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C-Level Panel Discussion - MNCs insights in fintech

RECAP: C-LEVEL DISCUSSION: MNCs’ insights for fintech startup

on July 21, 2021

To kick off the discussion, Ronald shared how Bholdus can help startups on their blockchain infrastructure. Bholdus runs an interoperable blockchain open network where startups can build their own solutions for DeFi, crowdfunding, etc. to ensure transparency and mutable records. It depends on what sort of solutions startups are bidding on and Bholdus is able to customize it with their scalable network.

Regarding the reasons why digital currencies and blockchain technology are more popular in emerging markets like SEA compared to the West, Ronald highlighted that SEA is a young economy with an aggressive, willing-to-learn and entrepreneurial population, yet still government-oriented. Thus, there are not many opportunities for innovative startups and SMEs. In addition, people in emerging markets do not trust the bank and still have the hobby of keeping cash and gold, as for now, the trend is digital gold like Bitcoin, Ethereum and other digital currencies. Brent added another key reason - cash inflation - which makes cryptocurrency global, since it doesn't have that same volatility or concern as cash. As the traditional banking environment has countless challenges, paperwork, rules and regulations, utilizing the crypto space and trust-based contracts with much faster transaction speed gives SMEs access to a variety of resources globally. Emil confirmed these points, and emphasized the vision and technology of Bholdus to craft a specific program for a certain niche market in helping SMEs startups drive in the direction that they want to go with the least friction, where the current system may be restricted.

Moving forward to the discussion on how to build a scalable organization, Brent noted 3 key elements: focus, talents and alignment. Startups will gradually be bombarded with a million tasks, it is essential to maintain progress forward and not get pulled in too many different directions. Secondly, choosing the right staff and talent to bring on with and can be trusted to do certain tasks. Thirdly, you want to make sure that you have clear alignment across the staff of your vision and in certain perspectives.

Questions arise on how a fintech startup can attract the right people over more established corporations. Brent emphasized the importance of creative compensation whether it is money, contribution or investment, as it takes a different temperament and a different person to come on board for the exciting multi-task ride and committed to make the investment into growing a startup. Ronald further added key elements that he is looking for in his talents: trust, integrity, the passion and the chemistry that they work together, enjoy their time together. Emil closed out this section by highlighting the need for utilizing and employing current employees’ networks, thus, startups will continue to build a solid culture as these talents can get along and they know what they are capable of.

Continuing on what lessons are there for startups from US tech giants. Brent offered some key takeouts for startups, US large corporations started with an idea and a vision and there was leadership among the early team who put in time and efforts to turn that idea into a real business. A large corporation has more access to lending and funding, Brent added that Bholdus can help with that blending between differences among big corporations and startups in funding. He added that startups need to focus on building a trustful branding, image, messaging and pampering customer relationships.

About the potentials for SMEs with blockchain, Ronald shared his thoughts on Bholdus' vision to build an infrastructure where they connect the decentralized finance lending pool with the SMEs, digitizing daily operations and financing for SMEs. Bholdus has what it takes to be an ecosystem with Banks and Big Corporation as partners, and as well as the communities who are willing to use and invest in SMEs’ products and businesses. Bholdus offers an all-in-one solution, acts like a Marketplace that the more partners coming in, the better for everyone. Ronald further offered that SMEs can come to Bholdus and will definitely be allocated some partners to work with.

The next part of the panel discussion focused on the impact of fintech on MNCs’ operations. Brent highlighted that a fintech can be a consultant to MNCs on their business models or products, however, it is about finding that fine line, fintechs do not have to spread themselves too thin and shy away from providing consultancy in other areas. Emil further suggested that MNCs have an appetite for innovation, specifically at the same level and at the right time, and often innovation does not come from within, they cannot be as nimble as a startup is. From Emil’s allusion, Brent added that a fintech should be patient, that it is a lengthy process with various hoops and red tapes to work through, but also be mindful that it is the right move to work with MNCs at the initial stages. As startups often want to go for the big and flashy wins but it can come with the expense of a lot of smaller wins which can be ultimately more productive yet less time and effort.

