If you can’t beat them, join them!
President and chief executive officer (CEO) of Malayan Banking Bhd (Maybank) group, Datuk Seri Abdul Farid Alias expressed the opinion that the financial sector should stop worrying about the influence of cryptocurrencies, decentralized finance (DeFi), non-fungible tokens (NFT) and Metaverse but instead began to think of ways how to deal with its disruption in the sector.
Speaking as a panelist in a discussion at MyFintech Week 2022 on January 25, he also expressed his views on his interest in seeing how this new technology will evolve and merge with the traditional financial sector.
He added that the technology can help in addressing issues such as inequality better but the world should not be too excited about the technology that is still unknown.
In addition, Tuariq Keraan, chief CEO of TymeBank South Africa who is also one of the panelists also voiced the same opinion by stating disruptions can exist with the traditional financial system and everyone should work together to address pressing issues such as inequality and poverty.
