FinTech, Web3, sustainability and where good ideas converged – my key takeaways from Point Zero Forum

I attended the inaugural Point Zero Forum (https://www.pointzeroforum.com/) in Zurich from 21 to 23 June, which was attended by more than 1,000 business leaders from around the world. The overarching themes that stood out to me from the plenary sessions, regulatory roundtables, workshops, and one-on-one meetings with fellow attendees were Fintech and Web3. Ultimately, I walked away with three major reflections: 

1. Crypto and metaverse at a crossroads? Much has been said about the metaverse and businesses transitioning from web2 to web3. The current crypto winter has also laid bare the risks to investors and other market participants, and neither crypto supporters nor naysayers have been shy about wading into the debate. Through discussions with industry players, it has become clear to me that the key to success is trust. Regulatory oversight is vital to building this trust, but it’s not the only way. The industry is still evolving, and we have not yet reached the equilibrium between laissez faire and being fully regulated. However, it is heartening to hear the sharing from policy makers alluding to a pragmatic and commercial approach to regulating the crypto industry. Nobody will know how long this crypto winter will last but it presents opportunity for a reset that focuses on real economic value creation and bringing sustainable value to the masses.
2. We need to be open minded about where the next good idea will come from. Take Ladakh. for example, which has implemented some truly innovative ideas to mitigate climate change and improve citizens’ lives, as we heard in a talk on climate action by Sonam Wangchuk (Founder of the Himalayan Institute of Alternatives). This forcibly demonstrates that good ideas do not need to come from swanky offices; on-the-ground, real-life applications can throw up game changing innovations.

3. FinTech has a real opportunity to create a better and greener future for all. With heatwaves wreaking havoc across Asia and Europe, for many, climate change has moved from being a computer simulation to becoming a current, inescapable real-life problem. The financial services industry needs to use this sense of urgency to redefine business economics in a way that puts our environment front and centre. As part of this process, there will be a myriad opportunities for agile, forward-looking FinTech and Web3 innovators to forge new, sustainable businesses. 

As DPM Heng Swee Keat shared in his opening address, innovation across two double helixes—digital and sustainability, and industry and regulation—mean that we now have a real opportunity to build a better, greener world for everyone. 

Well done Elevandi and the Swiss Secretariat for International Finance for organising the Point Zero Forum! While the forum has concluded, the discussions continues (well, I am still catching up with people I met there!). I anticipate that this event—and future iterations—  will lead to many fruitful collaborations and exchanges. And I look forward to being part of the conversation and change to drive sustained outcome.

#FinTech #Web3 #Sustainability #TheNewEquation #TeamingforSuccess PwC Singapore Marcus Lam Justin Ong Sopnendu Mohanty