Regarding questions on the major differences and improvements between Bholdus and existing networks (E.g: Ethereum, Binance, Cardano, etc.), Ronald shared that Bholdus is interoperable with the other blockchain networks and builds the bridge that interconnects with them in order to leverage on every ecosystem and strengths and build an entire bigger market. Meanwhile, others just support their own ecosystem on their own network. He added that DeFi is still in its nascent stage, with a total value locked of only USD 70 billion and major challenges in mainstream adoption, however, Bholdus is confident in conquering this route as their ambitions include diving into real-world assets besides virtual and digital assets. In thinking about what is ahead, Ronald emphasized the importance of technology for the best user experience and partnerships for future scalability, specifically in API, liquidity, decentralized aggregators, market backer, legal framework, etc.

Towards the end of the discussion, the panelists share their final remarks and advice for fintech startups. “It is not a race, it is a journey” - Emil added compliments for the fintech startup Bholdus, noting that it is building an interesting and valuable solution with high focus on user experience. Bholdus can help startups and SMEs grow their businesses while improving the overall innovation ecosystem in SEA and in the world. In addition, Brent provided a list of actions for the audience, to continue to take on their ideas, visions and build on them, to find that confidence and boldness to develop the world which they want to live in tomorrow. As for the founder of various fintech startups, Ronald highlighted 2 key values - integrity and trust. On top of that, startups should just keep learning and disrupting the world as there is alway an opportunity for them out there.

1/ How can Bholdus help startups?

Ronald: So basically Bholdus is the infrastructure itself, we are able to allow startups to build their solution on our blockchain infrastructure. Take it similar to Ethereum or Binance-based smart chain or Cardano or Solana, we run interoperable blockchain open network where you can build your own solution, for example you can use our blockchain to build your solution for decentralized finance or to build crowdfunding for charity organization to make sure that is transparent, mutable recorded, everything is trackdown, and it’s fair for everyone to donate to your organization, for example, so it depends on your use case and another case, let’s say you want to build your own agriculture or business startup, you want to build a solution for food traceability for your own farm. For example, you are able to have a proper record for input and output to ensure the traceability, originality of the product being recorded properly on the blockchain, which is Bholdus itself as another solution. It depends on what sort of solution you're bidding on. We are able to customize it and we are able to help you with the scalable network of Bholdus.

2/ Why are digital currencies and blockchain technology more popular in emerging markets such as South East Asia and Africa, compared to the west?

Ronald: As you can see, South East Asia is a young economy with a young population, everything's new and the banking system is new here as well. Traditionally, legacy banking in Asia mostly serves governments, big corporations that's owned by governments and there are not many opportunities for SMEs, for innovative startups, unlike Silicon Valley, New York, Germany or UK Financial Hub. They have been here for hundreds of years and have become a financial hub, so they are very mature. People in the West have their own bank accounts, along with access to stocks, investments and other types of wealth products, however it is different in Asia.

In Asia, a lot of businesses are still cash-oriented, people still make payments in cash, from their children’s tuition fee to buying a house and traditionally, people here don't trust the bank or the government because those countries here used to be poor. They recently are getting richer and more open to the world. People are getting more excited but still have the hobby of keeping cash instead of keeping it in the bank. If you look at the statistics, India or Southeast Asia are the largest gold markets, not the US. People wanted to keep gold for their own gold back then, and now it’s digital gold - Bitcoin, Ethereum and digital currency. People here are young, willing to learn, aggressive and entrepreneurial who wanna make things on their own, that’s natural in their block.

Brent: This is about key topics around the differences between the traditional Banking and traditional cash culture versus cryptocurrency. I think a couple of other key reasons why cryptocurrencies have taken on and are appealing especially to the Southeast Asia region but really globally, it’s about inflation of cash, which makes cryptocurrency being global, since it doesn't have that same volatility or concern as cash. When you're looking at building a startup or accessing funds to invest in your company, the traditional banking environment and a cash-based environment have a lot of challenges, a lot of paperwork, rules and regulations to be followed that may make it difficult for you to access those funds. Utilizing the crypto space and trust-based contracts with much faster transaction speed, it gives you access to a variety of resources globally that you would otherwise not have had. And that's one of the things that we love about Bholdus, we would be making available lending resources from across the globe, not just your local neighborhood bank.

