeju, assistant governor of the Payment Systems Policy and Financial Consumer Protection Group at the Bank of Thailand, shared insights on the transformative potential of blockchain in developing economies. Envisioning a future where transactions are seamless, borders are blurred, and money flows swiftly, inexpensively, securely, and transparently.

Thailand’s involvement in the mBridge project, alongside mainland China, Hong Kong, and the United Arab Emirates, aims to explore cross-border CBDC payments using blockchain technology. Furthermore, JPMorgan’s collaboration with Kasikornbank on Project Carina seeks to expedite cross-border payments by leveraging blockchain for significant reductions in transaction times.

Stablecoins were also a focal point at the conference as companies prepare for upcoming regulations that could legitimize cryptocurrencies tied to fiat currencies like the US dollar. Ripple, for example, disclosed plans to introduce its USD-pegged stablecoin on both the XRP blockchain and Ethereum to streamline settlement processes across its network.

Beyond blockchain and AI discussions, the conference highlighted the enduring importance of traditional technologies in the fintech sector, particularly regarding financial inclusion. While blockchain was praised for its potential in serving unbanked populations, the event also shed light on established solutions.

WeLab, a virtual bank operator in Hong Kong and Indonesia, underscored the challenges of credit access in Indonesia and stressed the need for relevance in adopting new technologies. Additionally, the event addressed Hong Kong’s regulatory efforts concerning the cryptocurrency industry, including forthcoming stablecoin regulations by the Hong Kong Monetary Authority.

Money20/20 Asia, marking its return after a five-year hiatus, shifted to Bangkok following the cancellation of its 2020 Singapore show due to the pandemic. The event drew over 3,000 attendees, meeting expectations and mirroring the turnout of the 2019 Singapore edition.