On December 5, the Hainan Free Trade Port Digital Economy and Blockchain International Cooperation Forum officially opened in Haikou. At the two themed roundtables "Minister's Roundtable: International Exchange and Cooperation in the Digital Economy" and "New Opportunities for the Digital Economy under the Belt and Road Initiative", from Russia, Kazakhstan, Indonesia, Malaysia, the Kingdom of Bahrain, the UAE and other Belt and Road countries The representatives of the discussions around the digital economy and blockchain. The guests introduced the layout of the digital economy and blockchain in various countries, and discussed the impact of the digital economy on the traditional economy. The role that a blockchain can play in the "Belt and Road".
From left to right, Wu Xiaoping, Chairman of China Science and Technology Investment, Meyer Massim, Advisor to the Minister of Economic Affairs of Russia, and Kerat Kaliyev, Minister of Development of the Kazakh Regulatory Authority (Astana International Financial Center) Saparudin, Executive Governor of Banga Province, Special Economic Zone of Indonesia, Jiang Yan, State Representative of the Kingdom of Bahrain Economic Development Committee, Albert Isola, Minister of Digital Financial Services of the Gibraltar Government
Guests at the two round tables included: Meyer Massim, Advisor to the Minister of Economic Affairs of Russia, Kerat Kaliyev, Minister of Development of the Kazakh Regulatory Authority (Astana International Financial Centre), and Banga Province, the Special Economic Zone of Indonesia Executive Minister Saparuddin, Jiang Yan, Representative of the Kingdom of Bahrain Economic Development Commission in China, Albert Isola, Minister of Digital Financial Services of the Gibraltar Government, Xie Yilai, Chairman of the Singapore Fintech Association, CEO of Labuan International Business and Finance Center, Malaysia Farah Jaffar-Kossobi, Chairman of the Legislative Council of the Emirate of Dubai, United Arab Emirates, and founder of the Dubai Blockchain Centre, Mawan Arzaruni, Paul Astengo, Senior Administrative Officer of the Ministry of Finance, Government of Gibraltar, and Banga Province, Special Economic Zone, Indonesia Vigato Puba, Chairman of the Industrial Zone Government Committee.
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How does the “Belt and Road” country deploy digital economy and blockchain?
Meyer Massim (Russia) : I represent the Ministry of Economic Development of Russia. Our department is mainly engaged in various projects of economic development, mainly in the digital economy and innovative products, such as in the field of blockchain. We mainly work with the European Union, and our program is mainly to develop the digital economy.
Kerat Kaliyev (Kazakhstan) : Astana International Financial Center was founded in the capital of Kazakhstan. Our goal is to attract foreign investment first, and also develop financial services, such as the development of capital markets, asset management, and financial technology. The purpose of the digitalization of our financial industry is to develop the digital economy and develop the international economy. We also have another specialized regulatory department that focuses on developing financial services and we have developed a model for cryptocurrency supervision.
Saparudin (Indonesia) : The Indonesian Special Economic Zone Bangka is not only about new technology development in Indonesia, including the development of new economic industries in the blockchain . We will also work with Hainan Province to jointly develop and promote Application of blockchain and other new technologies.
Jiang Yan (Kingdom of Bahrain) : In the past seven years, I have seen a huge transformation of the entire Kingdom of Bahrain from a traditional oil-producing country to a digital economy. The Kingdom of Bahrain now proposes to build a Silicon Valley in the Middle East. It is the focus of development in many digital economic fields, including large data centers, cross-border e-commerce, mobile Internet, gaming, financial technology, etc. These Kingdoms are working hard to build A huge ecosystem within the area. At the same time, Chinese companies have started from about 50 in Bahrain, and today there are nearly 700 Chinese companies in Bahrain. The stock of investment has increased from 50 million US dollars to nearly 1.7 billion US dollars today. Many industry giants, including giants from Chinese technology companies, have also landed in Bahrain.
Albert Isola (Gibraltar) : The Gibraltar government attaches great importance to the digital economy. Six years ago we started researching the digital economy and blockchain. We have also issued a series of laws since 2017; in 2018, we also became the first country in the world to introduce blockchain regulations. In this way, we can make this technology and finance work better together.