Emil: Technology like blockchain and Innovative fintechs can bring a lot of innovations in many areas in the world that don't have established structure. It's at the imagination and the opportunity for a startup like Bholdus to craft a specific program for certain niche market in helping SMEs startups drive in the direction that they want to go with the least friction, where the current system may be restricted and they have some kind of barriers for execution, innovative startups adapting themselves with regulations for certain countries and so far navigate to maneuver those obstacles and bring more success quicker.

3/ How can you build a scalable organization? What are some challenges will startups face during the scale-up period?

Brent: There are 3 key elements of scaling and growing an organization.

The first thing, focusing on what really matters. This is the very first important thing besides having a great idea and a vision. When you're building an organization and in general, running a company, you’ll find yourself being bombarded with a million tasks that need to be done and a lot of different ways and things that you can get involved in as a company. In decisions that need to be made, don't let some of those things distract you from focusing on what is the most critical thing for success of your business. Building your product, caring about the customer and even prioritizing what it is, you may not be able to build everything all at once, choose what's the right order and again focus on what matters. I think it is key to maintain progress forward and not getting pulled in too many different directions.

The second thing, choosing the right people. You will find this necessary during building your startups, a certain asset, maybe an idea, vision or product as you're building your company, but will you find it especially if you as the CEO of your company, the key drivers for success of the project. You as the CEO can be in so many different places and you only have so many hours in a day, you’ll need to find people that you can bring on staff with you, people that you can trust to do certain tasks. If the success of your business depends on you specifically being the one to do everything, you can quickly run into the ceiling of how much you can grow. So you’ll need to be able to trust other people and bring them on. So choosing the right staff and talent is very very critical as well as making sure that their line and we can trust it.

The third thing , you want to make sure that you have clear alignment across the staff of your vision, where you want to take the company. And you may hear in certain perspectives and get diverse perspectives but make sure everyone's aligned. It’s like everybody being in the boat needs to be rowing in the same direction. If you have somebody rowing in reverse and you're rowing in forward direction, it's not going to help you maintain progress.

4/ In the fintech space, how can a startup attract the right, talented people over more established companies?

Brent: Generally in startups, smart, capable, and excited people are the ones that move a company for work and that is also true for small enterprises. There were two big differences.

One is when you compare a tracking talent for a startup compared to a well-established business - a well-established business has history, it’s got certain security generally as people are hiring for more clearly defined roles with specific job descriptions narrowly defined. In startups, you're going to hire people and they may have to take on multiple responsibilities and a lot of things out of the job description because there's nobody else to take care of those roles. So when hiring and trying to attract talents, you have to get creative with compensation because it takes a different temperament and a different person to come on board for the exciting ride and willing to make the investment into helping to grow a startup.

The other thing, when attracting talent especially for a small business or a start-up where you don't have a big track record and you may not be a known business like a well-established business, the thing that's going to attract people is either they like what you do, they like who you are as a company, or in the end they like the potential of a company and those are the key assets. When attracting talent, you really want people to know who you are, what you do, where you're going, and if they believe they can help you get there, they are willing to make the sacrifice. When you're starting up a business, there's a lot of sacrifice in a lot of time and investment required differently than normal business, you can't just put in your 8-9 hours of work and then just go home. At a startup, you tend to put in a lot more hours. So finding people that like that and are committed to that and coming up with creative compensation.

Sometimes for people, money is not the only thing that motivates them, being able to invest and contribute to an idea is motivational enough and having potential future equity stake or again, other creative compensations can allow you to still attract some really good talents for your business.

