[CC may contain inaccuracies] First of all I have to ask you. Web 3.0. What does it mean. What are the implications for everyday people and the broader
economy. Good morning. By the way we all trying to understand what we have 2.0 is all about and that's the reason we have this
news conference. But this to talk about what is Web 2.0. But let me try to explain that so that I am sure what I explaining today
four days from now will be much better so that the disclaimer will let me take it back to see that I can frame it so that we
all get it reasonably right. You know when we start when the Internet stopped it it is all about a machine where you can log
in that you can see some information static information. So a lot of these machines were connected miraculously with some
underlying tech protocols and that there seamlessly peer to peer. Now Web 2.0 is all about when we all decided you know what
all this thing we're doing in a physical system whether it's that window bank or going through our government services or
going through a travel agent. Let's digitize that on the Internet. So we took that institutional behavior off centralized
structures and we didn't flip it on the online Internet. So what we ended up with because of the growth of data on the scale of
platform huge institutional databases different databases sitting in four different institutions and all of having our own
information in different form. So whether you go to a bank on a digital platform or go to social media which essentially is
despised by some other club and each of them are hoarding information and we interact with them we can provide content for
them and they can provide content back. Was the vision of the physical world in the visible version and now ingenious idea.
Wait a minute. We designed the web. Point one as a very open source promise on less peer to peer network. What happened. So
let's go back to that. That will that that that that state again. So now that we can we can not connect
and hence we have a different construct for it 2.0. So a big part of the disruption has been defined. Decentralized
finance and a big part of that is stripping out your traditional institutional financial intermediaries. Do you embrace that. How
do you how do you embrace that. And yet control the risks that are involved is immense. Considering how it can kind of function
alongside that. So I was coming put that in the Web 2.0 we are saying this institution may not exist anymore that are highly
centralized intermediate between now and that world of finance. We have the banks we have central banks. They all have different
institutions and they have some role to play in the construct what the world and the big community are saying. You can
actually get rid of the structures. You can have your people connecting to each other. It would transfer money. They can all
it listen. Obligations you have can be programmed on a smart contract and we can have a different structure. But well I must
say this is a frame of things to be done on the Hamas perspective. We are also exploring the technology to understand
how much can add value to the existing strip. And I'm sure we'll do a bunch of experiments as we go down this line and find the
spot where there will be some to. So Singapore right now is trying to be a global crypto hub. Right. That seems to be your
ambition. How competitive are you against other cities in the world. Just hearing New York City we heard from the mayor elect
Eric Adams. He wants schools to start teaching about cryptocurrency and this technology and to build a pipeline of
talent. I think you answered the question there. We are focused on what is the technology behind the crypto. I think that's what
we are focused now. We are ensuring that we understand underlying technology. You understand the power of that. And
that's a big focus of it makes sense. And what I know to understand the best infrastructure is of finance.
We did a big experiment to understand how to apply this underlying technology in our payment system especially the
cross-border payment system. And that led to the establishment of this company. To where J.P.
Morgan UBS and Domestic come together and build that infrastructure. Similarly we are also looking at how to apply
this underlying technology in different use cases. ISE of mouth. So does the project ticking. And that's how we believe the
global market will find Singapore very attractive especially to build expect so many new players right. Whether it's in the
payments industry or the crypto industry do you see any consolidation in the next couple of years.
Well that's one of the one one of the fintech space which you see a lot of. So listen is the payment space because what is
happening that the incumbent on the public release and payment space is becoming far more advanced and that actually
eliminating the inefficiencies that we used to have. That's where the fintech women's company went growing. Now you can move
money between each other in single player. Does it not cost the place. There's no need for a new application to repair.
Similarly when you connect to always this country's with the new infrastructure getting connected that that interfaces will go of
it. So you will see a lot of consolidation. You missed a lot of illumination because that that I would imagine that India may
not exist anymore. Give us your outlook for new digital banks and also what that would mean for the traditional lending space.
Could we see some cannibalizing of this industry. You will see some kind of lesson. Absolutely. The digital bank
will will be a better digital net if they'll offer the product on a mobile phone. They'll be far more efficient. Lose DAX. That
could bring down the cost of production and they'll be more competitive. But we have to see that the trust factor. We'd love
to see it through that. A prospect that does sit with the incumbent large bank. And will that trust ship your bank. If
that happens definitely does. He was competition in that sector.
How open is Singapore's capital markets for some of these new venture investors. Well you'll see the numbers in Singapore.
Last year we had a billion plus investment in the sector. This year three quarters two billion dollars almost three times the
numbers are growing. So if you see sun investors are deeply entrenched in this space because that's the future. They are
willing to put risk capital be on new ideas especially post Covid. There's a huge demand for these days in this financial
services or even that sum is what connected with the financial services. So you will see a lot of these companies getting
access to capital growth. This is where big then what is happening now. So there is a long flight to growth. So there's a
lot of investment that this this opportunity is this index and the banks and the collaboration whether it is finance sort of
the extended finance whatever it is. There'll be a lot of attraction for the business to invest in.
It's a they're given that right now what we're seeing with China starting to ban these transactions of crypto currencies do they
risk falling behind in this global trend and by not embracing what this technology can offer. I think we are embracing the
technology. But in some many ways you can look at Singapore that many use cases in trade finance and flex losing bonds in Captain
Market. You see a lot of adoption happening in some cases. So I think from a look at option I don't see how much a risk but I
think we should not confuse that with the cryptocurrency which is a speculative asset. I think that is the whole set of issues
out there. But purely on on the big part of that there is there adoption. There's a there's an effort being made to understand
this technology and how to fly in different sectors. So I don't think that's the that's we collectively want to move fast in the
space but keep aside that this currency would just under a lot of debate not a question not a stipulation and one. Jenny.