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Digital Asset Tokenisation in Asia PacificThe trends,challenges,and opportunities that will define Asias Digital Asset sectorA report from Kapronasia in collaboration with Chintai September 2022ContentsExecutive Summary 3Introduction 4The Traditional Capital Markets Ecosystem 5Digital Asset Tokenisation 7The Potential of Digital Asset Tokenisation 9Asset Digitisation in Asia Today 11The Future of Digital Assets in Asia 14Conclusion 17Methodology Kapronasia conducted both primary and secondary research in Asia-Pacific to obtain the most relevant insights from the industry around digital asset tokenisation.Secondary Research:Sources included but were not limited to,market intelligence reports and studies by industry experts and professional services networks,white papers,educational materials,media articles,and marketing collateral.Primary Research:Interviews were secured from relevant players across the ecosystem,including financial institutions,Fintechs,and industry experts.All values are in U.S.dollars($)unless otherwise noted.Executive Summary Financial markets are largely efficient in allocating capital by bringing investors together with those who require funding.However,there is widespread acceptance that technology can make the process of originating,exchanging,and maintaining assets more efficient by reducing cost and complexity across the value chain while at the same time increasing market access.One of the more promising technological use cases is digital asset tokenisation which effectively fractionalises a physical or virtual asset into multiple so-called tokens,each typically conveying ownership rights to the underlying asset.The tokens can later be traded either privately,or on one of many secondary markets that have developed.Digital asset tokenisation aims to remove some of the inefficiencies in the traditional financial markets operating model,with key improvements to asset origination,trade execution and the ongoing maintenance of financial securities.There is a raft of digital asset tokenisation activity across Asia as many entities are developing and launching new tokenisation platforms.These players range from traditional institutions such as banks and exchanges through to ambitious startup Fintechs looking to disrupt the existing modus operandi.Whilst this technology has clear benefits,the future state of digital asset tokenisation in Asia is open to a wide spectrum of possibilities.At one end,we could simply see todays incumbents deploy new technology to handle digital assets in their existing markets and maintain market share.At the other end is,potentially,a decentralised network of Fintechs serving clients with a range of niche digital asset products and services.A third alternative is a model somewhere in the middle,where many of these entities operate in a federation of some sort.There are several factors which will have a bearing on whether tokenisation achieves widescale adoption.Top of the list is,quite simply,ensuring adequate supply of and demand for these assets as,currently,the demand for digital assets is a bit unclear and there are only a few firms that have cracked the nut on creating them.Demand can be aided by building trust in underlying assets and platforms,which will be helped by strong and sensible regulation.Ultimately,if a substantially improved client experience is realised,a positively reinforcing cycle may develop as markets deepen and tokenisation becomes more mainstream.Regardless of the exact landscape,market participants would do well to take these dynamic developments seriously as digital asset tokenisation is likely to be an increasingly important element of financial markets.As more platforms are deployed,investors and issuers will take business to those places offering the most efficient means of conducting their activities.Accordingly,there is opportunity for those able to capitalise on this technological development.3Digital Asset Tokenisation in Asia PacificIntroduction In recent years,blockchain has become something of a buzzword in financial markets.Proponents suggest that blockchain technology can enhance many of the inefficiencies in todays capital markets by streamlining processes,creating operational efficiencies and helping new entrants gain access to finance thereby democratising financial markets.One of the more promising use-cases of blockchain technology is the ability to represent traditional assets on blockchain which is known as digital asset tokenisation.There is general market consensus that the processes within the existing operating model of capital markets,covering asset issuance,settlement,and ongoing asset maintenance,contain many inefficiencies,unnecessary intermediaries,and redundant manual processes.Digitalising financial assets on a blockchain promises to significantly impact this model in a few ways.Firstly,the creation of digital assets can improve the modus operandi by potentially creating a more efficient asset issuance process.Next,digital assets can typically be traded with a higher degree of operational simplicity than traditional assets.Finally,the availability of digital assets potentially opens markets to both new asset issuers and investors,this applies to primary issuance and further makes the entire secondary market more accessible.There is a high degree of interest in this evolution;existing incumbents and a raft of new entrants are taking tangible steps and have made sizeable investments to create new solutions.This said,there are challenges.A better operating model and enhanced platforms on which assets can be issued and traded,do not automatically translate to increased asset demand and additional market liquidity.Additionally,as with any new technology there is,to a degree,a wait and see approach taken by many participants as the business and regulatory landscape evolves.Finally,there is a significant knowledge gap in terms of understanding the ins and outs of transitioning to digital assets and the pros and cons of doing so.This knowledge gap is driven by many factors including the nature of blockchain,which is constantly evolving,and the introduction of various regulatory guidelines.4Digital Asset Tokenisation in Asia PacificThe Traditional Capital Markets EcosystemTraditional capital markets have developed over decades to what they are today,and yet,despite their evolution,the purpose remains roughly the same:provide capital to companies and entities in the most efficient way possible.The capital markets operating model can be broadly broken into three segments or processes:Origination/Issuance,Execution/Settlement,and Maintenance Process(Figure 1).Although this model of capital markets has been in existence for some years,it is clearly not as efficient as it could or should be.There are several seemingly unnecessary intermediaries,and redundant manual processes across each of the steps of the operating model.OriginationAsset origination is the multistep process by which assets are brought to either public or private markets.Assets might include,for example,ownership in a company,a fund holding a portfolio of bonds,or a physical asset such as real estate property or gold bullion.The result is that an investor(purchaser)and asset issuer(seller)are brought together to transact and transfer ownership of the asset in question.In this step,a process involving multiple stakeholders and intermediaries within the traditional origination process,there are several challenges.Mark Leahy,Chief Operating Officer at TrumidXT,an Asian electronic bond platform,argued that credit markets in particular are often disjointed,and the price discovery mechanism is imperfect:these markets have suffered from a lack of innovation by the incumbents over time such that transactions can often rely on personal relationships,phone calls and online chat rooms.On the supply side of the transaction,issuing securities is challenging and can be expensive,exclusive and difficult for smaller or esoteric issuers/projects to participate in,which can then limit firms ability to raise capital and grow their business.Figure 1-The Capital Markets Operating ModelOrigination/Issuance Sellers and buyersof assets are brought together in a market.Activities include due diligence and marketing of assets.Execution/Settlement Transactions are confrmed,documented and funded.Asset Ownership is formally transferred from one party to another.Maintenance Ongoing asset management activities are managed.Activities include custody;conducting corporate actions such as dividend and loan payments.This Figure is for illustration and may exclude certain elements found in particular processes or value chains.5Digital Asset Tokenisation in Asia PacificExecution/SettlementExecution of a trade refers to the process through which transactions are documented,funded and ownership is physically passed from seller to buyer and housed with an appropriate custodian.A primary concern for market participants is the risk of trade failure throughout the convoluted trade execution process.Today,for example,a trade requires at least a broker,a custodian,and a settlement agent,all of which increases the risk of trade failure at each step.Should any of these participants fail to execute as agreed,the trade can fall apart.Furthermore,trades have long settlement periods due to the complex number of steps,leading to an inefficient allocation of resources.Rehan Ahmed,Chief Product Officer at Marketnode,a venture backed by Singapore exchange SGX,noted thatin some loan transactions,settlement requires physical signatures and papers,resulting in settlement periods of more than 30 days.This is despite the relevant parties wanting to settle more quickly.MaintenanceAfter an asset has been originated and settled,it requires some level of ongoing maintenance.For example,corporate actions such as dividend/loan payments,stock splits and voting need to be correctly processed;the record of ownership needs to be duly maintained and the shares custodised.Many parts of this process are conducted manually via cumbersome processes today.Another concern noted by many participants is that the transfer of asset ownership in illiquid markets can be a lengthy and difficult process,for example,ownership in a venture capital project.This can mean that an owner who would like to exit an investment ahead of its original maturity is prevented due to administrative difficulties.Tim Koo,a Partner at Audacy Ventures,a Hong Kong based fund management company,agreed elaborating,as projects progress,investors may wish to exit due either to the success or failure of the underlying project which may not always be operationally possible,or only possible with a substantial haircut administered by the issuer.The challenge of issuing traditional structured notesSamuel Woo from ICHAM Pte.Ltd.highlighted the inefficiencies occurring at each step of the capital markets operating model with reference to the lifecycle of Structured Notes.First,an investor wanting a structured note needs to employ a broker/wealth manager to purchase the product which entails additional cost that would not be present if the investor could purchase directly.Second,maintenance is not perfect given the secondary market today for this type of product is small,it is therefore difficult for investors to sell should they decide to and are largely at the mercy of the issuer when it comes to pricing.6Digital Asset Tokenisation in Asia PacificDigital Asset Tokenisation The recent rise of digital asset tokenisation on blockchain promises to revolutionise the current operating model in a few ways with the ultimate aim to make market access more open and existing processes more efficient.Digital asset tokens typically represent ownership of an asset which has been tokenised.Oftentimes,tokenisation will result in fractional ownership of the asset although it is not strictly necessary to have multiple tokens.These tokens are recorded on a blockchain,where the entire ownership and transaction history of the digital asset is maintained.Effectively tokenised digital assets are a new asset class whereby the tokens represent ownership of the digital asset-backed securities or other meaningful assets of tangible value.There is no practical limit to the type of assets which can be digitally tokenised.The entire gamut of asset classes could potentially be fractionalised:corporate bonds and shares,real estate assets,precious metals,intangible assets such as carbon credits,and more exotic assets such as wine,whiskey and rare art pieces.The digital nature of the assets also allows for smart contract functionality to be programmed directly into products.Whilst it is not a necessity for a token to have smart contract features,processes can be simplified in some cases if an asset automatically acts in a particular way should certain events come to pass.For instance,a digital asset could be programmed with functionality to automatically transfer ownership of collateral in the event of non-performance.Once an asset has been tokenised on an appropriate platform,its tokens facilitate a more easily accessible secondary market similar to equities on a traditional exchange with benefits such as instant settlement.Naturally,demand needs to exist to provide liquidity and it is hoped platforms with easy access will be a driver to help these secondary markets develop.In summary,a tokenised asset is backed by a real-world asset such as a real estate property or government bonds.It is reviewed by auditors,and all relevant legal documentation should be in place.Whilst the underlying asset may be tangible or intangible,the tokens bear ownership rights to that asset and the ownership has been subject to external audits and compliance processes.Cost of IPO under traditional finance modelFigure 2 shows the estimated costs of an IPO under the traditional finance operating model.Using digital asset tokenisation will reduce some,of these costs,albeit the more moderate elements such as exchange registration and ongoing custody/trading fees.Many of the accounting and due diligence costs will remain and more specifically,the largest element of underwriting fees will in many cases continue to be required to ensure the full sale of the asset.This said,as noted previously,the benefits of tokenisation extend beyond simple cost by potentially providing a means of entry to capital markets for entities previously unable to access them.7Digital Asset Tokenisation in Asia PacificThis Figure is for illustration purposes and includes key fees/charges,smaller elements may be excluded.1 1 Source:Kapronasia&Chintai analysis,PWC8Digital Asset Tokenisation in Asia PacificThe Potential of Digital Asset Tokenisation1 The Business Times:https:/.sg/garage/kkr-partly-tokenises-new-us4b-tech-fund-on-singapores-addx2 HSBC:https:/.sg/en-sg/insights/innovation-and-transformation/fixed-income-digital-assets-unpacking-digital-bond-issuance;DBS:https:/ News Singapore:https:/fintechnews.sg/51857/blockchain/uob-issues-digital-asset-offering-of-s600-million-on-marketnodes-platform/Digital asset tokenisation has the potential to significantly impact the way that capital markets operate.By reducing the need for intermediaries and manual intervention,tokenisation simplifies the process of asset issuance,increases efficiency,and