Ronald: The first 20 folks that I've been working closely with everyday are normally the people that I trust, people that I like, people having the same kind of passion and vision. In the startup world, we are like a small team, and we are disrupting the financial industry with multi billion-dollar companies. For me, the passion, vision and the chemistry between the Founder and the rest of the first 20 folks are very important for the business, these people have diverse backgrounds, and they have a variety of different types of skills. But what's important is the trust, integrity, the passion and the chemistry that we can work together, enjoy our time together. For startups, we work day and night and it is always a mess in the beginning. So eventually, trust and Integrity are very important, so we need people to believe in and share the same vision. At the stage where our business reaches a certain level where we’re on market and ready to scale up, this is when we need a proper hiring process.

For me, I talk to every single folk, even interns, because they are important for the businesses. I don’t mind doing everything from scratch, which is different from big corporations where everyone has their own tasks. For startups, we need to make sure that everyone is in the same direction. It’s about going to market, getting things done in our desired path. For us, the first 15-20 people are very important, we need to make sure that the people want to stay with us and in particular, engineering is very important for technologies. You can see why Google, Uber or Amazon succeed, they might have only 5-6 engineers but they are equivalent to 100 engineers. We spend time with them so they can become our blood relatives, then slowly for those chief executive departments, we have to be able to qualify them and work closely with them. For startups, talents are limited, we normally pick time and make sure that the people working with the board team are very critical so when they are working for Bholdus or whoever’s company, they feel proud. Startups at their early stage have nothing but vision and passion, whatever you imagine, so it’s different from the corporate world.

Emil: Also, one of the critical elements in building a team and attracting the right talent is letting the people in the start-up bring some of their known people who they've worked with before maybe and bring them to the team. That way you’ll continue to build a solid culture because people came forth with these people before they can get along, they know what they're capable of and it's easier on the startup to find those folks that is so critical to building the startup, so for all of you have that in mind to put the right incentives into your startup, so that the people that already with you have the opportunity to bring other folks who can work with them.

5/ What can startups learn from a big tech company in the USA?

Brent: US large corporations started with an idea and a vision and there was leadership among the early team that put in time and efforts to turn that idea into a real business. Like Amazon, if you look at Jeff Bezos, he started in his garage selling things online and is now one of the richest guys in the world and driving tons of different businesses and about to fly to space here in a few weeks. But he started out just like the rest of us in a garage, working hours and hours and hours. What he has now that he's a large corporation that’s different from when he was a start-up. When you’re a larger corporation you've got access to lending and funding to take more ideas so that you can expand on them. You also got the staff and infrastructure already in place to quickly pivot and develop those ideas. For startups, that's one of the biggest challenges which is the access to funding, and the staff to take an idea into execution. Bholdus can help with that blending between differences among big corporations and startups in funding, Bholdus can make that garage business idea have similar access to funding as US. large corporations have had.

The other big thing that you’ll quickly learn in large business is branding, image and messaging. If you’re thinking about your business and your startup innovation, how that is communicated and branded and perceived by the market matters a lot to your success. If you're a brand that people do not learn and trust, you’re probably not going to succeed. Early in the US, you know there are certain brands in America that the public lost trust in and didn't think that their product was good, or that the leadership was trustworthy, and they quickly abandon those companies in and they fail so I think that's another key element is to maintain that image in The Branding awareness for your startup as you're going to Market.

Ultimately I think especially one of the big corporate things that we've been learning over years in business school. I know Emil and Ron can speak to this, we spent hours and hours of coursework learning how to focus on the customer. That's probably one of the biggest corporate mantras that we learn and focus on all the time. Pay attention to the customer, care about the customer, make sure you're serving the customer and not abandoning them with your product in your corporation. No matter how large you are, we cannot afford to harm or abandon your customer. Your growth is another learning principle that you can take from corporations here in the US and globally.

6/ What potential do SMEs have when they implement blockchain technology in their businesses, particularly in fintech?

Ronald: Fundamentally in Southeast Asia, there’s a credit gap - which is a lack of 200 billion US dollars every year to support SME funding. SMEs are so hungry for making a loan from the banks but it's been tough for them to make these loans since there are no proper records and it is almost impossible to make a loan from the bank if you run a small traditional kind of SME. Bholdus’s visions and solution is trying to build an infrastructure where we connect the decentralized finance lending pool with the SMEs running the businesses, so there are several phases of the developments in the product roadmap we are making. First, we will focus on the digital content and products owner such as services or whatever sold online. We’ll try to help funding with them first because they already exist and have certain popular markets on the internet, but they need certain funding for market expansion. So that's where we come in and help.

