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Southeast Asia Can Take a Lead With Web3, says ShardLab’s Rachel Kim

Last Updated March 30, 2024 9:12 AM
Teuta Franjkovic
Last Updated March 30, 2024 9:12 AM
By Teuta Franjkovic
Verified by Peter Henn

Key Takeaways

  • Southeast Asia’s young population and active approach to Web3 is driving it towards DeFi.
  • The upcoming SEA Blockchain Week aims to foster collaboration between industry leaders.
  • Advancements like Layer 2 solutions are making blockchain technology more accessible and user-friendly.

Southeast Asia (SEA) represents about 8.5% of the global population with more than 675 million inhabitants . The region is also at the forefront of a significant shift towards financial decentralization .

As the third most populous part of Asia, SEA is navigating the complex interplay of cryptocurrency , potentially paving the way for a new kind of regulatory environment.

A Breeding Ground for Blockchain Gaming and Web3 Innovation?

Regulatory frameworks within SEA are as diverse as the countries themselves. Moreover, SEA is becoming a global hub for blockchain gaming. This sector could be poised for substantial growth , from $14.80 billion in 2024 to $14.93 billion by 2029, with a Compound Annual Growth Rate (CAGR) of 0.19%.

This burgeoning ecosystem is not only fueling growth within the region but is also making a significant impact on the global stage.

CCN spoke with Rachel Kim, Senior Manager of Events and Partnerships at ShardLab, in order to delve into Southeast Asia’s embrace of web3.

Collaboration, Education, and Action on the Agenda of SEABW

Kim emphasized that, by bringing together a diverse range of industry leaders, innovators, and enthusiasts, the upcoming Southeast Asia Blockchain Week  (SEABW) provides an ideal platform for showcasing innovative blockchain projects and fostering valuable collaboration.

During that time, Kim hopes to cultivate greater awareness and comprehension of blockchain technology.

Secondly, Kim aims to facilitate significant collaborations and partnerships between local and international blockchain stakeholders. Lastly, she seeks to inspire projects that tackle challenges and use Southeast Asia’s evolving blockchain landscape.

Web3 Adoption with Thriving Youth Population and Improved UEX

Recently, Southeast Asia has emerged as a prime target region for Web3 projects seeking large-scale user onboarding. The region boasts a relatively young demographic, underserved by traditional financial systems compared to other parts of the world.

This, according to Kim, presents an opportune environment for the adoption of cryptocurrency and Web3 services. Despite blockchain’s limitations hindering consistent user experience with decentralized application (DApp) services, recent advances, such as Modular Blockchain , Layer 2 (L2) infrastructure, and Roll-up systems have improved access to the blockchain.

These promise faster and more cost-effective transactions, thereby enhancing the overall Web3 experience. Technology like Account Abstraction, artificial intelligence (AI), DePIN, and others also plays a role.

She said:

“Thanks to Modular Blockchain, L2 infrastructure, and Roll-up system, we have faster and cheaper access to blockchain, and more specifically, we can provide a better experience for Web3 users with the latest technologies related to Account Abstraction, AI, DePIN, and more. Identity platforms leveraging on-chain data will also be a good catalyst for users to connect with good projects.”

SEA Web3 Embrace: A Global Model for Fintech and Innovation

Kim said that the proactive adoption of web3 sets a global precedent, showcasing the region’s decentralization and “innovation”.

She explained that Southeast Asia’s dedication to inclusive financial futures, combined with its large population and rapidly expanding internet user base, positions it as a leader in the global blockchain landscape.

Kim believes Southeast Asia’s strides in embracing web3 technology shows the region’s commitment to shaping a more inclusive and innovative financial ecosystem, with implications that extend across the world.

She said:

By observing SEA’s successes and challenges, other regions can glean insights on how to navigate the complexities of blockchain and cryptocurrency adoption effectively.”

Blockchain to Drive Inclusion and Growth

Kim concluded by emphasizing the long-term vision for the impact of blockchain technology and cryptocurrency adoption in Southeast Asia.

The focus is on fostering economic inclusivity and driving innovation throughout the region. Using blockchain’s decentralized nature and the accessibility of cryptocurrencies, the aim is to empower individuals and businesses, particularly those overlooked by traditional financial systems.

Through increased financial access, reduced transaction costs, and enhanced transparency, Kim thinks, blockchain technology holds the potential to lift communities, spur entrepreneurship, and unveil new economic growth.

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