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, Thailand’s oldest bank bullish on DeFi, Forex-News, Forex-News
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Thailand’s oldest bank bullish on DeFi

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, Thailand’s oldest bank bullish on DeFi, Forex-News, Forex-News

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, Thailand’s oldest bank bullish on DeFi, Forex-News, Forex-News
, Thailand’s oldest bank bullish on DeFi, Forex-News, Forex-News

After the REDeFiNE TOMORROW 2021 virtual conference, Mukaya “Tai” Panich, chief investment officer of Siam Commercial Bank’s risk division SCB 10X, indicated why he is bullish on Decentralized Finance (DeFi).

«We hope we can raise awareness and help educate about DeFi because we don’t want people to invest in DeFi without really understanding. They must understand the fundamentals and perspectives and the products they use».

Very important, Siam Commercial Bank, the oldest bank in Thailand, established by royal statute in 1907. It is consolidating its reputation as a strong sponsor of innovative financial technologies.

Similarly, SCB 10X is SCB’s risk arm. And it is mainly focused on investing in basic financial services on Blockchain, such as DeFi and cryptocurrencies.

By the way, REDeFiNE TOMORROW 2021, is a global virtual DeFi and Blockchain Summit held on July 22 and 23. Which brought together some of the most prominent leaders in the cryptocurrency and DeFi industry, including the CEO of Binance, Changpeng (CZ) Zhao, Compound Labs CEO Robert Leshner. Also, Aave CEO Stani Kulechov, Circle CEO Jeremy Allaire, and Fireblocks CEO Michael Shaulov.

Why is SCB 10X bullish on Decentralized Finance?

According to Mukaya «Tai» Panich: «The reason we want to invest in DeFi and be part of the ecosystem is that we want to understand and capitalize on DeFi. Given its potential to significantly impact the financial industry».

In addition, he added: «I can see a world where DeFi can power the back end of traditional financial companies. Traditional finance companies could potentially carry out customer-facing activities, such as acquiring customers, by providing a simple, easy-to-understand and integrated interface».

For its part, DeFi can boost the back-end, to reduce transaction times, reduce costs, increase transparency, reduce settlement times, among others. For this to happen, I believe traditional finance companies like us should actively explore, invest, and embrace DeFi.

As for the area in which investments in DeFi will be focused, there are two main:

  1. Invest in projects that are parallel to traditional finance, so that we can learn to do it in a decentralized way. In addition, teach the Startup about the best practices that we have developed from the world of traditional finance.
  2. Invest in DeFi infrastructure.

Should DeFi be fully regulated?

In this regard, Arak Sutivong, CEO of SCB 10X and president of Siam Commercial Bank (SCB) states that DeFi cannot be fully regulated. Offering insight into how you see the future of Decentralized Finance (DeFi), as it relates to the controversial issue of regulation.

In fact, in his keynote address to SCB 10X’s second virtual world DeFi Summit, REDeFiNE, Arak Sutivong highlighted that: “By now, DeFi has broken into society for many reasons».

In particular, in terms of growth, he pointed out that the sector had multiplied by ten in the last six months. With over $ 100 billion of total value locked into the DeFi ecosystem this year.

However, with all this development, Sutivong emphasized that several problems continue to haunt the nascent industry. Noting that «there are some areas of concern like fraud that we keep hearing on the news».

«DeFi, by definition, cannot be fully regulated. Instead, there should be a framework for how DeFi can integrate with the rest of the financial ecosystem.».

Finally, Siam Commercial Bank, more than a century old, continues to keep up with the times. And he is aware of the potential benefits that Blockchain and other fintech developments can offer the country.

I close with this phrase by John Kenneth Galbraith: «The process by which banks create money is so simple that the mind rejects it».



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, Thailand’s oldest bank bullish on DeFi, Forex-News, Forex-News

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