lowers costs across the entire capital markets operating model.At the same time,it opens up access to more market participants.OriginationDigital asset tokenisation can simplify the process by which assets are brought to market and make origination more efficient.This manifests in a more optimal origination process with several benefits for both issuers and buyers.One of the benefits is the cost savings which can be passed on to issuers.The efficiency which digital asset tokenisation,via blockchain,presents for financial institutions and exchanges results in less expense for issuers to access markets.This can bring down the barriers to entry and allow smaller and more niche projects to raise funding that they may not have been able to tap into from traditional markets.It should be noted that whilst tokenisation indeed reduces costs,some such as underwriting,remain relatively large,and if required,may still constitute a meaningful expense in the overall context of a transaction(See Figure 2).On the buyer side,tokenisation can increase market access for smaller investors.In May 2022,Global Private Equity fund manager KKR&Co used the ADDX platform to raise a portion of a USD 4 billion technology fund.As a result of the tokenised structure and the efficiency gains brought about by the blockchain technology,the minimum investment size was US$20,000 as opposed to more than US$120,000 which is typical in traditional markets for such a structure.1 The ability to purchase smaller lot sizes also benefits investors as it gives them more flexibility in the assets they can purchase and enables them to better optimise their portfolios.The Head of Structuring from a large Asian Wealth Manager supported this thinking and further opined thatthe ability to purchase tokens potentially increases the universe of securities which can be utilised to appropriately diversify a clients investment portfolio.Also,digital asset tokenisation can create a more transparent market for the trading of assets,where buyers and sellers can see clear pricing and volume information.Several large banks in Singapore,including UOB,DBS and HSBC,are beginning to offer solutions whereby bonds can be directly issued in a digital tokenised form,effectively acting as a fractional bond exchange.2 This provides investors with instant access and Notable digital token activity in Asia In a first for Singaporean banks in May 2021,DBS issued a tokenised bond on its digital platform.Amongst other benefits,this bond was traded in lots of$10,000,substantially lower than the$250,000 lots typical for such an offering.Korean firm Kasa tokenised and listed several commercial properties on its platform including large offices in Seoul during 2021.Investors can buy relatively small tickets sizes and the firm aims to be able to sell tokens valued at only a few dollars.Singapores national telco,Singtel,partnered with UOB,a bank and ADDX,a digital asset platform to issue a US$100 million,five-year digital Sustainability-Linked Bond(SLB)in April 2022.9Digital Asset Tokenisation in Asia Pacifictransparent pricing on the platforms.It is hoped that as the market evolves,additional bonds will be made available to a wider range of potential investors.Execution/Settlement As we have discussed,settlement can be a lengthy,time-consuming process.Under a tokenised framework,settlement can be near instantaneous,or atomic in the lingua franca of the market.Again,tokenisation offers advantages to the execution process over traditional methods.Top of the list of settlement advantages is that atomic settlement reduces counterparty risk dramatically and at the same time speeds up settlement.If cash and assets are immediately transferred,there is negligible risk of either party failing to fulfil their obligations which is a vast improvement on what happens today.The settlement process can be further strengthened by codifying various regulatory compliance requirements directly into smart contracts which can increase accuracy and reduce settlement time.For example,tokens can be programmed only to be transferable to certain wallets which can then ensure that tokens are only transferred to counterparties in jurisdictions that are permitted to hold the asset.Maintenance The ongoing day-to-day maintenance of assets often requires manual human intervention.Digital asset tokenisation aims to substantially automate much of this process reducing both risk and complexity.Several specific areas within the maintenance of assets have potential to be remedied.Features such as dividend or interest payments can be programmed into smart contracts on an asset thereby automating these processes.Whilst this type of Straight Through Processing(STP)can,to an extent,be implemented today,banks and exchanges still maintain large back-office operations teams to manage corporate actions.New companies such as Marketnode and Chintai,aim to offer a market utility service making many of the traditional maintenance processes redundant.Andrew Han,Director of Business Research at Fireblocks,a digital technology provider,also agreed and noted further thatDebt covenant and ratings information can be programmed in to smart contracts bringing a higher level of structure to the security.10Digital Asset Tokenisation in Asia PacificAsset Digitisation in Asia Today3 SGX:https:/ firms in Asia,including banks and non-banks,are developing technology and platforms in the digital asset tokenisation ecosystem.The level of activity is high as many challengers look to cash in on the perceived lack of innovation emanating from existing incumbent financial institutions and disrupt the status quo in the region.Meanwhile,incumbents,such as exchanges and large banks have reacted by developing their own digital asset infrastructure.Against this backdrop,several startups and incumbents are partnering on the journey.They see the development of new markets as more than a simple zero-sum game and are keen to leverage each others strengths.IncumbentsMost incumbents in Asias markets are creating digital asset capabilities.Mr Han from Fireblocks,commented thatthe driver for this is,to a degree,demand from their clients as financial institutions want to both protect their existing business and capture new business as a result of newly created asset classes.Incumbents also have a cost saving incentive if technology can reduce headcounts and are developing tokenisation capabilities both by investing in new ventures and building their own products.SGX in Singapore,for example,is participating in several ventures,and while it remains to be seen how successful each of these ventures will be,a number are already live.Some of these include a nascent market utility built by Marketnode and electronic bond trading platform by TrumidXT.Meanwhile large banks across the region are also taking seriously the evolving digital asset tokenisation landscape,with many building infrastructure to cater for client demand.For example,in 2020,global giant,HSBC,working with the Singapore Exchange(SGX),tokenised a S$400 million,5.5-year public bond issue and a follow-on S$100 million tap of the same issue by food and agribusiness supplier Olam International.3 ChallengersThe Asian financial industry has been a key center of Fintech development and asset digitisation is no exception.National regulators are becoming more accepting of these challengers and have licensed various newly established businesses.Singapore,for example,has been a hive of activity in the establishment of new asset tokenisation outfits.These include Singaporean digital asset marketplace Chintai,who received licensing from the MAS in August 2022.This permits them to issue securities and units in Collective Investment Schemes(CIS)or Funds.Chintai provide a platform encapsulating the complete chain of investment activities from asset origination The case for tokenising carbon creditsThe market for carbon credits is today rather fragmented.Companies wishing to offset their carbon footprint buy buying carbon credits rely on a network of expensive brokers and retailers which can add margins of up to 30%in a complex and opaque market.JustCarbon,using Chintais technology,are attempting to overcome these issues by providing a platform whereby,once credits have been independently verified,they can be actively traded.When the credit is removed from circulation,or burned it will constitute a pollution offset by the owner.11Digital Asset Tokenisation in Asia Pacificthrough to ongoing maintenance of the asset.In a similar vein is SDAX,a digital assets exchange for tokenisation and trading of asset-backed digital securities via a blockchain powered platform,also licensed by the MAS.Meanwhile,BondEvalue,a Singapore-based fintech that specialises in bond market technology,was founded in 2016 with the vision to make bond markets more transparent and accessible.PartnershipsAs the Asian digital asset market develops more start-ups are eschewing a go it alone strategy and developing partnerships with incumbents to have the best of both worlds a dynamic start-up with the latest technology,combined with the established controls and distributional firepower of an incumbent.For example,in March 2022,private market investment firm,Hamilton Lane and digital securities exchange ADDX partnered to tokenise a class of shares in Hamilton Lanes Global Private Assets(GPA)Fund.The GPA fund will be accessible to ADDX investors at a minimum ticket size of US$10,000,compared to the minimum of 4 ADDX Hamiliton Lane:https:/addx.co/files/Hamilton_Lane_ADDX_Press_Release_738a3a63a2.pdfUS$125,000 or more for investors who subscribe via traditional,non-tokenised distribution channels.4 With all these benefits in mind,it is worthwhile to examine what market participants should consider when deciding whether tokenising their assets is a sensible approach.Whilst some projects have nuances requiring unique solutions,Figure 3 provides potential issuers a framework of items for consideration before making the decision to tokenise their assets.Democratising real estate investmentReal estate developments are often too large for individual investors.Real Estate Investment Trusts(REITs)offer one avenue however these can be expensive to transact.Companies such as Fraxtor in Singapore and Kasa in Korea look to democratise this investment by tokenising large property developments,both commercial and residential,giving investors across the entire spectrum of wealth the opportunity to buy small fractions of specific projects for a small fee.12Digital Asset Tokenisation in Asia PacificAssess business model including value creation,disruptive nature,scalability,sustainability.Assess how token can be integrated into wider tokenomic ecosystem&provide a value-added proposition.Assess whether tokenisation offers a streamlined/cost-effective route to market.Identify shortcomings in the traditional model which rule that out.Address gaps and issues ahead of potential tokenisation process.E.g.whether additional financial reporting processes are required.Ensure management team/current owners are aligned on strategy.Tokenisation Business Case AssessmentUndertake appropriate due diligence,including relevant financial legalauditing and regulatory requirements.Full independent legal assessment of the token to ensure correctcategorisation.Establish the underlying compliance rules and geofencing approach canbe appropriately applied to an issuance or secondary market.Identify appropriate platform/exchange.Consider cost,ease oftransaction/ongoing trading,and maintenance.Determine whether underwriting is required.Pre tokenisationLaunch tokenisation on relevant exchange.If full sale is achieved or exceeded,consider issuing further tokens.If full sale is not achieved,revisit marketing to investors and attempt to raisefurther capital.Deploy marketing campaign to the dedicated target audience in theapproved jurisdictions.Token LaunchMonitor secondary market trading activity.Undertake further issuance or trading if required.Ensure adequate communication to token holders is in place,potentially an investor relations team is required.Maintain process to ensure adherence to ongoing regulatory andother reporting requirements.Ongoing MaintenanceFigure 3-Framework for Issuers to Assess Digital Asset Tokenisation13Digital Asset Tokenisation in Asia PacificThe Future of Digital Assets in Asia The success of the digital asset market is far from clear and market participants have a wide set of views and naturally have a proclivity towards their sphere of operation.There are several factors which will influence the future lie of the land and three potential market scenarios:consolidation,fragmentation,or a hybrid.At one end of the spectrum,we could see a consolidated market with established institutions such as SGX,DBS,and HSBC maintaining their existing business lines.These could either build their own digital asset tokenisation platforms in-house or acquire existing challenger digital asset platforms.Either way,the argument here would be that the established incumbents end up dominating the market while the challengers get pushed out.Under this scenario,a range of service providers could enter the fray to service the incumbents business.For example,Marketnode could act as a market utility providing the necessary post-trade and asset servicing infrastructure.At the other end of the spectrum would be a completely decentralised market.In this view we could see asset issuers eschew traditional institutions and operate on one of the many new and varied asset exchanges such as SDAX or BondbloX.Perhaps these new entities will form a federation of sorts where assets could be transferred across platforms if such interoperability can be established.However,this interoperability raises questions as to why individual members would want a federation as presumably it would reduce the revenue stream for one member when assets are transferred on to another members platform.The final,and potentially most likely scenario is that we see a hybrid where we have traditional providers controlling a significant share of the market with 3rd party providers filling in the gaps.Drivers of Digital Asset Tokenisation in AsiaRegardless of the exact structure of the market,asset tokenisation technology is seemingly here to stay in some form.The success or otherwise of asset tokenisation will be impacted by factors such as the simple dynamics of supply and demand,improved client experience,trust and confidence in tokenised assets,and technological talent.Supply and DemandUnderpinning market growth is straightforward supply and demand.The jury remains out as to the extent to which entities want to conduct business using digital asset tokens on both sides of the supply/demand equation.14Digital Asset Tokenisation in Asia PacificSupply refers to asset owners/issuers,who own/issue assets such as corporate bonds,equities,precious metals,carbon credits,or structured notes.In all cases,whether this supply materialises depends on the degree to which tokenisation platforms offer issuers a credible,profitable path to market with their assets which is better than the status quo.Currently,it is unclear whether the supply of appropriate assets to be tokenised will ensue in volumes sufficient to make a meaningful difference to the digital asset tokenisation market.As Mr Ahmed