Exploring the Future of Fintech and Blockchain in Bangkok: A Recap of Money20/20 and ONCHAIN 2024

Our team recently reunited in Bangkok, where we attended two big events: Money20/20 and ONCHAIN 2024. As representatives of VODWORKS and Kumo, we were excited to explore the fintech and blockchain scenes, and discuss insights, opportunities, and the future of these industries with people from across the world.  Here’s a summary of our key takeaways from both events:

Money20/20:

Money20/20 attracted a wide range of global payment players keen on expanding their presence in Asia. This interest is well-founded considering Asia's rapidly growing economy and tech-savvy population. According to recent numbers, the Asia-Pacific region will become the largest market for fintech investment, surpassing North America and Europe combined by 2025. But noticeably, the largest regional fintech players had little presence. There was no visible sign of Grab, GoJek SeaGroup (ShopeePay), or AntGroup (AliPay).

Cross-border payments was a big topic at Money20/20, reflecting the growing demand for efficient international transactions. Traditionally this is where the big bucks were earned. But, as new players and technologies come into the market we’ll hopefully continue to see transaction times and fees reducing drastically.

While there was some mention of Web3, it didn't receive as much attention as I had anticipated. Aside from prominent blockchain companies like Ripple and FireBlocks, very few Web3 companies attended the conference. On the upside, the companies and people we talked to were very interested in Web3 and its potential to reshape the payment landscape. Given the sentiment, I expect Web3 to be a much wider focus at next year’s exhibition.

An interesting observation of the conference vibe was the formal attire of attendees, contrasting with the more casual atmosphere often seen at other tech events. It took at least until day 2 for people to feel approachable and eager to connect (or maybe this was just me, and the fact that it was the first conference I attended since before covid!). Overall, I think the event could be condensed into 2 days instead of 3, and more should be done to facilitate easier connection between attendees.

ONCHAIN 2024:

ONCHAIN 2024 provided a focused exploration of tokenization of real-world assets, particularly in Southeast Asia. The event's well-attended talks underscored the region's active interest in exploring this application of blockchain technology.

Discussions highlighted the need for greater understanding and regulatory clarity in Southeast Asia to facilitate the widespread adoption of tokenization. A significant point of discussion was the challenge of insuring tokenized assets, shedding light on an aspect often overlooked in blockchain discussions.

I liked this event a lot. For me, ONCHAIN 2024 stood out for its focus on a tangible and practical example of how blockchain tech can be applied in the real-world. It also stood out for its efficiency - condensed into a single day, it maximised learning and networking opportunities. Attendees ranged from experts to novices like myself, creating a dynamic learning environment.

My Takeaways:

Our week in Bangkok left me excited about the opportunities presented in Asia’s fintech and blockchain sectors. We made some great connections, and I’m looking forward to where the conversations will lead us.

One thing is for sure - with the rapidly growing economy and tech savvy population, Asia is a perfect ground for innovation and expansion. The emergence of web3 represents a coming revolution, not only in the fintech space, but also in gaming (which is also huge and growing in Southeast Asia), loyalty and other spaces like real-world assets. Despite its relatively subdued presence at Money20/20, the growing interest is palpable, signalling its increasing relevance in the future of business in the region.