Also those businesses who have no technology and who might be able to be a SME or a fast growing company. Also for those present today who’s looking for a blockchain solution, feel free to reach out as well. We are here to help with the digitalization of your daily operations, and financing . So Bholdus has what it takes, we aim to be an ecosystem where we also have Banks and Big Corporation as partners, and as well as the communities who are willing to use your product or invest in your product and your business.

We have that kind of fast-growing community in South East Asia such as Vietnam, the Philippines, Singapore, Indonesia and other young economies. We always welcome any source of partnership or collaboration. We do not only provide technology nor only provide banking solutions, we're here to help you with funding. We connect with every DeFi lending opportunity around the world and we connect you folks with them by our technology. So that is basically what we like to offer.

So Embedded Financial Services has become the hotcake nowadays. Anyone can be a bank, anyone can be a fintech player, not the bank itself and you have your own wallet, your own digital currency, your own private key, your own assets and eventually you’ll become your own bank. For SMEs, if you're not sure about technology, we are here to help. SMEs are the same kind as any startup, you’ll need talented people , you need funding to help with the products and development, you’ll need customers. So Bholdus is one of the players in the market where we can help you with all this. We cannot commit to you with everything, but at least we can help you with solutions by blockchain, for example, issuance of digital assets, market expansion, funding, and making a loan on the DeFi Lending from a decentralized pool out there. As an SME, traditionally you can serve one market which is your own local Province or cities and now, with cryptocurrency and blockchain, and other different types of communities that we are trying to collaborate with. We’ll help you with an all-in-one solution, if we cannot do that, we’ll try to bring in a partner to help you. It’s kind of like a Marketplace that we operate the more partners coming in, the better for us. If you need any kind of solution or if you have any issue, come to us and we will definitely allocate some partners to work with you.

7/ To what extent US VCs will invest in cryptocurrency? Is there any possible red flag that they might wanna avoid?

Brent: Venture capitals have different ranges or willingness to take on risks but everybody is recognizing crypto and Fintech technology or decentralized finance. It’s the next wave and a disruptor for the traditional banking market. There's lots of Market potential, lots of upside for return on investment - which is one of the key elements a venture capitalist is looking for.

Some red flags to just be aware of, in any disruptor market like this, it's volatile, things are changing hourly sometimes by minutes and it takes some patience to ride out the storms and make sure people are aware of that. I think it's especially true in the US.

The other big red flag: be mindful of when you're talking with venture capitalists, and when you look at your business and potential ideas, specifically in the crypto space, determining if what you're developing is considered a commodity or a currency, and what that means for regulation is a key component right now. Even with Bholdus run and I have talked a bit around, what is the US the SEC (the Securities Exchange), how are they defining what needs to be regulated and how. It was very simple when it was Bitcoin and Ethereum those were easily definable, but when you start getting into some of these other elements where there's a crypto-currency but there's also other components to it that may not make it a clear-cut currency and it may be otherwise categorized. They bring potential to the differences in regulations to be mindful of. And as is the case with any new technology, the US is still really struggling with how to define and categorize things so that they can be under regulation, which I know is one of the biggest advantages to cryptocurrency is that it's deregulated. But in any country and in any Market where there's finance people want security and they want to regulate them to make sure that it's safe and so you're just going to have to wrestle ,along with the rest of us as things develop, but just being aware of that and knowing and constantly learning about the latest decisions and traction that others are having and it will really go a long way in helping you when your talk about VCs in your ideas.