from Marketnode noted if an asset was so pristine as to warrant listing on public markets,it would most probably already be listed and not require an alternative exchange.Demand refers to the full spectrum of investors who might wish to buy tokenised assets.This includes institutional investors such as fund managers and banks,high net worth individuals and family offices through to more moderately wealthy and retail investors,where permitted.A current constraint holding back investors is that liquidity is largely insufficient.That prevents the creation of meaningful secondary markets for investors to buy and sell tokenised assets.Therefore,many investors are taking a wait and see approach.Tim Koo from Audacy Ventures stated that whilst he and his clients would be interested in using tokenised securities,their present reluctance is partly driven by a lack of liquidity in tokenised markets.In sum,there is presently a scarcity of buyers for many digital assets.This leads to very wide buy/sell spreads,i.e.an inefficient market.Improved Client ExperienceBankers from large Asian Banks,whose clients include high net worth individuals,told us that most investors are more concerned with respect to the return on a specific investment as opposed to the precise form of an investment.The mere fact that an asset is tokenised is of less consequence to investors.Therefore,if the market for tokenised assets is to develop,the client journey must be orders of magnitude superior to the present set up.An illustrative example of how asset tokenisation could improve the customer experience involves Private Banks.These banks today might be reluctant to give a margin loan to customers secured by an investment in a private equity fund as realising the collateral in the event of default may be difficult.If these assets can be tokenised and traded on transparent exchanges,banks may lend against these tokens thereby not only providing a better customer journey but also growing the overall market by allowing their clients to invest in more tokens using leverage.In the same vein,if asset tokenisation platforms can provide market access to issuers of assets that otherwise would not have been able to tap into public markets or if it can broaden the access to asset classes that were previously out of reach to all but the biggest institutional investors,an inflection point could develop.Trust and Confidence in Tokenised AssetsTrust and confidence in tokenised digital assets will need to be built and must not falter.The market must develop an understanding and reach a level of acceptance that digital asset tokenisation is a sensible way to transact business.One way this confidence may develop is with sound regulation.This will provide certainty and confidence for both issuers/investors and platforms alike.Similarly,clear regulation has the potential to grow the supply side as it will give financial institutions more confidence that they can develop platforms and products without committing a regulatory faux pas and suffering not only monetary penalties but also associated reputational damage.15Digital Asset Tokenisation in Asia PacificMany market participants encourage strong regulation which is both supportive of the development of new products whilst maintaining requisite investor safeguards since it encourages both innovation and helps the market develop faith in tokenised assets.Finally,most regulators permit a certain class of investor to participate in tokenised markets.In Singapore for example,the Monetary Authority of Singapore restricts this to accredited investors and institutional investors,essentially the segments best able to withstand potential risk associated with a new asset class.Tech TalentLastly,as these asset tokenisation markets and technologies are new,it naturally follows that technological know-how is limited.There is strong demand for technological talent with the ability to build quality tokenisation platforms.There is a particular dearth of human resources with both the relevant understanding of regulatory requirements,for example anti money laundering and combating the financing of terrorism rules,combined with strong technological/business skills.This race for talent operates not only at the micro firm level,but also at the wider Asia regional level.People are mobile and will move to Europe or North America if they see better opportunities.Hence,to develop quality platforms in Asia requires the region to remain competitive in the global marketplace for skills.Simplifying precious metal investment through tokenisationMany investors desire the ability to securely purchase gold and other precious metals for various reasons including hedging against inflation and diversifying their portfolio.They would like to do this with minimal transaction feesIn Australia,digital asset technology provider Trovio has designed a potential solution by partnering with the Perth Mint to issue the Perth Mint Gold Token(PMGT);the first digital gold token on a public blockchain which is ultimately backed by government guaranteed gold.16Digital Asset Tokenisation in Asia PacificConclusionThe modus operandi of Asias capital markets today has room for improvement.The traditional processes of raising capital and managing assets has room for improvement,particularly so considering the ongoing possibilities from digital enhancements.Digital asset tokenisation on blockchain offers a solution to this by streamlining many operating processes and bringing investors and issuers closer together.The benefits range from a reduction in complexity and cost and through to greater financial inclusion by offering financial market access to a wider array of clients.Change is a certainty although the precise market layout remains to be seen.Tokenised asset products are still relatively nascent albeit this is changing as entities across the spectrum look to develop products and platforms.One view is that incumbent banks and exchanges will continue to dominate markets while adding new asset classes to their offerings using digital token platforms.An alternate view is that the raft of startup fintech challengers will dislocate the status quo and lead to a more decentralised market.Whatever the end state,as we have seen,incumbents and challengers are active and needed in the tokenisation space.The market is dynamic and expanding as more assets are being tokenised.Market participants should take these developments seriously else risk being left behind.Incumbents should stay close to their clients.The more clients demand tokenised products,whether driven by investment opportunity or ease of transaction,the more such assets will be required.In this event,incumbents will need appropriate platforms to facilitate this client demand.Platform owners must find ways to differentiate themselves from other similar services.Several platforms have been launched in Asia offering digital asset tokenisation.For these to be successful,they will need to continue innovating and offer more than a simple execution only platform which can be easily replicated.Asset managers and investors should monitor developments in tokenised offerings from both incumbents and from challengers such as Chintai.Traditional finance companies can embark on pilot projects as part of the product development process in digital asset tokenisation.Over time,as these products and associated regulatory frameworks mature and potentially become more mainstream,the universe of investible assets can increase.To be sure,the quality of the underlying asset still needs to be given an appropriate assessment,however,undoubtedly a wider selection of investible assets is becoming available to more people.Disclaimer:All opinions and findings expressed do not reflect the opinion of Chintai Network Services Pte.Ltd.or their affiliate companies.Chintai has no control over the content published and accepts no responsibility for them or any loss or damage that may arise from the use of the content.Nothing in this material shall be deemed to be a direct or indirect provision of investment management services or advice specific to any parties.17Digital Asset Tokenisation in Asia PKapronasia is a leading provider of market research covering fintech,banking,payments,and capital markets.From our offices and representation in Shanghai,Hong Kong,Taipei,Seoul,and Singapore,we provide clients across the region the insight they need to understand and take advantage of their highest-value opportunities in Asia and help them to achieve and sustain a competitive advantage in the market.Please visit https:/ 2022 Kapronasia Singapore Pte.Ltd.All rights reserved.Chintai is a Singapore company regulated and licenced by the Monetary Authority of Singapore.Founded in 2019,the Chintai platform utilises blockchain technology to modernise capital markets for banks,financial institutions,and asset managers.The end-to-end solution offers traditional finance companies a one-stop platform with a robust automated compliance engine powered by our proprietary solution Sentinel-AI.Chintais product suite includes dynamic issuance,automated compliance,reporting,data reconciliation,cap table management,automated corporate actions,liquidity,instant settlement,and more.The strategic intent is to bridge the world of traditional finance with a blockchain technology platform and build a new competitive advantage with our clients.Chintai-Transforming capital markets today into blockchain opportunities of tomorrow.Please visit:https:/www.chintai.io For more information:hellochintai.io, Five Critical Payment Lessons from The New EconomyA report from Kapronasia in collaboration with BPC June 2022ContentsExecutive Summary 2Key Findings 3Introduction 4Lesson One:Focus on the customer experience 6Lesson Two:Be where the customer is 10Lesson Three:Those that adapt survive and thrive 13Lesson Four:Security is still everything 16Lesson Five:Data is the new money 18Conclusion 21Methodology Kapronasias Five Critical Payment Lessons for The New Economy report is based on both primary and secondary research.Secondary Research:Sources included but were not limited to,market intelligence reports and studies by industry experts and professional services networks,white papers,educational materials,media articles,and marketing collateral.Primary Research:Interviews were secured from relevant players across the ecosystem,including financial institutions,fintechs,and industry experts.2Five Critical Payment Lessons for The New EconomyExecutive Summary Digital transformation in the financial services industry(FSI)is proceeding at a rapid pace,driven by intense competition from new players entering the market,the evolution of customer expectations,regulatory pressures,and Covid-19 which by itself has accelerated the digital transformation process by two to three years.Payments are no exception and have been similarly targeted for digitalization,largely because of the same factors.Payment players are facing the same pain points in the market as the FSI as a whole,namely fickle customers;the challenge of delivering a consistent customer journey across multiple channels and often in someone elses value chain;and enormous pressure as a result to be agile and to respond quickly to changes in the business and operating environment.These changes include an increase in cybercrime and downward pressure on margins as payments increasingly become faceless and invisible.How are payment players meant to respond to such an unforgiving terrain?Through interviews with digital banks and wallets,FinTechs,online(payment)platforms,and incumbents as well as a significant amount of secondary research,the answer can be distilled from five critical payments lessons:Focus on the customer experience Be where the customer is Be adaptable to a rapidly changing marketplace Be secure against critical threats,and Effectively monetize your consumer data to provide hyper-personalized financial value-added services delivered contextually While on the surface these lessons may seem trite and obvious,as the report digs into each of the five lessons in turn,readers will note just how nuanced each of the lessons is and ultimately,how interconnected they are too.Focusing on the customer experience means staying relevant and being where your customer wants to transact,with the right services,at the right time and delivered in the right way,while also staying safe and secure.To do that effectively requires agility which means having the right infrastructure purposefully built for change.It also means having the right data and the right tools to draw insights from that data and to act accordingly,be that to be more secure or to offer the right hyper-personalized value-added services.Payment providers who are able to successfully take these lessons on board and understand how they each contribute and combine to delivering the end-to-end customer journey will be best equipped to navigate the difficult and shifting environment that defines the new digital reality.3Five Critical Payment Lessons for The New EconomyKey FindingsFocusing on the customer experience involves thinking about all stakeholders,not just the end user and it also means staying relevant by engaging with your customer and providing them with the right services specific to their needs.Be where your customer is and iterate quickly on improving the customer experience while adapting as channels evolve.This includes embedded payments which are also moving into hardware applications.Payment providers need to be agile to respond quickly to changes in the marketplace.This requires an appropriate architecture to enable them to consume and/or provide as-a-service offerings and collaborate effectively with partners in the payment ecosystem.Trust is everything.Payment players must excel at building trust with their users and underpinning that trust with the necessary security measures.The real value for payment providers comes increasingly not from the transactions themselves but from the data generated from those transactions.Players that are able to harness more granular data points to allow for better customer segmentation enabling more targetted financial value-added services will gain a competitive advantage.All five lessons are interrelated,with a robust API platform being the key enabler that offers payment providers the agility to collaborate with a wide range of partners offering the right services,at the right time,in the right place in a secure and safe way.4Five Critical Payment Lessons for The New EconomyIntroduction1 PwC,Payments 2025&beyond,https:/ FIS worldpay,The Global Payments Report 2021,https:/ confluence of factors is coming together to drive digital transformation across the financial services industry(FSI).These include relentless competition from new digital-first players entering the market;a fickle retail customer base that expects personalized products and services to be delivered seamlessly,anytime,anywhere;tighter regulatory oversight putting downward pressure on margins;and of course,Covid the pandemic which has accelerated the whole process by two to three years,as branches closed,and financial institutions(FIs)had to find new ways to serve their customers.Payments,a microcosm of the FSI,have not been spared.The same forces driving digital transformation in the FSI are also driving