Binance CEO: Western companies will still have a "huge say" in the financial system

According to Fortune, Binance CEO Richard Teng said at the Singapore Insights Forum that although Asia has driven most of the growth in the financial system, Western companies will continue to be the main beneficiaries. Teng pointed out that Western companies, with their scale and influence on the regulatory framework, will dominate in seizing growth opportunities. He called on policymakers to ensure that local competitors have fair opportunities and allow for broader experiments. According to a Deloitte report, digital wallet spending in the Asia-Pacific region reached US$9.8 trillion in 2023, accounting for two-thirds of the global total. Vincent Iswara, CEO of Indonesian mobile wallet company Dana, described the Asian payment field as a "wild west" lacking unified standards. The cautious attitude of regulators has driven the booming development of e-wallets and digital banks in the Asia-Pacific region. Jessie Toh, global head of finance at Coda Payments, emphasized that mobile phones are key to financial inclusion and accessibility. She also pointed out that stablecoins are becoming increasingly popular in economies with volatile currencies, providing users with tools to fight inflation and depreciation of their own currencies. Teng added that the growth of stablecoins outside the United States stems from demand from residents of low-income countries, with young consumers using them as a way to protect funds and transfer money at low cost. Stablecoins also allow countries to gradually move away from the U.S.-dominated financial system.