Ronald: Getting VCs coming in the early stage of a company is challenging. Professional Venture Capital funds are going to ask a lot of questions, such as if you have a product, what your road map is, what you do, what are your propositions, what is all about your sustainable competitive advantages . Lots of things to answer and to be honest, startup is very uncertain right, and a lot of things to do on the plate and sometimes we can only plan a maximum six-month forward, of course as a founder of the business we need to have a two-year or three-year vision. We may not get the right answer for what is sustainable competitive advantage but that's what makes us always stay up at 9 to think about that. Getting funding from crypto space is a lot easier in comparison to traditional VC because you might get a million-dollar funding from a traditional Venture fund. For a VC, you have to go through a lot of lengthy processes. For the crypto space, it's a lot easier and kinda like a crowdfunding platform where you might get from different kinds of people from everywhere, people like the idea of your idea, or your team, they don't mind chipping a cup of thousands of $3,000 . It’s like another game of crowdfunding for your projects, nut of course in the end of the day, once you hit certain milestone, let's say you have your product ready, having your product go to market, you’ll need to acquire new customers and all this then, that's where I think Venture Capital fund is very important. VCs have their ecosystem, they can either invest in us or maybe they can bring their Partners, the clients and a lot of other things that we need when doing the business.

Emil: Those folks are concerned about several things: 1/Can they make money out of it, how quickly, how much. At the forefront of their agenda is deploying their Capital smartly, so that they can get the best return on the best return out of their investments. Cryptocurrency projects are now very hot. They have a lot of volatility, they also have a lot of risks and they have been investing quite a bit into it. Investments have been going all the way from 5-6 years ago if not further back, some are more a little bit careful nowadays because they got burned from a lot of the fake or runaway projects out there so that is definitely a concern and a definite No-No to have those kinds of intentions because you're going to get blacklisted very quickly and on top of that, they do look at the what's the regulations can impact the rate of return that they are making from their project, so they are keeping an eye on it as well as also investing even if some regulations are not yet in place, but there are some indicators that they may unfold in favorable perspective. So they're willing to take that risk early because that's what VCs do, they take outside race early on, so the appetite is there, for those of you who are adult in blockchain Solutions, do go on with your projects and make sure that they substantial and unique propositions and execution plans to get the airlines when VCs see something like that, they definitely will recognize it and would want to invest in you. So the market is lively and vibrant in investing in blockchain and all considering those are on the table but VCs aren't not shy in putting money into it if they understand it. Now if you're knocking on the door of a VC investing in food businesses and ask him to invest into cryptocurrency, you're not going to get much further than a “No” answer or “No, thank you” or “Not interested” so be mindful that you need to also be targeting the right VC firms who are willing to place bets into that kind of a investment.

VC financing is not the answer for solutions to funding. Actually it's quite expensive to take VC financing. Maybe more suitable for you is the first step to Growing your business rather than seeking VC funding so keep that in mind that there's a lot of effort and quite a bit of pricey proposition to get money from a VC.

8/ How can fintech help with MNCs' operation at a global scale? How do you expect the impact of fintech on MNCs in the near future?

Brent: One of the things we are going to find is large MNCs have different perspectives and different cultural awareness of the countries that they're operating in. Some of them, especially newer MNCs, know that they need help globally, they need resources whether it is staffing, engineering or manufacturing resources. But they may not know the market, the people group and how to engage culturally, how to even navigate the local market financially and how to bring resources from outside their home country wherever their headquarters are. A lot of times the answers are in Europe but as a fintech, guys can be there to be a consultant for them. And it just so happens that one of the things you consult is your business, your product and you are what you're bringing to the table but never shy away from being willing to go above and beyond help in other areas because you never know how your back on your experience of the local market in the local infrastructure could be a resource to those larger MNCs and if you help them in one area that may not be something that you were originally were going to help them with, it may open the door to Future opportunities where you then can pitch or be a resource with your current product into. It’s finding that fine line you don't want to spread yourself too thin and and feel like you're going above and beyond in every area, but you can be a representative for your local country or culture and the market that the company may not be aware of in help them in that area that will get your foot in the door.

Emil: MNCs have an appetite for innovation, often that Innovation does not come from within because MNCs have a lot of processes in place that cannot be as nimble as a startup. Speaking from experience I have one of those corporations where I was leading exactly that unit to seek startups from outside to come into the corporation, to bring that level of innovation which could not be found from or built from within. So it's a two-way street here, it's just that it needs to be at the same level at the right time.