digitalization in payments.Global cashless payment volumes are set to almost triple by 2030.Asia-Pacific will grow fastest,with cashless transaction volumes increasing by 109%from 2020 to 2025 and then by 76%from 2025 to 2030(see chart below).1As consumers in APAC shift from point of sale(POS)to e-commerce they are also shifting payment preferences to digital methods,with digital and mobile wallets gaining in popularity.By 2024 digital wallets are projected to account for 65.4%of APAC e-commerce payment methods up from just over 60%in 2020.At the POS too,payment methods are undergoing a dramatic change away from cash and toward mobile wallets.By 2024,cash is projected to represent only 10.8%of transactions,while mobile wallets will grow to represent 47.9%of POS spend by that time.2As we continue to journey into the new era of digital payments,incumbents,digital banks,fintechs and payment service providers(PSPs)are struggling against the same challenges in the market as the financial industry in general.18 CHARTS Figure1 Note:Cashless transaction totals for 2025 and 2030 are projections Source:PwC Strategy&global payments model,2021 Figure2 Note:Alternative payment methods include payment solutions from big tech,telecoms and retailers outside or on top of traditional bank and card payments.Revenue figures for 2025 and 2030 are projections Source:PwC Strategy&analysis 4941,0321,81859105172229375522731111651802583491,0351,8823,026202020252030Cashlesstransactionvolumewillmorethandoubleby2030NumberofcashlesstransactionsinbillionsAsiaPacificAfricaEuropeLatinAmericaUSA/CanadaTotal82%Growth61%Growth561447342313188782121671411259871845742262217Changesinrevenuepoolsfrom2020to2030TransactionalrevenuesinUS$bn202020302025BanksAlternativepaymentmethodsMerchantserviceprovidersCardnetworksThirdpartyprocessorsTerminals5Five Critical Payment Lessons for The New EconomyFirstly,there is now a relentless focus on the customer journey,with both merchants and end users expecting payments to be frictionless,seamless,and increasingly invisible.Secondly,payments are becoming embedded and are increasingly being integrated into physical hardware,which can make it difficult for payment providers to provide that seamless customer experience across third-party channels.Thirdly,fierce competition,changing customer expectations,tighter regulatory oversight,and the rise of collaborative ecosystems are putting pressure on payment providers to become more agile and adapt quickly to developments in the marketplace.Fourthly,as money has gone online,criminals have followed.With cybercrime on the increase and stories of data breaches proliferating in the media,trust is everything.If customers do not feel safe and secure,they will shun your products and services.Finally,customers now expect relevant hyper-personalized services delivered to them contextually.Payment providers are asking themselves how to effectively serve the segment of one?As new banking and non-banking financial institutions(NBFIs)enter an already crowded market(see chart below),distilling the reasons for success can provide some key lessons for market participants.This research paper distills five critical payments lessons that we can draw from companies that have been successful in the payment space.Understanding these lessons is crucial for banks,card companies,fintechs and others that want to map a new path forward.By focusing on the customer experience,being where the customer is,being able to adapt,remaining secure,and monetizing consumer data,companies can make outside returns despite being in an incredibly competitive and shifting market.18 CHARTS Figure1 Note:Cashless transaction totals for 2025 and 2030 are projections Source:PwC Strategy&global payments model,2021 Figure2 Note:Alternative payment methods include payment solutions from big tech,telecoms and retailers outside or on top of traditional bank and card payments.Revenue figures for 2025 and 2030 are projections Source:PwC Strategy&analysis 4941,0321,81859105172229375522731111651802583491,0351,8823,026202020252030Cashlesstransactionvolumewillmorethandoubleby2030NumberofcashlesstransactionsinbillionsAsiaPacificAfricaEuropeLatinAmericaUSA/CanadaTotal82%Growth61%Growth561447342313188782121671411259871845742262217Changesinrevenuepoolsfrom2020to2030TransactionalrevenuesinUS$bn202020302025BanksAlternativepaymentmethodsMerchantserviceprovidersCardnetworksThirdpartyprocessorsTerminals6Five Critical Payment Lessons for The New EconomyLesson One:Focus on the customer experience3 Capgemini Research Institute,World Payments Report 2020,https:/ defining characteristic of the new digital era is that payment businesses can no longer exist as standalone entities.Driven by rapidly evolving customer expectations and innovative new digital business models,to survive,digital banks,incumbents,fintechs and PSPs must belong to ecosystems where payments will be a mere component part of the end-to-end customer journey.Ensuring a good customer experience is at the heart of any successful business,but what makes this harder today is that with the rise of multiple players being responsible for delivering the end-to-end user experience,it is now up to payment providers to seamlessly integrate their offering as an intrinsic part of the end-to-end customer journey.Meeting the expectations of both the commercial customer as well as the end-user.What are those expectations?Commercial customers expect bank and payment partners to enable greater sales by improving the end-customer experience and the adoption of new business models.Covid has only accelerated the trend.When offline retailers were suddenly faced with a precipitous drop in footfall,payment partners became critical in helping their retail customers with online marketplace onboarding.Likewise,with consumers tightening their belts amid the uncertainty,Buy Now Pay Later(BNPL)offerings were viewed positively by retailers as it led to an increase in overall basket size value and conversion rates.Payments,in other words,are now about a lot more than just moving money and managing cash flow.Consumers,for their part,expect convenience,speed,and seamlessness,with payments now moving into the background of the shopping journey.According to Capgeminis World Payments Report 2020,technology has transformed the act of paying to,ultimately,make it invisible,as end users expectations evolve from Pay to Invisible Pay.Consumers also expect additional value-added services,such as BNPL and insurance,whilst conducting commerce.The same report talks of service providers transcending three transformative stages Abide,Adopt,and Adapt to bolster their customer engagement.According to the report,adaptive firms engage fully within their customers payments journey and offer value propositions beyond payments.3 Customer engagement is the key here.With payments becoming increasingly invisible,payment providers cannot afford to simply digitally execute the transaction.They need to become a lot more engaged with their customers if they want to remain relevant and more than just a commoditized feature in the overall journey.Knowing your customer not only enables the end-to-end transaction to be completed in a relevant manner,but it also enables payment providers to offer tailored additional services that will drive revenue and help them to integrate into their customers lives.Case studiesTNG DigitalReal life examples are able to highlight some of the nuances when it comes to thinking about the customer experience in the digital era,particularly when observed from some distance.Alan Ni,COO,CPO&Financial Services Business Head,at TNG Digital(TNGD),the company behind one of Malaysias largest wallets,Touch n Go eWallet,explains that balancing the different parties within the payments ecosystem is critical.Mr.Ni says,acquiring customers and merchants is expensive.If customers feel that they do not have enough places to spend their money or if merchants feel there are not enough customers using the service,that is the worst customer experience you can have.For both merchants and users.You are going to lose them very quickly.7Five Critical Payment Lessons for The New EconomyTo overcome this problem,Mr.Ni says that TNG Digital overlays the cities they cover with two-kilometer square boxes like a chessboard.With GPS location tracking they can see how many merchants and customers they have in each box.If there are too many merchants and not enough customers,they will run customer acquisition campaigns.If there are too many customers and not enough merchants,they will go street by street to acquire more merchants in a particular area.New Payments Platform AustraliaKatrina Stuart,Head of Engagement at New Payments Platform Australia(NPPA)Ltd,the company that operates the real-time account-to-account payments infrastructure in Australia,echoes Mr.Nis sentiment about the importance of developing the network effect.NPPA has been working with the financial services industry to develop PayTo a digital way for businesses to initiate real-time payments from customers bank accounts,which is due to go live in mid-2022.On setting up the service,Ms.Stuart says,we mandated that our banks had to develop certain capabilities within a specific timeframe on the payer customer side and that has helped to create that network effect,which I think is one of the biggest challenges in payments.Ms.Stuart also echoes Mr.Nis sentiment in needing to think about the customer experience of all the users of the service,not just the end user.Ms.Stuart says,when they first started looking at the PayTo proposition,it was about enabling a better alternative to direct debits,which can be problematic from both a customers and a merchants perspective.The customer has very little visibility or control over the payments,the merchant risks being given incorrect account details and potential fraud,while the bank has no visibility into whether their customer agreed to the payment.NPPA purposefully set out to deliver a better experience for customers,merchants and billers by addressing the existing pain points in the market and designing a customer-centric service.With PayTo,the customer will have visibility and control over their payments and the merchant will know immediately if the correct account details have been provided and whether the customer has sufficient funds available at the time of payment.On top of that it will be easy to retrieve the digital agreement from a centralized repository in case of any dispute.Banks will also be assured that it was their customer that initiated the payment,because the customer must authorize the PayTo agreement-once-through their banking channel.TimoHenry Nguyen,CEO of Timo,a Vietnamese digital bank also highlights the importance of the network effect emphasizing that Timo is pushing to be a social-centric bank to maintain relevancy with its customers.Elaborating,he says,in this day and age,whether it is Facebook,or Instagram or other things,people have all of these relationship connectivities your social capital,your social networks which define to a great extent who you are.That is what we are trying to do.We are trying to create that network effect.He says,the more people use Timo as a banking service,as a way to pay,as a way to remit,the more value they get as long as more people are recruited into the network.Mr.Nguyen explains that the way they are creating this network effect is by adding Venmo-like features.He says,if you and I are both on Timo,I can give you a much richer experience when you remit or pay.For example,I can say,hey Joe,thanks for picking up lunch the other day,here is a picture of lunch and then we can have some banter.Mr.Nguyen says that out of all these histories you can then filter just the transactions if you need to track something.It is being able to enrich that memo line in the remittance and today that means emojis,gifs,whatever it is that expresses something deeper in this connectivity.Continuing,he says,for a lot of our customers this is a joy and a pleasure because it feels very cold to just sayhey,here is your 20 dollars for lunch.He concludes,it is those types of things where we are 8Five Critical Payment Lessons for The New Economytrying to be relevant,meaningful and also socially centric in terms of someones ability to connect with people in their world.He provides another example of Timos social centricity.If you sign up for Timo,one of the first pieces of data we collect from you is your phone number.If your phone number happens to be in the phonebooks of 50 Timo users,we already know a lot about you.We know that at least you are a real person,who has good relationships with these 50 people,who also happen to be great customers.So,there is a lot of data that helps to provide alternative credit scoring sources.Mr.Nguyen says,as soon as you onboard you know who you are connected to on Timo and you will have the option to say hello to them,or send them an emoji,or,around New Year,send them Lai See a good example of being locally relevant,and instead of just sending a currency note inside an envelope,there is animation,there are gifs,and you can interact.You can say,thank you Henry for your Lai See,I am Lai Seeing you back double.Mr.Nguyen states that it is those types of mechanisms,being relevant,being connected,being social,that Timo is trying to capitalize on.Mr.Nguyen says,internally,we say look we can try to just copy a bank and then our only way to win is to try to steal market share,or we can do something that a regular bank or payment platform cannot do.So let us figure out what that is.Mr.Nguyen says,we do all the basics,but those types of social things are going to be the winning combination for us.RevolutThe importance of relevancy and customer engagement also resonates with James Shanahan,CEO Singapore,of Revolut,a financial super-app that offers financial services.He explains that shortly after Revolut launched in Singapore in October 2019,the world was hit by the Covid pandemic and international travel came to a standstill.Mr.Shanahan says,without the opportunity to travel,many of our customers found that they did not really have much use for Revolut.This posed an immediate challenge:How can we keep engaging with our customers when the main reason why they signed up for a Revolut account is no longer there?The priority for the company was to get customers to break away from the thinking that Revolut could only be used when one is travelling overseas.In March 2021,Revolut put out a campaign where customers would receive up to 20 percent cashback on their public transport spend if they used their Revolut 9Five Critical Payment Lessons for The New Economycards to pay for bus or train fares.The campaign,which finished at the end of 2021,was a success.Mr.Shanahan says,embedding ourselves in an activity that is so integrated in the everyday lives of our customers is one way to encourage stickiness and engagement.Mr.Shanahan ends by highlighting the importance of collaborative partnerships in being able to deliver innovative new products and services to the market.He says,for any payment app to be successful,it cannot exist in a silo.It must find partners in the larger ecosystem.This will enable campaigns and initiatives to resonate more deeply with customers.Mr.Shanahan provides the example of Revoluts Chrome browser