Inaugural Point Zero Forum ends in Zurich with over 1,000 high profile attendees
ZURICH and SINGAPORE, July 1, 2022 /PRNewswire/ — The Swiss Secretariat for International Finance (SIF) and Elevandi have successfully concluded the three-day, in-person-only Point Zero Forum at Zürich on June 23, 2022. The inaugural Forum attracted more than 1,000 high profile attendees, including many founders, investors and decision makers, as well as more than 200 esteemed speakers from Europe, Asia Pacificthe UNITED STATESand MEAN.
Point Zero Forum aims to provide an annual platform for global leaders from the public and private sectors to foster the meaningful exchange of ideas and knowledge to advance FinTech and Web3 in the digital economy. There were powerful discussions between senior government and business leaders at 31 plenary sessions, 9 regulatory roundtables and 13 workshops and think tanks. 9 Innovation Tours took place in Zug and Zürich to present the latest developments in Web3 and sustainable finance. In addition, the Forum has facilitated over 300 high-level public encounters.
Here are the key takeaways from the Point Zero Forum 2022.
- Current market conditions, combined with likely increased regulation, are creating increasingly difficult times for Web3 players. However, it also represents an opportunity to build innovative businesses that focus on utility in the real economy, not speculation;
- Depending on transitory and persistent shocks, inflationary pressures are significant and central banks act forcefully to avoid the price/wage spiral. Despite the tightening of monetary policy, inflation should not return to the levels we have seen in the past. However, technology can be used to increase efficiency and reduce costs;
- Trust as a key theme came up frequently – in addition to compliance basics (Know Your Customer, Anti-Money Laundering), there is a need for crypto players to create and maintain trust among all participants ( users, regulators, decision-makers and traditional actors);
- Decentralized finance (DeFi) use cases range from custody to tokenization of securities, and it is a space where traditional financial institutions are actively participating, working with regulators to make activities safer. Innovation and use cases will continue, but we will also see checks and balances created to provide security similar to traditional finance (eg regulatory capital/liquidity requirements); and
- The space is maturing rapidly – Web3 operators are accepting regulatory oversight, especially with regards to the protection of retail and institutional customers. The DeFi trading infrastructure has proven its robustness during the bear market and offers similar functionality to traditional trading. As the market matures, traditional and Web3 investors are actively looking to invest in the opportunity – both core and peripheral.
- Reversing the impact of the use of fossil fuels over the past 250,000 years requires concerted action by the public and private sectors. Private sector capital is essential to finance the transition to net zero; however, asset managers (generally having the highest assets under management) have a fiduciary responsibility to their clients to appropriately manage risk and returns. Therefore, current climate investment opportunities need to be significantly curtailed for private sector investors to play a substantial role in the transition;
- Environment, social and governance (ESG) is a priority for business leaders, regulators, policy makers and activists. However, overall alignment is needed on (a) what data to focus on, (b) how to access data, and (c) how to integrate data into decision-making. Having transparent, accessible and credible data is essential to ensure that ESG objectives are properly assessed and achieved; and
- There is a clear trend to use finance and technology (including Web3) to achieve sustainability goals, especially in conservation funding. Activists work closely with investors, financiers and technologists to scale existing and new tools and technologies to fight climate change.
The following technology and innovation announcements were made at the Forum:
- Global Financial Innovator Partior Accelerates International Growth with Full Management Team and New R&D Center in India
- Special chapter of the annual economic report of the Bank for International Settlements
- Citi partners with METACO to build institutional digital asset custody capabilities
- Crypto.com receives approval in principle from the Monetary Authority of Singapore
Sopnendu MohantyChairman of the Board of Directors of Elevandi and Chief FinTech Officer of the Monetary Authority of Singaporeshares, “The first Point Zero Forum coincided with the current crypto meltdown and the climate imperative. Industry leaders representing all parts of the ecosystem, entrepreneurs, policymakers and investors, reflected to the urgent need to rethink the way forward and openly discuss opportunities and challenges. This ranged from regulatory compliance and a greater focus on real economy issues and sustainable innovation. We look forward to bringing the Forum back with an even more significant impact next year.
Daniela StoffelSecretary of State, Switzerland State Secretariat for International Finance, says: “The conference allowed an enriching personal exchange with entrepreneurs and authorities in a very short time and in a simple way. I am impressed by the power of innovation and the dynamism of the fintech industry and its drivers.”
To continue the progress made during the Forum, Elevandi will soon publish statistics that frame the market opportunities across Web3 and sustainable finance, as well as the main results to be achieved by the participants of the Forum. This information will be complemented by independent expert opinions from high-level opinion leaders who participated in the Forum.
State Secretariat for International Finance
The State Secretariat for International Finance represents Switzerland interests in financial, monetary and fiscal matters not only vis-à-vis partner countries but also in the competent international bodies. It undertakes to put in place good framework conditions to ensure that Swiss can have an innovative, interconnected and sustainable financial center and business location among world leaders. The State Secretariat is responsible for implementing the Swiss government’s financial market policy.
Elevandi is created by the Monetary Authority of Singapore foster an open dialogue between the public and private sectors to advance FinTech in the digital economy. We work closely with governments, founders, investors, and business leaders to drive collaboration, education, and new sources of value at the industry and national level. Our initiatives have brought together more than 300,000 people since 2016 to drive FinTech growth through events, closed-door roundtables, investor programs, education and research initiatives. Our flagship is the Singapore FinTech Festival alongside burgeoning platforms including the World FinTech Festival and Point Zero Forum.
PR Newswire is the official press release distribution partner of the Point Zero Forum.