CoinGeek Backstage: Nicole Nguyen, Karl Leung, and Takeshi Kito Shaping the ASEAN Economy Through Blockchain

Despite being a close-knit region, member countries of the Association of Southeast Asian Nations (ASEAN) face unique challenges resulting from a variety of factors, including geographic location, macroeconomic conditions, and foreign influence, requiring diverse solutions. Solve these problems:

This is something APAC DAO co-founder Nicole Nguyen pointed out in an interview.
She was the keynote speaker at CoinGeek Backstage at Blockchain Social Manila ahead of the Digital Pilipinas Festival.

Blockchain offers a variety of use cases, but no solution fits all.

Companies looking to expand into Southeast Asia need to be able to identify which solutions will satisfy the majority of customers in a particular country, keeping in mind that people today are generally looking for products and services they can use on a daily basis.

“At this stage, when we talk about Web3, we don’t just mean changing the world with Web3. It’s about transforming everyday life with Web3,” Nguyen said, adding that this is where the adoption of emerging technologies such as blockchain will grow.

Nguyen pointed out that public awareness of blockchain use cases in the Philippines began in the gaming industry and gained recognition in the remittance sector.

While gaming and remittances contribute significantly to the Philippine economy, this is not the case in other parts of Southeast Asia.

“So for many projects, companies may want to think about putting resources into other countries if they want to target Southeast Asia,” Nguyen advised.

“I would assume that the Philippines is definitely stronger in terms of metaverse and gaming. On the development side, Vietnam; “There are a lot of institutions in Thailand, so there will be more interest in finance and Web2 adoption,” she added.

Nguyen, who is also ASEAN Co-Vice-Chair of the Global Impact FinTech Forum (GIFT), said the Philippines’ blockchain ecosystem has evolved significantly over time as the government and industry recognize the utility of emerging technologies beyond digital currencies. said.

“I think the Philippines is quite ahead of other countries in getting more uses,” she pointed out.

Blockchain in the world of big data

As the Philippines moves toward digitalization, the need for more secure data storage is becoming more evident.

In a separate interview with CoinGeek Backstage, Go Philippines co-founder Karl Leung said:
The transparency of blockchain was emphasized in the world of big data.

“Not all data is necessarily transparent and legal. It has to be tagged and immutable, and this is where blockchain comes in. It is provided by a system that ensures that the data or specific transaction is legitimate, immutable…and cannot be forged,” he said. spoke to reporter Claire Celdran.

This is especially important as Leung is advancing ambitious plans to develop the Philippines into a smart nation through the Go Philippines One World program.

The program involves gathering the latest technologies, including digital assets, blockchain, and other IT-related resources from various countries and integrating them into the Philippines to create a smart national ecosystem, Leung explained.

“This is like a smart state ecosystem on steroids,” he said.

Leung said the project will begin in the Philippines and gradually be rolled out to neighboring ASEAN countries and around the world.

“Really, the goal is to connect everyone in the world through this net-centric system. So, we have big data that can be used not only in the Philippines but around the world,” said Leung, who is also the project’s chief partnerships and strategy officer.

“The more data we have, the more powerful our analyzes and systems become,” he added.

Driving blockchain adoption beyond ASEAN

As blockchain gains ground in Southeast Asia, Takeshi Kito, CEO and co-founder of Elevandi Japan, believes that embracing the technology can yield positive results, especially in the financial sector.

Kito, through its non-profit organization, promotes the use of blockchain in the fintech sector not only in Japan but throughout Southeast Asia and is involved in various initiatives to promote the adoption of blockchain use and other financial technologies. Japan is a member of the ASEAN+3 bloc along with China and South Korea.

“Blockchain is a core technology for the financial industry,” Kito said. He noted that the technology not only provides efficiencies by streamlining operations, but also benefits the payments industry, paving the way for the adoption of stablecoins and other tokenized assets.

Moreover, he said blockchain will be an important tool for the development of Web3. However, Kito noted that several challenges need to be addressed to ensure a smooth rollout to Web3, including taxation, regulation, and public education about emerging technologies.

Like the Philippines, blockchain adoption in Japan can be seen in the growing public interest in digital currencies. Kito says more than 6 million Japanese have digital asset accounts.

Read: Why the Philippines is ASEAN’s next startup hub

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