Hosted by Hainan Provincial Department of Commerce, FINWEX, Six-Dimensional Quantum, and LatiPay jointly hosted the “Innovation and Re-starting | Hainan GFIS Global Financial Technology Innovation Summit” held in Haikou, BECO partner An Yu; Encrypted Panda Capital CEO Jiang Zhijie; Director of Material Chain Operations Huang Kunming; JRR partner and Jaypal CEO Rick Feng participated in the roundtable forum titled "Development of Cross-Border Payments and Blockchain Ecology".
Roundtable Forum on Cross-Border Payment and Blockchain Ecology Development
The wonderful ideas are refined as follows:
Jiang Zhijie: Whether it is blockchain payment or digital asset payment, how to achieve compliance is the first step to be solved. In addition, the liquidity of regulatory mechanisms needs to be considered.
Huang Kunming: Blockchain application is in a very early stage, and it may be DAPP's entrepreneurial upsurge after three or five years.
Rick Feng: Cross-border payments face high fees, seller fraud, etc. Blockchain technology can solve some of these pain points.
An Yu: There are long-term and high-cost problems in cross-border payment. This is not caused by the payment terminal, but by the settlement problem.
The host throws the question: "What do you think is the pain point of cross-border payment?"
Jiang Zhijie said: "In terms of existing traditional financial assets, there are problems in foreign exchange control. There are pain points in domestic and foreign charges, payments, and limits. Whether it is paid by blockchain or by digital assets, how to achieve compliance It is the first problem to be solved; the second is the buyer and the seller. Regardless of how the B and C terminals ensure transaction security, such as Alipay, how to deal with seller fraud is to be considered, therefore, the regulatory mechanism Liquidity is a problem that needs to be considered."
In response to this problem, Huang Kunming also put forward his own views: "Traditional cross-border payment itself is a policy that belongs to the state, including the solution within the system of laws and regulations. At present, the application of blockchain technology is very early. The initial stage, but it does not mean another two or three years, or five years, or the current state. After three or five years, it may be DAPP's entrepreneurial craze, and various projects, platforms, technology and innovative companies may enter. At that time, digital assets may play a crucial role."
Huang Kunming said as an example: "We can imagine one thing, assuming that the underlying system of Bitcoin is a parallel cross-border e-commerce platform, then the payment on this cross-border e-commerce platform may be realized through Bitcoin. Pass 1.0, 2.0 The iterative development of version 3.0, the consensus algorithm upgrade and the underlying framework, the system structure is perfected and optimized, and the various node mechanisms are continuously improved and modified. In the future, the wave of development and application of the entire blockchain DAPP will surely come. Blockchain After the popularity of the application, we will talk about cross-border payments. It is still too early to say, of course, cross-border payment is a good direction."
Rick Feng talked about the "how to solve the pain points in the cross-border payment field" in the round table.
Rick Feng believes: "Traditional foreign trade or wholesale-type, container-type cross-border payments are going down, replaced by platforms, such as Amazon. B2C model is one of the main ways of cross-border exports in China, cross-border payment Faced with high fees, seller fraud and other issues. Blockchain technology can solve some of the pain points."
He said in detail: "For example, if there are so many intermediate links and the cost is so high, we can use decentralization to reduce the cost. For the problem of seller fraud, using smart contracts can also help buyers reach payment transactions and evade sellers. Fraud risk, which is very good news for cross-border e-commerce buyers in China. At present, the global application of cross-border e-commerce payment has not been popularized.
When talking about the development strategy of 2019, Huang Kunming said: "Based on anti-counterfeiting interconnection technology, the market will be fully deployed in 2019. At present, our anti-counterfeiting traceability technology has applied for national standards. At present, the application of blockchain is too Less, both corporate and consumer users, the knowledge and understanding of blockchain technology is shallow and scarce. Therefore, we want to educate our markets and users by linking consumers through anti-counterfeiting and traceability services.
Jiang Zhijie introduced the development plan for 2019: "We will focus on projects that can be used for traditional financial issues, and they will focus on overseas projects, focusing on the combination of blockchain and traditional finance. Secondly, we will pay attention to cross-border payments. When the buyer is dissatisfied with the product, the seller can only lose money. The third is to pay attention to the game industry. The domestic large traffic is basically in the hands of Netease, and the small and medium-sized enterprises are all making overseas, such as Southeast Asia and the Middle East market. It is also very important to pay for this piece, so cross-border and game is our main focus."
Anyu also elaborated on the development plan: "The main direction we are aiming at is to develop commercial applications in a certain period of the future. Obviously, we talked about the topic of cross-border payment, which involves cross-border collection, Cross-border settlement. There are long-term and high-cost problems. These two are not caused by the payment end, but by the settlement problem. We need to use the distributed ledger to solve the problems in the industry. ."
“At present, the blockchain industry has better projects. Compared with the traditional network, they have been able to reduce the cost to 5% to 10%. The cost of clearing the settlement system can be reduced, but it does not represent the entire industry chain. There are more benefits. When we make payment today, we don’t feel that there will be extra expenses when we spend overseas. This is because the merchants bear the cost of this part and finally transfer it to us. If one day, clear Settlement costs are reduced to 5% or 10% through distributed ledger technology, so when overseas consumption, goods will be discounted at the original price. For the most investment institutions, we must aim at the entire system and optimize it for commercialization."