We also want to provide high-quality financial services, so that more companies and governments can better understand the financial and capital markets, understand the risks involved, and better implement their business plans, under a better legal framework. Implement their financial and business plans.
We see a big future. This is not just digital finance or technology, but a combination of both. We want to work better with regulators, including with the private sector, to better meet and meet goals, achieve greater security, and at the same time bring more benefits to consumers.
How does the “Belt and Road” country regulate blockchain?
Xie Yilai (Singapore ): Singapore is an international credit center. In the past few years, many people have paid attention to the development of our blockchain. We are clear from a regulatory perspective. We want to categorize, categorize by function. For example, if you are a payment instrument or a payment instrument that supports VISA, you can apply for a corresponding license. In addition to these certifications, there is also the option to enter the regulatory sandbox.
Farah Jaffar-Korso (Malaysia) : People often ask me what advantages Malaysia has over Singapore. Some people think that Singapore may have better investment opportunities. We are now in the age of a digital economy. We need to grow together. Our position is clear: cooperation. Our market is unique. Our approach is to digitize, to digitize the process. For a business decision, the process itself has not changed. Whether it is an intermediary or a bank broker, the process is the same, but the way of doing things changes. The way things are done becomes a new idea, a source of innovation. Such as authorization, sit down and discuss, and fully authorize them according to the company's business plan and digitalization process.
Marwan Al-Zaruni (UAE) : The UAE has various departments responsible for handling the blockchain business of each specific department. Think of the blockchain as an additional asset and better manage the blockchain through asset management. In the UAE, for various assets, first of all, for technical assets, we adopt a related regulatory approach. We develop and implement different regulatory approaches for this asset type. For example, there are special technical methods for fund raising and financing. For example, thinking about whether assets are beneficial to Dubai, whether they are beneficial, and whether they can bring us benefits. This is also our consistent approach as an international financial center, which can better manage the blockchain.
Another point is that we cooperate with banks to develop relevant classification management methods through cooperation with banks. At the same time, we also cooperate with law enforcement agencies and legislative bodies in our country, as well as legislative bodies in other countries, such as Malaysia and other countries. Through mutual learning, we can help us better manage these blockchain assets.
Paul Astengo (Gibraltar) : 16 years ago we began to think about how to build our advantages. First, we build our reputation, including the accumulation of credit. From knowledge-led, we accumulate our financial reputation and credit. By 2018 we will issue the first regulations on the Internet of Things.
Our original intention was simple: to cooperate. Blockchain is a technology that requires cooperation, but not every country may participate in it. So as long as we have to find our own position, we will definitely reach a certain consensus, and then better regulate the blockchain on this consensus. So we have three basic factors to protect our judicial reputation and protect our consumers, while providing such a platform with a rich knowledge base and skills to better serve investors and consumers.
From left to right, Deng Di, Chairman of Tai Yiyun, Xie Yilai, Chairman of the Singapore Fintech Association, Farah Jafar-Kossobi, CEO of Labuan International Business and Finance Center, Chairman of the Legislative Council of the Dubai Emirate, and the Dubai Blockchain. The founder of the Centre, Marwan Alzaruni, Paul Astengo, Senior Administrative Officer of the Ministry of Finance of the Government of Gibraltar, and Vigato Popa, Chairman of the Indonesian Special Economic Zone Bangka Industrial Zone Government Committee
What does the digital economy bring to the traditional economy?
Meyer Massim (Russia) : The digital economy and the traditional economy are complementary. I can't say how much it differs. This is a new type of economy, which is the best model for economic development.
Kerat Kaliyev (Kazakhstan) : I would like to say that the digital economy is a perfection of a traditional economy, not change, perfection, or better. The same economic foundation, but the digital economy can make our traditional economy develop broader and more international. For decades, hundreds of years ago, the most important things were communication and logistics. Now the most important aspects are digitalization, as well as international trade and finance. We see that the digital economy is now a step further than it used to be. It can allow us to use more tools and have a variety of methods for sales, trade, production, or international cooperation.
Saparudin (Indonesia) : The digital economy also has a blockchain , which really helps the economy. Our continuous efforts, such as industrial areas and big data centers, have greatly expanded our operational boundaries. Therefore, the digital economy is now closely related in various industrial fields, including artificial intelligence, information technology, etc., and its application range is very wide.