Brent: Sometimes large corporations are very bureaucratic and can move slowly and have lots of hoops and lots of red tapes that you're going to have to work through. Don't get discouraged if you feel like things are moving slowly, that may not mean that the answer is no, it might just mean that they have lots of levels of approvals and reviews that a corporation has to go through. That is one of the challenges of large corporations that have lots of levels and lots of red tape. And for you to work with them, it takes time and and just be patient knowing that it is a lengthy process where you are a more nimble company able to quickly move through things that larger corporations struggle with. I struggle with that daily in my role of how to move quicker and get things done faster because I want to capitalize on opportunities, so be patient when you are working with MNCs, but also I would say be mindful is that the right move for you, when I had my business one of our challenges was we always wanted to go after the big win because it seems like a great idea and it was your big and flashy and all that but sometimes going after the big win came at the expense of a lot of smaller wins, they may have ultimately been more productive for us and didn't take as much time and effort and so be mindful when you're approaching large MNCs do you have the patience to work with them in the slow process that it may take, is that right for your business at this stage, or there might be some times that's a better prospect for future stages and maybe working with medium-sized companies who are a little faster maybe they are better for your company in at this stage.

9/ What are the major improvements/differences between Bholdus and existing networks (Ethereum, EOS, Cardano, etc)

Ronald: First of all, fundamentally, in terms of technology and sustainable competitive advantages, we are new compared to the old folks out there in the blockchain space such as Ethereum, Bitcoin or Cardano. Being new also means that they have many ecosystems built on top of their own blockchain network. For us, we run on a multichain, cross-chain and open infrastructure. That means our system’s interoperable with the other blockchain networks out there. And we plan to build our own solution on our multichain, that means our own token - BHO, it’s seamless synthetic assets 1:1. Means one BHO on our chain will be equivalent to one BHO on Binance Smart Chain or Ethereum Smart Chain or Cardano. For Binance and Cardano themselves, they tend to support their own ecosystem. For us, we tend to be interoperable, we tend to build a bridge - called it a parachain - to interconnect with them so we can leverage on everyone else’s ecosystem and strength to build an entire bigger market. With the nature of the technology , the cross chain solution, and multi chain business model, we are very confident that we can run a better interoperable payment system.

Secondly, Decentralized Finance is still in a very nascent stage. If you look at the Total value Locked in DeFi space, is about 17 billion US dollars as of today. For Legacy Banking, it’s a trillion-US-dollars market, now with smart contract technology, blockchain and automation process, DeFi space is going to be booming in the next several years. It is still too early to talk about the competition, it’s too early to talk about what’s the unique selling point for each project because everyone is still in the early days of the Internet. You can look back to the 1980s with the Internet Boom with the Amazon, MySpace, Yahoo, now we don’t see Yahoo anymore. Right now, in crypto space, a lot of people are still speculating, a lot of people are still trading, buying in tokens and waiting for the tokens coming up and then selling off. There is not much mainstream adoption yet, 1.5 million people, how many of them are really real people or a real funding? Or are they just staking services or are they just trying to make money out of staking one token, and get something else? Or getting a better ROI (Return on Investment). I'm talking about mainstream adoption, a pain in the entire crypto space. Bhodus is here, we will start off with Legacy banking infrastructure, we will be open banking, we will work with the money services and financial institutions. We know that we need to have a chance to hit mainstream adoption, there's a stage to do that. Based on the regulatory issue in each country, but that's our ambition to go and dive into real world assets, not only those digitalized.

And the third point, it’s about user experience. In the crypto space, you’ll see that user experience is still not easy to use and a lot of people are not sure about using. A good product needs to come with the best user experience. Now with the fast growth of different startups in the blockchain world, there are more tools that can support technology. We ourselves may not have scaled up our business without our partner, such as those helping with the API, liquidity provider, decentralized aggregators, market makers, and legal framework. We need partners, blockchain and crypto space are still early, we need a better ecosystem, a more sustainable player coming in to work together and build massive products to disrupt against big guys. You can look at Google, Amazon, Facebook and that people want a decentralized Facebook Google, Amazon, Facebook, but they need better technology and ecosystem to do that.

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