extension called Revolut Shopper,launched in May 2021.When a customer visits an online store like Lazada,the extension alerts him/her of any cashback they can activate if they pay with their Revolut card.This,Mr.Shanahan says,is another way to encourage customers to use Revolut as their go-to payments method.TonikMila Bedrenets,Chief Growth Hacker at Tonik,a digital bank with a presence in the Philippines,also highlights the importance of relevant,localized value-added services.Stashes,she says,is a Tonik product inspired from the idea of paluwagan in which family members,friends and colleagues jointly save towards a common financial goal.The financial management concept is already very familiar and widely practiced in the local market and Tonik just improved on its design.Ms.Bedrenets says,we essentially digitized the process of social saving to directly address the pain points in accessibility,security and regulation to encourage more Filipinos to develop the habit of saving money.Since their commercial launch in March 2021,Ms.Bedrenets says,Stashes was instrumental in securing Php1B(US$20M)in retail deposits within only a month of going live,a historic record for us.Ms.Bedrenets addsStashes has proven to be a successful case study of hyper-localizing a service to better fit the needs of a particular market.A lot of our customers have given feedback on how beneficial and even fun it was to open Stashes with their family and friends which helps to reinforce the importance of saving.The product was successful because it provided a safer and more innovative means for Filipinos to save and grow their funds.10Five Critical Payment Lessons for The New EconomyLesson Two:Be where the customer is4 FIS worldpay,The Global Payments Report 2021,https:/ O-city by BPC,Smart City Survey 2021:Smart cities and how they bridge real life to digital for their citizens,Sept 2020,https:/www.o- alluded to in Lesson One,the Covid pandemic provides an extreme example of the importance of needing to be where your customer is.As lockdowns and strict stay-at-home notices got underway in early 2020,offline retail and F&B outlets suddenly saw customer revenues drop to zero.That did not,however,mean that demand had also dropped to zero.It just meant that physical outlets no longer had a way to serve their customers.To survive,outlets had to move from offline channels to online channels to stay in touch with their customers.It also meant that their payment providers had to offer them the means to accept online digital payments.One flavor of be where the customer is is being able to instantly offer your commercial customers a range of online payment options.Another example of the importance of being in the same channel as your customer is also highlighted by the pandemic.As people found themselves separated from friends,they sought ways to fill their time and ease the burdens of isolation through social media.While social commerce was already influential before the pandemic,with Covid,brands had new opportunities to build more momentum through product discovery via friends feeds.4 As social commerce becomes more popular,brands will value payment partners that enable social in-channel payments.Such embedded payments are not only limited to social media and software applications such as accounting tools.As smart city projects get underway,embedded payments will also increasingly be applied to hardware.According to o-city by BPCs Smart City Survey 2021,smart cities are defined ascity-wide projects leveraging a combination of technologies such as internet of things(IoT)sensors,low cost networking,and data analytics,to enable smarter city or local government management through automation and the optimization of policy or resource allocation.5 In a nutshell,it is an attempt to leverage technologies and tools to optimize city functions,drive economic growth,and improve the quality of life of citizens.19 Figure3 Note:Non-IoT includes all mobile phones,tablets,PCs,laptops,and fixed line phones.IoT includes all consumer and B2B devices connected Source(s):IoT Analytics Cellular IoT&LPWA Connectivity Market Tracker 2010-25 0.81.11.62.12.83.64.66.181011.713.816.419.824.430.988.79.19.59.79.79.89.99.9109.91010.110.210.210.38.89.710.711.612.513.314.41617.92021.723.926.529.934.641.22010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020E 2021F 2022F 2023F 2024F 2025FTotalnumberofdeviceconnections(incl.NonIoT)20.0Bnin2019expectedtogrow13%to41.2Bnin2025NumberofglobalactionsConnections(installedbase)inBnIoTNonIoTXx%=CAGR10ta as of Nov 2020 11Five Critical Payment Lessons for The New EconomyThe emergence of smart cities and the proliferation of IoT sensors that underpin them is also transforming the digital payment environment into an expanded version of IoT known as the Internet of Payments(IoP)the enablement of payments over IoT devices.An IoT payment platform can help consumers pay for a range of goods and services through connected devices beyond just phones or tablets.Consumers can use their cars,kitchen and living room appliances and watches to pay for goods.Prominent examples include Visas IoT payment solutions with sport watch manufacturer Fitbit and GPS company Garmin.6 Hondas Dream Drive that enables drivers to pay for goods and services like fuel,movie tickets and parking,make restaurant reservations,and food ordering for pickup or delivery;and Samsungs Family Hub Smart Fridge that allows users to shop and pay for on-demand grocery deliveries using the Instacart App,as well as order takeout through services like GrubHub.7According to Jordan McKee at Forbes,longer-term,the latent and more lucrative IoP revenue opportunity will be found in harnessing the explosion of new data that can provide deeper and more granular insights into customer behavior.The opportunities for new data streams generated by IoT devices and sensors are endless and will serve to bolster decision-making accuracy in areas ranging from fraud prevention to know your customer(KYC)requirements,to lending to targeted offers and recommendations.8Case studiesGoTo FinancialGoTo Financial,part of the GoTo Group,shares some practical examples from its payment gateway solution,Midtrans,that encapsulate the importance of being where your customer is.Pratyush Prasanna,SVP Merchant Payments at GoTo Financial says,there was a visible shift from offline to online merchants during the pandemic.Offline merchants 6 Avin Arumugam,Paying with wearables:The next big thing in IoT,https:/all- Honda,Honda Dream Drive to Deliver Next-Generation Infotainment,Commerce,Services and Rewards to Drivers and Passengers,Jan 2019,https:/global.honda/newsroom/worldnews/2019/C190108Honda-Dream-Drive.html;Harry Menear,How IoT is digitally transforming payments,Jun 2020,https:/ Jordan McKee,The Internet of Payments Has Arrived,Oct 2019,https:/ a quick way to accept payments online.Mr.Prasanna says,We helped by providing merchants with an easy invoicing tool as a feature in Midtrans for its merchants,which we call Payment Link.The link sends customers to a payment page that the company hosts on behalf of their merchant clients with no website.Mr.Prasanna highlights the importance of the need to focus on the user experience and being agile.He says,we did almost weekly iterations in order to reduce the friction for our merchants.He says,initially,we started off by asking the merchant to input a multitude of variables to create the link.That included things like the amount,items sold,the customers phone number and email,and the payment method supported.Mr.Prasanna says that because merchants were vocal about the number of inputs required to create a payment link,we reduced a lot of the parameters,requiring just the amount to be inputted,while making the other details optional.That,Mr.Prasanna says,reduced the time to create a Payment Link from three minutes to less than 30 seconds,which is very important when you are trying to sell during lunchtime.Another important iteration Midtrans made was enabling merchants to send the link to the customers WhatsApp instead of their email account.The emails had been getting lost in spam folders and merchants were calling up to share feedback on dropped transactions.To solve these pain points,Midtrans is customizing Payment Link so links can be easily copied and shared on Whatsapp or other messenger apps,social media direct messages,and other channels where merchants frequently communicate with customers.Mr.Prasanna says that understanding the personalized experience of the customer was important.Merchants do not use email that often,but both merchants and consumers use WhatsApp,he 12Five Critical Payment Lessons for The New Economysays.GoTo Financial also went from issuing the link from Midtrans,to customizing the link to appear as if it was sent directly from the merchant themselves.Mr.Prasanna says,if a customer is ordering Nasi Goreng from a merchant,the link will come from,and will include a picture of Nasi Goreng on the checkout page to provide a more holistic customer experience.It also helps to cut down fraud as the link does not take you to another page asking you to make a payment.The customer knows it is directly tied to their purchase.Another iteration that GoTo Financial made through Midtrans was enabling recurring payments.The company realized that a lot of their customers wanted to collect regular payments for things like milk delivery,groceries,or insurance payments.They added in a function for merchants to specify whether or not it was a recurring payment.Therefore,instead of the merchant having to create the same Payment Link each time,they only have to create the link once and outline the frequency with which to send it to the customer.Mr.Prasanna says that it was the focus on UX and staying relevant that was the reason the service took off and ended up doing so well.He has been surprised by the number of use cases.Insurance companies are now using it for their annual bill payments,health merchants are using it for recurring payments for things like vitamins supplies,and even bigger department stores are using it for cashiers to send to customers at checkout to avoid having to handle cash or cards.The product also powers Selly,another GoTo Financial product for creating invoices that helps social sellers to grow their online businesses.TimoMr.Nguyen from Timo also provides a good be where your customer is case study and how that also feeds into being customer centric.He says,our retail partnerships are truly important.We are setting up partnerships with 7-Eleven here in Vietnam.Over the next ten years,they will have thousands and thousands of locations.We are also setting up retail partnerships with a lot of the larger grocery stores.Mr.Nguyen explains the rationale,I know you go to the grocery store probably at least once,twice,three times a month.There is an in-store transaction point there for whatever you need be it a new card replacement,or cash in and cash out etc.He says,branches are the way of the dinosaur.Here you have a great app where you can get 90%of your work done and have some physical accessibility.Or,as I like to put it,if something goes wrong you need to make sure you can put hands on somebody.So being fully digital does not work either.Mr.Nguyen elaborates saying:convenience stores are perfect partners because they are ubiquitous,they are convenient we are always looking at customer convenience,and if you need to take care of basic services such as cash in cash out,or maybe a bill payment,knowing that there is a 7-Eleven closer to you than your branch makes your life that much easier.Mr.Nguyen says,this partnership with 7-Eleven is us shaking hands with them and saying you have some economic interest in this but more importantly,we are both going to be able to benefit from this because if a customer needs to run to a Timo ATM or CDM machine they can at the same time pick up a coffee from you.Mr.Nguyen says,there is a nice synergy to that and then it goes back to a good fit in terms of partnership.13Five Critical Payment Lessons for The New EconomyLesson Three:Those that adapt survive and thriveIn a rapidly evolving landscape of changing customer expectations,increasing competition from new players,and new technology,the importance of being agile and being able to adapt and respond quickly to change has never been more paramount.To do so effectively requires a shift from centralized,siloed,monolithic IT architectures to cloud-native/hybrid cloud,microservices-based,distributed IT architectures enabled by robust APIs.Having such infrastructure in place is the key enabler that allows players to effectively belong to larger ecosystems,either by providing a composite element in the end-to-end value chain of the customer journey and/or by consuming the services of others.In short,it allows organizations to plug and play,as providers or consumers ofas-a-service.This shift from standalone entities to the distributed ecosystem model of collaborative partnerships underpinned by change-agile architecture is innovation at work:adding real value to the marketplace.In payment terms,this enables digital banks,incumbents,fintechs and PSPs to outsource in whole or in part their payment stack to Payment-as-a-Service(PaaS)players.These operate cloud-based platforms providing specialized services,such as card issuing,payments clearing,cross-border payments,disbursements,and e-commerce gateways.The FIs can then offer these services to their end customers or embed them in other value chains in third-party ecosystems,without the worry of staying compliant,technology upgrades and resilience against fraudulent attacks.Outsourcing the payment stack provides flexibility,adaptability,agility,and a number of other benefits.It allows players to rapidly expand service breadth,expediting time to market and to modernize their payments product portfolio without incurring high upfront investment.FIs can mix and match to create a broad suite of payments services suited for their customers while also building additional services around them.Players can then continuously update and upgrade products without disproportionate maintenance investment and swap out services and incorporate new payment models more readily ensuring that their solutions always remainbest-of-breedand at the cutting-edge of the technology frontier.It also enables scalability.As margins on payments continue to be suppressed having that scalability and/or ability to build value-added services will become increasingly critical to sustain a players economic viability.Case studiesVisaNat Scheer,Head of Real-time Payments,Asia-Pacific at Visa explains the journey the company went on to adapt to a changing world and maintain their relevance with their clients.The problem definition for Visa,as Mr.Scheer explains it,was how to respond to an industry that was changing so rapidly,where new players are coming into the market and legacy players are trying to modernize themselves?Mr.Scheer says,it was how do we adapt with our clients and how do we survive and maintain our relevance amongst these new players?Mr.Scheer explains,because the profile of our legacy clients tended to be large FIs,Visas traditional model was based on hard connections to partners delivering services that were tightly bound together.However,Mr.Scheer says,as the ecosystem was