Jiang Yan (Kingdom of Bahrain) : Let me briefly mention three points. The digital economy is very different from the traditional economy in the past. The first can break the border between the original countries. In the past, trade or investment was limited to one country. To go to another country, we needed to pass this border. But if you use the digital economy method now, you can use an APP to quickly open up the entire regional and even global markets. The speed of deployment is ten or even hundreds of times faster than the economic development rate in the past. This is the first.
The second is that we feel that it will change or affect the entire local economy far more than in the past. In the past, it was just importing a trade or a subdivided field, which may change in this field, but for example, when a digital wallet enters the economy of this country, it will cause huge changes in the entire economic subdivision
The third is that I will mention the "Belt and Road". Because we feel that in addition to conventional engineering, including some production-related capacity-combining projects, the digital economy is a particularly good catch, because it can quickly help some countries along the “Belt and Road” to use it quickly. Now in China, the latest technology in such fields as mobile payment can make the economy quickly embark on a path of rapid development. I will talk about these three points.
Albert Isola (Gibraltar) : I think the impact and change of technology and innovation on business is huge. Just like 10 to 15 years ago, we saw that the financial industry is completely different from today, including online gaming companies. Twenty-five years ago, they started by phone. Now we use the Internet, including the use of blockchain and so on. So we see that digital technology has completely changed the way money flows. This technology is decentralized, so it removes the barriers of the past and allows funds to flow smoothly.
In addition, as long as you have a mobile phone, you can carry out various businesses. So the impact of innovation can be seen by everyone. Now we are faster and the capital cost is very low, which brings us a lot of convenience and efficiency. In China, we also see that the entire system works very well and is very cleverly designed. Therefore, we see that the digital economy, and especially the blockchain technology, will make a huge change in our lifestyle.
What opportunities can Chinese companies find in the “Belt and Road” countries?
Xie Yilai (Singapore) : Singapore is the gateway to Southeast Asian countries. We have a very good environment in terms of taxation, so we can use Singapore as a springboard to develop and sell your products to surrounding areas for localization. There are ten countries in ASEAN, ten different cultures, ten different regulatory systems, different religions, and products need to be localized. So Chinese companies can come to Singapore to develop products, which is a very good strategy. In addition, in terms of financial supervision, Singapore has a lot of experience in this area. Therefore, if Singapore can meet the regulatory requirements, there will be some good opportunities for future expansion.
Farah Jaffar-Korso (Malaysia) : China Construction Bank has obtained our license to launch Asia's first digital bank in Malaysia, using some Chinese banking systems. Why did they get our license? They hope to expand their business in Asia and then provide some financial support to support the development of the “Belt and Road” project. We have a holistic platform to provide a variety of services, including the issuance of various licenses, which is very close to the approach of Singapore. Now in Malaysia, not only the RMB can be settled, but also the Russian ruble, and the US dollar can be used. There are also some digital currencies and so on. So we see that Malaysia is in a very good position. In the middle of ASEAN, many people speak Mandarin very well. The relationship between China and Malaysia is very strong and the infrastructure is very good.
Mawan Al-Zaruni (UAE) : Let me talk about the general situation in Dubai. We are also a global market, and we have opened our doors, including doing some foreign exchange transactions, and also signing some agreements to allow some foreign companies to operate in the UAE, so many companies including China have also entered the UAE market. There are also blockchain companies, who have also entered Dubai, and also cooperated with us on several projects, including doing some exhibitions and doing some export work. In addition, UAE companies have come to China to do projects. The two parties have a two-way relationship, including such cooperation in the medical field and fintech field.
Paul Astengo (Gibraltar) : We welcome investors from all over the world. We believe that foreign investors can bring capital investment, technology, and professionals. Their professional skills are very important to us. Our goal is to constantly learn from other countries. In addition to improve our engineering capabilities and continuously promote our development, we hope to provide a good business environment for various companies.
We need to be able to create a good community environment, so in the past few years we have made great progress, including, for example, the establishment of some technical associations, which represent the private sector, and they can also make various requests to the government And suggestions. So I think communication between the government and the private sector is very important.
In addition, we have also established some education groups, which is also the communication between the government and the education department. We see that enterprises and educational institutions have also cooperated very well and can provide good support to educational institutions.