On Monday after noon, the delegates from Australian Government, Australian Trade and Investment Commission, ADCCA(Australian Digital Currency Commerce Association) as well as Victoria State Government visited the Fintech Association of Zhejiang and discussed the development of fintech and blockchian with industrial leading local companies. Cofounder of Shuqin Tech, Xuemai Yu was also invited to present the developing fintech especially blockchain industrial in Zhejiang Province.
A internal discussion about the current condition and future plan for blockchain industry was firstly held in the meeting room of Fintech Association of Zhejiang, among Nick Giuretto, the Chief Executive of ADCCA, Ronald Tucker the Chairman of ADCCA, Jianke Chen the Chief Executrive of Fintech Association of Zhejiang, Songhua Tu, BD of Canaan Creative, Zhibei Yu from Yunphant, Linchuan Zeng from Ginkoo as well as Xuemai Yu from Shuqin tech.
Ronald Tucker as the Chairman of ADCCA as well as the founder of Bit Trade lab, which is the first bitcoin exchange platform in Australia, said the cryptocurrency and blockchain industry in China has been developed in an impressive fast way, therefore, ideas and thoughts are valuable from Chinese blockchain entrepreneur. He then asked Hangzhou entrepreneurial delegates what is the business and market vision of Chinese blockchain startups, since in Australia most of the startups are focusing on the global market from the very beginning. Xuemai Yu first answered that since blockchain is a global technology supported by international community, working in this area should have an genuine international market view, however, for the limited human resources and capital supports, the first market for local blockchain startups are mostly local Chinese clients. Xuemai also added that the Chinese market focusing strategy on the other hand is also because the fast developing country as China is already providing a large amount of opportunities to be explore. Zhibei Yu from Yunphant agreed and said the Yunphant has close partnership with National University of Singapore on blockchain research and development, In the future he believe oversea market will definitely be worthwhile to expanding.
Nick Guretto as the Chief Executive of ADCCA also explained the goal of ADCCA to promoting the blockchain industry. He thought a better developing environment requires three key aspects of multilateral consensus, one is the business collaboration which is to exploring the real user cases, markets and clients for blockchain technology; secondly is the technology standards that help global community work on the same goal, ADCCA has already play a key role in global technological standard forum for blockchain; thirdly is the alignment of regulations toward this technology, and the Australia government recognition of bitcoin from 1st of July was one big achievement made by ADCCA.
During the banquet session in the evening, the MP and Minister for Small Business, Innovation and Trade of the Victorian State, Philip Dalidakis introduced the fast growing Victorian State to all attendees. He said the Victorian State is the fastest growing state of Australia and with lowest job loss rate. The state government has listed the Fintech as one of the top industry for promoting and supporting. The Victoria state government has established an industry park and incubator to attract global blockchain innovators to start their entrepreneurship there. The capital city of the state which is Melbourne is become the third largest Fintech bay around world following New York and London. He said the key advantage for Victorian State and Melbourne on the fast growing of Fintech area is because before anyone was talking about Fintech, the government has put much more effort on the cybersecurity system, and the hacking problem on last weekend just proved how cyber security is important for modern digital world, therefore, with a robust cyber security infrastructure Fintech industry could expending with a much more healthy and fast growth rate.
Xuemai Yu representing Shuiqin tech also explained the understanding of blockchian application for Shuqin Tech. Although the distributed ledger technology or blockchain could save much of the middle man cost, he said, however, most people may ignore the cost of replacing the old centralized systems. For banking and public sectors nowadays they are even sometimes using technology inherited from the 80s, so a “disruptive technology” not necessarily or should not really server as a sudden disruptor for the users. That is the reason for Shuqin tech to start on data notary function of the blockchain, by constructed an easy-to-access API platform any conventional centralized system is able to anchor there data onto the blockchian for the immutable, trackable and verifiable features, and once the underlying work flow data is on the blockchain the intuition for them to move the work flow on the blockchain step by step become then easier. Xuemai also added, for an advanced technology to be accepted, solely spreading the concept was not enough, some real acknowledgement from those “centralized third-parties” is definitely nessasry at this early stage for proving the capability of blockchain, hence, Shuqin tech partnered with Chain forensic a local juristic forensic institutions to recognition the blockchian data attestation as a legal bind technical tool for preserve electronic evidences.
Ginkoo, Yunphant expressed their understanding and practice as well, they are respectively serving on traditional banking sectors and infrastructure level blockchain technology, and the discussion and brainstorming was very vivid. At the end the Fintech Association of Zhejiang announced that in the later this year a group of entrepreneur delegates as well as Zhejiang government will be organized together to visit and learn from the Victorian State.