changing,where the legacy players were evolving and new players were coming in,those hard connections that were designed for big banks and the systems and IT infrastructure that they used,were increasingly challenging our ability to deliver new services to adapt and innovate.The solution was to build an API integration layer.Mr.Scheer says,we created a platform which we call the Visa Developer Platform(VDP),which,in architectural terms,sits over the top of the legacy systems.Visa then moved services that were 14Five Critical Payment Lessons for The New Economypreviously delivered through the legacy infrastructure to the VDP and exposed them via APIs.Mr.Scheer says,the advantages are both in the way clients can now connect into our systems,as well as benefit from the unbundling aspect,where rather than having one service that comes through on all hardcoded messages,we now have many microservices that you can consume individually and/or bundle to deploy new propositions.One of the first services that Visa moved on to the VDP was Visa Direct.Visa Direct is a service run on Visas backbone network,VisaNet,that historically solely provided pull payments such as traditional consumer to business payments.About ten years ago,Visa realized that they could also support other types of transactions by reusing the same infrastructure,namely by enabling push payments such as consumer-to-consumer transactions or merchant refunds to consumers.However,because access to VisaNet was still through the traditional channels and the traditional processing capabilities that Visas banks,financial partners and merchants were using for consumer to business payments,Mr.Scheer says,we realized that that was very restrictive.Firstly,the systems and processes were set up and optimized for consumer to business payments and did not have the flexibility to support this new business case.Secondly,the channel that a FI would use to expose a push payment is typically not a card or physical card-based channel.It was more likely a digital channel,like a mobile banking application,with the purpose of providing a digital user experience.Visa also realized that there were a lot of new players that were getting involved in the payments space,not for consumer to business,but for things like P2P payments,or ride sharing apps wanting to do disbursements,or players with a specific proposition around refunds,such as tax refunds.All these new players were often digital-first,or a digital spin-off of a legacy business.These players do not want to have their own data center,nor do they want to have to maintain physical hardware,or to consume services in a monolithic way.They want an API platform to plug into and to pick and choose the services that they want to use.For these reasons Visa Direct was one of the first products moved on to the VDP whose services were exposed through the APIs.It has been a big success,according to Mr.Scheer.Both PayPal and MoneyGram are using Visa Direct for real-time money transfers,attracted by Visas single connection for fast domestic and cross-border digital transfers.PayPal is using the service to extend global white label Visa Direct payout services through PayPal and its Braintree,Hyperwallet and iZettle product solutions.This expansion follows the successful launch of the Instant Transfer service across North America and other markets in Asia Pacific and Europe.MoneyGram,a specialist in remittances,was one of the first organizations in the industry to enable real-time cross-border transfers from the United States using Visa Direct.In 2021 they expanded their relationship with Visa.MoneyGram customers can now use the Companys website or mobile app to send money in near real-time across 575 corridors from 25 countries in Europe through a single connection to Visa.Indeed,Mr.Scheer says,we are moving more and more big names in the remittance space to using our proposition because it is simply cheaper,faster and better than the traditional correspondent networks and the bilateral relationships which underpin most of them.The other way that Visa has responded to the evolving market is by introducing their RTX platform.As Mr.Scheer explains,VDP allows partners to better consume services,but those services are still Visa services sitting in a Visa data center.They are merely exposed in a new,fully digital and agile way.But Mr.Scheer says,we realized that not all of our partners are going to be Visa clients in the traditional sense,like a bank,and as the world becomes increasingly diversified,we recognized that we need to learn how to play nice with other networks.15Five Critical Payment Lessons for The New EconomyAs a B2B company,Visa orchestrates a hugely wide set of transactions and propositions that rely on partners.According to Mr.Scheer,with things like NPP in Australia,and Faster Payments in the UK,and the increasing number of alternative networks such as blockchain,we recognize that transactions are going to transit through a number of networks in a single journey.Mr.Scheer asks,in this new distributed world,how do we continue to be able to provide value and value-added services?We realized that one of the constraints was having those services reside on Visas own infrastructure.Because Visa is so secure,it makes it difficult for third parties to reach into our network and consume services,especially if they do not fit the traditional profile of a regulated financial institution.That is why we created the RTX platform,says Mr.Scheer.RTX is a way to expose services to third-party network transactions that do not route through VisaNet.Mr.Scheer explains that not only does it provide Visa with the delivery flexibility to third parties,it also helps them to comply with requirements like data residency,where they have to process a transaction,that for legal reasons,cannot leave a jurisdiction.RTX allows Visa to ringfence,and also to deploy services in a new way-for example by hosting in the cloud-to new partners.New Payments Platform Australia(NPPA)PayTo,the NPPAs proposition,is another example of a service that was purposefully built to be flexible,agile and adaptable.As an example,Ms.Stuart explains that when they started working on PayTo,Australias Consumer Data Right(CDR)had not yet materialized.Data sharing or read access had been introduced in the marketplace and it had been indicated that write access or payment initiation would probably come at a later stage.Ms.Stuart says,so,knowing that this was likely to be a future development in the marketplace,we intentionally looked at the capability design to ensure that this would be a broad scalable solution that could be used for write access in the future.Then,if the market did go in that direction,our solution could be a way for banks to meet their obligations under CDR.Ms.Stuart says,we purposefully tried to design the proposition in a way that was as broad and as flexible as possible.We were trying to make sure that rather than developing it for any particular use-case and then two years later having to come back and make changes because we wanted to expand it,that from the start we made it as broad and as extendable as possible,to have that capability underpin a whole different range of use-cases,some of which we havent even thought of yet.16Five Critical Payment Lessons for The New EconomyLesson Four:Security is still everything9 Juan Carlos Crisanto and Jermy Prenio,BIS Financial Stability Institute,FSI Briefs No7:Financial crime in times of Covid-19 AML and cyber resilience measures,May 2020,https:/www.bis.org/fsi/fsibriefs7.pdf10 Sift,Q1 2021 Trust&Safety Index:Exposing the Multi-billion Dollar Fraud Economy,https:/ PwC,Payments 2025&beyond:Navigating the payments matrix-Charting a course amid evolution and revolution,https:/ fundamental bedrock of any successful payment system is trust.Trust goes to the heart of why people still bank with incumbents they are seen as safe and secure.However,putting customer experience at the heart and center potentially suggests a dilemma for payment providers.The more secure you are,the more friction you introduce to the customer journey,the more friction-free your customer journey,the less secure you are seen to be.There is a degree of truth to this predicament,and it is a precarious balancing act for payment providers.Indeed,a recent Bank for International Settlements report talks of the expected trade-offs between cybersecurity measures and customer convenience.9 Finding this balance will undoubtedly get harder with the proliferation of IoT devices and embedded payments.If the Covid pandemic accelerated the move to digital payments and ecommerce,it also accelerated an increase in cybercrime as criminals followed the money online.The average value of attempted fraudulent purchases increased 69%year-over-year in 2020,and it has been estimated that more than US$1 trillion was lost globally to cybercrime last year.10 No wonder that a recent PwC survey found that security,compliance,and data-privacy risks and related issues were the top concern for banks,fintechs and asset managers in implementing a fully integrated technology strategy.11 Data and tools can help.Start with eKYC processes which have become popular with new digital-first players.Artificial Intelligence(AI)and Machine Learning(ML)can check the authenticity of an identification document,while biometrics and liveness detection can quickly authenticate a person and authorize subsequent access.While digital solutions open up new channels to send and receive money,they also increase the risk of money laundering,terrorist financing,and sanctions evasion.Having robust data collection and transaction monitoring tools can help minimize the risk.Other tools include identity and access management;data encryption;machine learning enabled data security;and threat detection services to analyze incidents and provide analysis.Together these online tools build a much more supervised and robust financial landscape that cuts out the obscurity of cash,checks and traditional cash remittance.Another consequence of digital transformation is the amount of data that is produced.That exposes institutions to risks regarding data privacy.Regulators have taken note and are tightening their oversight.The same PwC survey found that data privacy and cybersecurity were,as one category,the top concern 17Five Critical Payment Lessons for The New Economy(48%)in terms of the impact of regulatory changes over the next five years.12 Payment providers will need the flexibility and adaptability to respond quickly to changing legislation around data privacy and cybersecurity while also bearing in mind that APAC has some of the strictest data sovereignty/data residency laws in the world.Visa s RTX platform and the capability to ringfence transactions and ensure data remains in individual jurisdictions when required,is a case in point of the agility payment players are going to need if they want to be successful in the region,and indeed anywhere.With the rising importance of ecosystems,the collaboration between incumbents and fintechs,and the move towards open banking,attack vectors will likely increase.The system is as strong as the weakest link and as such,it is incumbent on everyone in the ecosystem to work together to ensure it remains safe and secure.Case studiesTNG DigitalMr.Ni at TNG Digital provides a useful case study highlighting the role that technology can play in providing the necessary level of security and safety.He says,security is probably the first and biggest concern when it comes to money.People need to feel comfortable transferring funds to your wallet and using it to spend their money.It helps that TNGDs two biggest shareholders are CIMB,one of the biggest banks in Malaysia,and Ant Financial.According to Mr.Ni,Ant Financial particularly has a lot of advanced risk technology that TNGD is leveraging.In fact,TNGD is so confident about its risk and fraud engine,that Mr.Ni says,we are proud to say that we are the first country outside of China to launch a Money Back Guarantee MBG service for our users.Effectively,if a users account is hacked and they lose their money TNGD will refund them in full.TNGD has also launched a product with AIA,another of its shareholders,called Wallet Safe.For one ringgit a month(equivalent to US$0.24)customers can 12 ibidinsure their wallet and everything linked to it such as a debit and credit card,bank account and investment account.Any unauthorized transaction going through the wallet will be reimbursed.Mr.Ni explains how it works,lets say someone hacks into the wallet and is able to pull money from your credit card,basically a cash out.We will cover you.Most people do not put too much money in their wallet,losses mostly occur because the wallet is linked to a bank account,or a credit or debit card.Mr.Ni says,we launched this Wallet Safe insurance to cover that as well.The reason TNGD charges one ringgit is not to make any money out of it but to visibly remind people that their wallet is safe.To build that trust.People will remember that they bought that one ringgit insurance.Mr.Ni says,if people do not trust you or feel safe enough it is basically game over.That is why security is one of the top things that TNGD focuses on.The general idea is to monitor peoples behavior to understand what is within the normal range and what is not.Mr.Ni says,TNGDs risk engine monitors users behavior to detect any abnormality and will activate different levels of Risk Challenges depending on the seriousness of the abnormality.In these cases,Mr.Ni explains,they are not going to just deny you service upfront.They are going to throw out challenges.He says:for the low-level risks we are probably going to request your passcode.But if the risk level is middle or high,we are going to come in with a biometrics challenge.Because the majority of TNGDs customers are eKYC customers the company has a record of their customers facial biometrics.Mr.Ni says,we will ask you to facial ID yourself and reject the transaction if you refuse.It is because of this risk engine and all the risk tools TNGD use behind the scenes that TNGD feel so comfortable providing that guarantee that they will reimburse their customers if they lose money to fraud.18Five Critical Payment Lessons for The New EconomyLesson Five:Data is the new money13 ibid14 Harry Menear,How IoT is digitally transforming payments,Jun 2020,https:/ payments in a race to zero in terms of margins on pure transaction processing,the real value for payment providers comes from the data generated from those transactions.Indeed,payments generate roughly 90 percent of banks useful customer data information about who is buying what,how much and when.This is creating new revenue streams for payments businesses that can monetize that data.13 With the focus now wholly centered on creating a relevant customer experience,payment providers that leverage data to provide hyper-personalized value-added services will be the winners in this race.So much the better if these are contextualized,real-time services based on the latest available in-moment behaviors of their customers.The rate at which such data is being created is exponentially increasing.It is estimated that 90%of all the data in the world was created in the last two years.Today,3.5 billion people own and use a smartphone which collects massive