“We should pay attention to the United Arab Emirates (UAE), a country where the digital and physical worlds can create synergy.” Kim Seo-joon, CEO of Hashed (pictured), stated this during his keynote speech at the Venture Stage of the Middle East's largest financial event, 'Abu Dhabi Finance Week (ADFW)', held in Abu Dhabi, UAE, on the 11th. Kim said, “Recently, people and companies are moving to countries with better regulatory environments to develop new technologies and finance,” adding, “UAE is a region where the government and the digital world are well harmonized, and it is the place where the most billionaires have gathered this year.” He also saw that the government could create new synergies through blockchain. Kim said, “Government, technology, and companies are the three important elements that make up society, but recently they have been in conflict rather than in harmony,” adding, “Blockchain technology, with its characteristics of fairness and transparency, can solve this and create a better future.” He explained that UAE is a place where traditional and digital environments can harmonize, as it has a suitable environment for blockchain-related regulation and financial development. Kim further noted that as modern people spend more time in the digital world than in the physical world, the importance of blockchain technology is increasing. He said, “Recently, money, IDs, content, and various property rights are being digitized,” adding, “The number of users entering the digital world is much faster than in the physical world.” He continued, “The problem is that a few large IT companies control users' data, which can threaten the fairness of much internet data. AI development is also being done by a few companies and countries, which can lead to bias,” adding, “Decentralized technology will be the solution. Blockchain protocols cannot be arbitrarily changed and remain as they are.” Meanwhile, Peter Abou Hachem, Head of Hub71, who took the stage for a panel discussion, introduced Abu Dhabi as a region that provides a unique environment where everyone can connect and collaborate. Hub71 is an accelerator under the Abu Dhabi government, collaborating with Hashed and supporting Korean Web3 companies. Peter said, “Abu Dhabi is interested in not only Web3 but also the entire innovation industry,” adding, “When innovative technology emerges, it provides the foundation to develop it. It creates an ecosystem necessary for startups, and this ecosystem helps startups succeed.” He explained that Abu Dhabi, with its geographical advantage at the crossroads of the Middle East, Asia, and Africa, is differentiated from other tech hub regions. Peter said, “Abu Dhabi is a unique place where you can meet everyone you need with one or two meetings on a small island,” adding, “Hub71 has attracted more than 200 startups and 100 partners so far, and through programs like 'Hub71+ Digital Assets' and 'Hub71+ AI', it helps startups focus on creating the right value.” It was also predicted that blockchain technology, along with AI and quantum computing, will emerge as promising industry trends in Abu Dhabi within the next 3-5 years. Philippe Bekhazi, Founder of XBTO, who discussed with Peter, said, “AI, quantum computing, and other fields will be integrated into one, and many people will benefit greatly from it,” adding, “Putting everything on the blockchain will be an important trend. Eventually, payment systems will also move to blockchain-based systems.” He added, “I think Abu Dhabi is a great place to conduct in-depth technical experiments.” 'ADFW 2024', held from December 9-12, was sponsored by Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Executive Committee, with ADQ participating as the main partner. The event was attended by over 20,000 leaders and senior executives from the financial services industry, managing assets worth over $42.5 trillion. It consisted of more than 60 events and 350 thematic sessions, featuring 600 influential speakers. The most notable speakers included Ray Dalio, Founder of Bridgewater Associates, and Larry Fink, Chairman of BlackRock. In addition, senior officials from the Abu Dhabi government, as well as heads of renowned financial institutions such as BlackRock, Morgan Stanley, HSBC, Citigroup, BNY, Lunate, First Abu Dhabi Bank (FAB), and Aldar, took the stage. Abu Dhabi, UAE = Hanna Yang, Bloomingbit Reporter
2024.December.11PiCK