amounts of data from a single endpoint.14 The proliferation of IoT devices,sensory endpoints that collect information,is only going to expand the amount of data available.So too will open banking,as third-party providers are consented access to consumer banking,transaction,and other financial data.Those organizations with the ability to use this data to best effect will secure competitive advantage.The major challenge for payment providers,however,will be how to handle such large volumes of data and draw useful insights from it.Data analytics tools and AI will become the most important technologies in the payments sector.A big struggle,especially for incumbents,will be how to break down data silos.It is no good having analytical tools and AI if the data that feeds them is dirty or unavailable.Another issue for payment providers,especially in APAC which is such a fragmented region when it comes to the regulatory landscape,are the inconsistent rules around data protection and privacy.A vital step towards unlocking datas value will be to establish greater regional consistency on data protection and privacy laws around what standards should apply,who should control data,and how the rules are enforced.In the absence of legislators taking the lead,the industry could take important steps on agreeing standards for collaboration.Case studiesTNG DigitalAlan Ni at TNG Digital once again provides a rich case study on the value of data for payment providers.He starts by comparing the business models of fintech payment companies,such as TNGDs,with the likes of YouTubes,Facebooks,and Googles.In his mind they are very similar.He says,we are all using and monetizing data,it is just that the data they(YouTube,Facebook and Google)capture is very different.Payment companies,he says,are capturing data on what kind of payments you are making,what you are buying,how frequently you make a purchase etc.Mr.Ni says the type of data you capture will determine how you monetize it.For payment companies,he says,people are not going to spend hours on your payment app,so if you want to monetize the data,it is going to be very difficult to rely on advertising revenues because you do not hold peoples attention for long enough.However,Mr.Ni says:there is something we have that nobody else has:I know what transactions you are making;I know the things that you are buying;I know how wealthy you are;and I know where you live and where you spend.Even Facebook and Google do not have that kind of data.Mr.Ni says,so for us,providing additional digital financial services is actually a very logical next step.Insurance,wealth management,banking services,lending,etc.19Five Critical Payment Lessons for The New EconomyAccording to Mr.Ni it is common for payment businesses to lose money on their core transaction processing business.They see payments more as an engagement tool for acquiring data,which can then be monetized by providing digital financial value-added services.Mr.Ni says,so if you see the business model of payment providers,it is actually very similar to social media content providers:capture data,understand the customer,offer them different services.Mr.Ni says,so in the end,if you look at any digital business,if they cannot capture the necessary or relevant data,if they do not have the data science behind it to really analyze the data,to make sense of it and monetize it,their entire business model is not going to work.Mr.Ni highlights the journey TNGD has been on to monetize their data.TNGD,he says,is currently in a transition period,going from payments alone into financial services.One of the first products the company launched is a product called GO which is similar to YuE Bao,a money market fund by Alipay.Mr.Ni explains,the difference between a product like YuE Bao or GO and a standard money market fund is that these do not feel like investment products.He explains:the way it works is that you have full fungibility between the wealth management fund and your wallet balance.As soon as you put your money into the money market fund,you immediately benefit from a much higher return compared to your bank saving or current account,where the interest is close to zero.Mr.Ni elaborates,if Alipay or TNGD eWallet can provide this sort of facility where you can enjoy a return of 2%to 3%while also receiving all the benefits of a bank account,where you can make instant payments,transfer money in real time,withdraw money from an ATM machine with a Visa card,have exactly the same user experience as with a normal expense account but with the only difference being that it also gives you a much higher return wouldnt you want that?According to Mr.Ni,many Malaysians have proven to want just that.Within two months of launching GO ,TNGD had one million users,equivalent to 5%of the total penetrable market.What role did the underlying data play?Everything,according to Mr.Ni.TNGD has a propensity model to understand the customers past behavior in terms of their average eWallet balance,what they tend to buy,their monthly spend etc.He says,the amount of money customers historically put in their eWallet is a very important indicator for TNGD in determining which customer is more likely to take up this type of product.He says that their marketing is therefore very targeted,and it makes an enormous difference.The people with the highest propensity scores are far more likely to take up this product,he says.Adding,these customers are also going to put in thousands or tens of thousands of ringgit rather than a few hundred because you can see that these people have disposable income to spend.According to Mr.Ni,for financial services,the most important thing is segmentation.You cannot treat people the same.He adds,the people who make 100,000 ringgit a month versus 10,000 or 3,000 ringgit require very different products.So,for us to sell the right product to the right people,the starting point is data and segmentation.Mr.Ni ties this all together with another example.The Malaysian government has an insurance program known asTenang insurance,for theB40segment of the population that is the segment of the population in the bottom 40%of the income bracket.The insurance premium is subsidized for the customer and can be claimed from the government.TNGD have therefore launched it as a product.As Mr.Ni explains,with products like Go you are looking at relatively wealthy people,because they have more money to put in their expense account and are more likely to be receptive to these types of products.If you only have 100 or 50 dollars you probably do not care about 2%versus 0%interest.It does not make any difference.So,you can see GO 20Five Critical Payment Lessons for The New Economyand Tenang insurance are targeting very different customer segments at the different ends of the spectrum of our customer base.For the Tenang insurance product,TNGD are also looking at the data to ascertain who they can potentially pitch this product to.Mr.Ni says,the problem for insurance companies is that they do not have the data that we do so they struggle to sell this type of insurance to the right people.Mr.Ni says,after the first month of launching this product we saw that we had the lions share of the total market.He finds it interesting that a single payment company such as TNGD can get more volume than all the big-name insurance companies.He says,they have a much bigger marketing budget than we do.But the problem is they do not have the customer data that we have.Instead,according to Mr.Ni,they just cast a wide net by purchasing Google ad space,hoping that whoever types in a search will go to their website and purchase.Mr.Ni says,this approach does not work.If you Google Tenang insurance you see that many companies are trying to push this product on their website,but we are the ones with the lions share of the market even though we do not do any advertisement on Google.TimoMr.Nguyen of Timo also speaks to the importance of using data to offer more personalized financial services and why incumbents might struggle.He says,the longer a customer has been banking with us,the more data we can collect on them building a fuller picture and understanding of who they are and where they are on their personal financial journey.Mr.Nguyen says traditional banks all know about the opportunities of big data,analytics,machine learning,etc.Their problem,he says,is actually not about access or sources of data.They have so much data,but they cannot even get it into formats on which they could do even some basic analyses.Mr.Nguyen says,we are designing a system up front where we said right from the start that we have got to make sure that we are capturing data in a thoughtful and smart way so that we can provide internal basic credit scoring,we can do more predictive things in terms of being able to say,hey,this person seems to be on their second or third job and their pay scale is going up,it is time to offer them a vehicle loan,or a home loan,etc.Mr.Nguyen thinks that the reciprocal happens in America.There,he says,people have to have one life event or something that nudges them to go to the bank.Mr.Nguyen elaborates with an example,he says:the other day my nephew was a little annoyed because he got rejected on a loan and he did not understand why.Now he has a negative impression of his home bank.Whereas the opposite should be happening.It should be,hey we see that you have done all these great things,your wonderful credit history means if you need a loan,we are ready to give you one.An invitation to the customer instead of the customer having to plea.This goes back to customer-centricity.21Five Critical Payment Lessons for The New EconomyConclusionThe financial industry is undergoing rapid digital transformation underpinned by fierce competition from new players entering the market,changing customer expectations,evolving regulatory oversight,the enablement of technology and the Covid pandemic.The payments sector,a big part of this industry is undergoing its own constant change.As digital payments increasingly become the de facto method of transaction,to be successful in this new digital era,incumbents,digital banks,fintechs,and PSPs will have to distill the lessons that we have outlined in the report:namely,focus on the customer,be where the customer is,be agile,be secure,and effectively monetize consumer data to provide hyper-personalized financial value-added services.However,it would be wrong to see these lessons as standalone and mutually exclusive.One of the key findings from speaking to successful players within the ecosystem was not only how relevant each of these lessons are but how interconnected they all are as well.If the overarching narrative is on getting the customer experience right,one can start to see how the other lessons are connected.Players need to respond quickly to iterate on improving the customer experience and to be able to meet the customer where they want to transact,being where the customer experience needs to go.That requires agility and working with partners in the ecosystem.To do that companies need to have the right infrastructure in place which includes having robust APIs.That will also help to acquire more granular data points on customers that will enable companies to better segment and know their customers.That then allows institutions,fintechs etc.to offer customers more relevant,tailored,hyper-personalized services.Last but not least:trust.Trust is everything,so if you are not safe and secure,customers will not want to even begin that customer journey with you.Here again,robust APIs and the right analytical tools can help keep you and your customers safe.To be successful in this new era not only requires payment providers to distill the lessons that we have outlined in the report,but it also requires them to think carefully about the synergies between the lessons and how they all come together to deliver the end-to-end customer journey.That should be the key focus for any payment provider today as we head into a digital future.22Five Critical Payment Lessons for The New EKapronasia is a leading provider of market research covering fintech,banking,payments,and capital markets.From our offices and representation in Shanghai,Hong Kong,Taipei,Seoul,and Singapore,we provide clients across the region the insight they need to understand and take advantage of their highest-value opportunities in Asia and help them to achieve and sustain a competitive advantage in the market.Please visit https:/ 2022 Kapronasia Singapore Pte.Ltd.All rights reserved.Founded in 1996,BPC has transformed over the years to deliver innovative and best in class proven solutions which fit with todays consumer lifestyle when banking,shopping or moving in both urban and rural areas,bridging real life and the digital world.With 350 customers across 100 countries globally,BPC collaborates with all ecosystem players ranging from tier one banks to neobanks,Payment Service Providers(PSPs)to large processors,ecommerce giants to start-up merchants,and government bodies to local hail riding companies.BPCs SmartVista suite comprises cutting-edge banking,commerce and mobility solutions including digital banking,ATM&switching,payments processing,card and fraud management,financial inclusion,merchant portals,transport and smart cities solutions.https:/, U N I TE D NATIO NS C O NF EREN CE ON T RADE AN D DEVELOP MEN TENTREPRENEURSHIP POLICY REVIEW UGANDAi 2023,United Nations Conference on Trade and Development The findings,interpretations and conclusions expressed herein are those of the authors and do not necessarily reflect the views of the United Nations or its officials or Member States.The designations employed and the presentation of material on any map in this work do not imply the expression of any opinion whatsoever on the part of the United Nations concerning the legal status of any country,territory,city or area or of its authorities,or concerning the delimitation of its frontiers or boundaries.This publication has not been formally edited.UNCTAD/TCS/DIAE/INF/2023/1 CONTENTS ii CONTENTS INTRODUCTION.1 1 Situation analysis.2 2 Approach of developing the Entrepreneurship and MSMEs Strategy.3 3 Vision,Mission and Strategic objectives.4 3.1 Enhancing the performance and survival rate of businesses.5 3.2 Increasing the number of start-ups.5 3.3 Increasing MSMEs formalization.6 4 Implementation Matrix with Priority Actions and Indicators.7 4.1 Promoting start-up and MSME access to technology.7 4.2 Improving the quality of BDS.8 4.3 Improving access to market information.8 4.4 Raising awareness on new market opportunities.9 4.5 Digitalizing entrepreneurial education and making it more concrete.9 4.6 Removing barriers to formalization of start-ups and MSMEs.10 4.7 Strengthening coordination and improve communication of institutions responsible for MSMEs development.10 5 Monitoring and Evaluation.11 6 Conclusion.12 LIST OF ACRONYMS iii LIST OF ACRONYMS BDS Business Development Services DRMS Domestic Revenue Mobilization Strategy EPF Entrepreneurship Policy Framework GDP Gross Domestic Product ICT Information and Communication Technology IMCORE Informality Management Interventions for Compliance and Revenue Mobilization MESTS Ministry of Education and Sports MSTI Ministry of Science,Technology and Innovation MSMES Micro,Small&Medium Enterprises MOFPED Ministry of Finance,Planning and Economic Development MoSTI Ministry of Science,Technology and Innovation MTIC Ministry of Trade,Industry and Cooperatives NCDC National Curriculum Development Centre NDP National Development Plan NGOs Non-governmental Organisations PSFU Private Sector Foundation of Uganda SACCO Savings and Credit Cooperative TCFCT Training and Common Facilities Centre UBTEB Uganda Business and Technical Examinations Board UDB Uganda Development Bank UEPB Uganda Export Promotion Board TVET Technical and Vocational Education Training UBOS Uganda Bureau of Statistics UIA Uganda Investment Authority UNBS Uganda National Bureau of Standards UNCCI Uganda National Chamber of Commerce and Industry UNCTAD United Nations Conference on Trade and Development USSIA Uganda Small Scale Industries Association URSB Uganda Registration Service Bureau UWEAL Uganda Women Entrepreneurs Association Limited 1 INTRODUCTION INTRODUCTION The Ministry of Trade,Industry and Cooperatives(MTIC)developed the micro,small and medium-sized enterprises(MSMEs)Policy(2015-2025)that was approved by Cabinet in 2015 as well as its Implementation Strategy 2016/17-2020/21 to address bottlenecks to MSMEs development and guide the private sector as an important vehicle for knowledge exchange,technology and innovation development,research and investment transfer,to significantly contribute to sustainable and efficient value addition production.Both documents are in accordance with Ugandas Government Vision 2040 and the National Development Plan II with the themeGrowth,Employment,and Socio-economic Transformation for Prosperity.Furthermore,Uganda designed the National Development Plan III(NDP III 2020/21 2024/25)that offers a strategic focus on private sector development and most importantly,the growth of MSMEs,based on the figures thatthe private sector in Uganda is dominated by about 1.1 million micro,small and medium enterprises(MSMEs)all together employing approximately 2.5 million people.1 The MSMEs Policy has been running for over five years and brought about several achievements in accelerating Ugandas entrepreneurship culture.It now faces a number of challenges including those related to the COVID-19 pandemic which has a negative impact on the economy and MSMEs performance and growth in particular.Lockdowns,the closure of businesses,loss of markets and limited access to credit contributed to a declined performance of the MSMEs in Uganda.Moreover,the current MSMEs Policy and Strategy do not cater for the issues related to migrants and refugee entrepreneurship.Therefore,MTIC deemed important to review and formulate a MSMEs Strategy in line with the NDP III(2021-2025)and integrating the above-mentioned issues.To support MTIC,UNCTAD conducted adiagnostic assessmentfollowed by a jointly organized three-days National Strategy Planning Workshop from 15 to 17 September 2021 with the participation of key stakeholders of the entrepreneurship ecosystem in Uganda.The workshops report is annexed to this National Entrepreneurship and MSMEs Strategy(NES).2 The main objectives of the workshop were to review and update Ugandas MSMEs Policy and integrate the recommendation of the Action Plan for strengthening entrepreneurship in refugee hosting districts through a strengthened inclusiveness of the entrepreneurship ecosystem.The integration of new entrepreneurship elements in the NES is timely and builds on the efforts made by governmental institutions over the past decade.As the diagnostic assessment outlines the main barriers to entrepreneurs in Uganda,this document is concise and focuses on priority interventions.The scope of the priorities is based primarily on the objectives of the existing MSMEs Policy and the National Development Plans as well the comprehensive elements of UNCTADs Entrepreneurship Policy Framework(EPF).A second multistakeholder workshop was organized on 21 June 2022 to comment on the existing draft and finalize the Action Plan of which the main findings have been incorporated in the NES.1 National Development Plan III 2020/21-2024/25,page 107(National Planning Authority)2 The workshop gathered 31 participants,with 13 participants representing governments agencies,10 participants representing the private sector(including financial institutions),6 participants representing U.N.entities and development partners and 2 participants representing academia.CONTENTS 2 Section one briefly recalls the key elements that characterises the environment for entrepreneurs in Uganda and section two sets out the approach followed to ensure that entrepreneurship elements for integration in the NES offer added value to the existing corpus of Ugandas strategies.A description of the main policy objectives and how the priority actions contribute to their potential achievement is described in section 3,followed by section four that depicts the main activities to implement these actions as well as the possible concerned institutions.Section five offers some indicative elements of a monitoring and evaluation approach,and the last section provides a conclusion.1 Situation analysis The overview presented below summarizes the main strengths and weaknesses of the entrepreneurial ecosystem in Uganda against UNCTADs EPF.They are described in further detail in the diagnostic assessment.Policies and strategies Vision 2040 and NDPIII provide the institutional framework for policy formulation aimed to promote entrepreneurship;Uganda has no standalone national entrepreneurship policy,but it does have several policies and strategies accumulated over the years that guide entrepreneurial activity;The inadequacy of a coordination mechanism to ensure harmonization of efforts has created a fragmented support environment and prevented government institutions to strengthen synergies.Regulatory environment Despite implementing several reforms to simplify and reduce the cost of registering a business,Uganda still faces high levels of informality;Existing one-stop shop initiatives have not been able to scale up and be easily accessible by a significant number of entrepreneurs,especially those who are not living in more developed urban areas or without access to internet(Registration,Quality Standards,Taxes,Environment,Investment).Entrepreneurship education Entrepreneurship education has been rolled out at all levels of formal educational system in Uganda;The government has supported a number of entrepreneurship skilling programmes including establishing youth industrial hubs under H.E.the Presidential Initiatives.Technology and innovation exchange There is low Information and Communication Technology(ICT)uptake due to availability,affordability and reliability;There are low levels of digital literacy among entrepreneurs.3 ENTREPRENEURSHIP POLICY REVIEW-UGANDA Access to finance Financial inclusion has increased over the years,but most micro and small enterprises still rely on informal financial services.Non-bank financial institutions have played a key role in providing financial services to low-income earners;Credit to business is mainly provided by the commercial banking sector and the interest rate is very high.Alternative sources of funding such as venture capital are still a relatively new phenomenon;The Government has promoted and supported the establishment and operation of SACCOs including Parish Development SACCOs;Financial literacy is a key constraint for financial inclusion.Awareness and networking Entrepreneurship is highly regarded with several organizations providing knowledge and resources to entrepreneurs and potential entrepreneurs;Two out of three entrepreneurs exchange knowledge informally with other entrepreneurs,and almost half of the entrepreneurs are still not benefiting from their entrepreneurial ecosystem;Although they are many,ecosystem stakeholders seem to be mainly working in isolation.2 Approach of developing the Entrepreneurship and MSMEs Strategy Uganda has a number of well-crafted policies and strategies that describe actions to be taken to promote the development of entrepreneurship and MSMEs.The NES engaged a holistic approach and examined a variety of ways to create and nurture the synergies between the different pillars of UNCTADs EPF,Ugandas MSMEs Policy of 2015 and the National MSMEs Strategic Plan 2016/2017 2020/21.It integrates crucial entrepreneurship elements to the existing documents targeting private sector development and is aligned to NDP III,among others.The approach of the NES is guided by NDP III,the NRM Manifesto and UNCTADs EPF to ensure policy relevance and impact:1.Particular challenges of the country were identified through literature review and analysis conducted in the field of entrepreneurship and private sector development 2.Specific objectives to be achieved(section 3)and 3.The set priority actions(section 4)which are aligned with other national policies 4.The indicators to measure the results and ensure policy learning are detailed undermonitoring and evaluation(section 5).The NES has been developed through a consultative process that was coordinated by UNCTAD and MTIC together with the main stakeholders involved in MSMEs development.CONTENTS 4 3 Vision,Mission and Strategic objectives Vision To create a critical mass of viable,dynamic and competitive MSMEs,significantly contributing to the socio-economic development.Mission To stimulate growth and performance of sustainable MSMEs through enhanced business support service provision,access to finance,technical and business skills,and the creation of a conducive policy,legal and institutional framework.Guiding principles of the strategy implementation Implementation of the NES will be guided by the following principles:Policy coherence at national,regional and international level Promoting research,innovation and standards Public-Private Partnership(PPP)initiatives Promoting MSMEs clustering and business linkages along values chains Promoting intra and inter regional trade to take advantage of the African Free Trade Continental Agreement Promoting socially inclusive and environmentally sustainable growth Strategic Objectives Strategic objectives have been identified through a consultative mechanism.3 They address critical barriers for entrepreneurship promotion and MSMEs development in Uganda and can be implemented by MTIC in collaboration with other key Ministries,Departments and Agencies and actors of Ugandas entrepreneurial ecosystem.Priority interventions focus on a set of specific objectives,which MTIC could pursue to contribute to Vision 2040 and NPD III(NDP III 2020/21 2024/25).3 In collaboration with MTIC,UNCTAD organized a three-day workshop in Kampala in September 2021.The main objective of the workshop was to discuss the findings of the diagnostic report and propose the selection of objectives,priority actions and activities for the Integrated National Entrepreneurship and MSMEs Strategy.Increased MSMEs formalization Increased number of start-ups Increased performance and survival rate of small businesses Improved coordination and communication 5 ENTREPRENEURSHIP POLICY REVIEW-UGANDA Coordination and coherence are essential in order to achieve a positive impact,benefit from the synergies of these policies,and maximize the economic and social growth they can provide.This requires awhole of governmentapproach with strong commitment at top ministerial level and coordination across ministries,in partnership with the private sector and other civil society stakeholders,including academia,Non-Governmental Organisations(NGOs),and community organizations.In an effective entrepreneurial ecosystem,multiple stakeholders contribute to facilitating entrepreneurship.It is a system of mutually beneficial and self-sustaining relationships involving institutions,people and processes that work together with the goal of creating entrepreneurial and innovative ventures.It includes business,policymakers,educational institutions,social networks and other civil society actors.3.1 Enhancing the performance and survival rate of businesses MSMEs can benefit enormously by gaining better access to ICT.Currently,they struggle with an inadequate basic Information and Communication Technologies(ICT)infrastructure and low levels of digital literacy,which directly affect their resilience and prospects of growth.The COVID-19 pandemic exposed even more of such fragilities as many entrepreneurs were not able to operate during lockdown and were severely impacted by other sanitary restrictions.However,recently significant efforts have been made to take advantage of the Fourth Industrial Revolution(4IR).Some of its applications can be extremely useful for addressing MSMEs ICT-related constraints.4 Furthermore,considering the gap in ICT use between urban and rural populations,digitalization related initiatives will unlock a tremendous entrepreneurship potential in rural areas.Digital literacy campaigns and overall ICT training will further support ICT uptake,particularly among vulnerable entrepreneurs such as women,youth and refugees.Indeed,considering the gap in ICT use between the rural and urban population and the high number of refugees in Uganda,a specific focus on rural MSMEs and refugee entrepreneurs would be beneficial.5 Increase in digital literacy and an improved IT infrastructure allows MSMEs to better integrate business information into their operations,increase their competitiveness and gain access to markets.Indeed,a fragmented internet reduces market opportunities for domestic MSMEs to reach worldwide markets,which may instead be confined to local or regional markets.6 Another way to enhance the dissemination of information is to organize national entrepreneurship events,such as award schemes and conferences.This could for instance be achieved by further leveraging the large network of incubators,innovation hubs and Business Development Services(BDS)centers.3.2 Increasing the number of start-ups Entrepreneurs are eager to enter new markets where business opportunities can be found.To raise awareness about market opportunities in the short term,communications of existing initiatives providing information about business ideas should be improved so that the latter also reach the population of potential entrepreneurs and MSMEs.Umbrella associations and apex 4 See the MICT&NGs Uganda 4IR Strategy here:https:/ict.go.ug/publications/5 That would entail a closer collaboration with the MICT&NG whose 4iR strategy plans to increase the deployment of 4IR technology in agriculture sectors.6 UNCTAD,Digital Economy Report 2021.Geneva.https:/unctad.org/system/files/official-document/der2021_en.pdf CONTENTS 6 bodies such as the Private Sector Foundation,Uganda National Chamber of Commerce and Industry,to name a few,can provide support in the promotion of entrepreneurship which will help the number of start-ups increase.In order to be effective,their outreach should go beyond Kampala and reach rural communities as well.In addition,the shift to an entrepreneurial mindset can be fostered by supporting the introduction of ICT in schools and Technical and Vocational Education Training(TVET)programmes.This will facilitate experiential and learning-by-doing methodologies,in line with Ugandas National 4IR Strategy.7 This would help bring about a new generation of digital entrepreneurs.In the long term,sustaining a culture of entrepreneurship requires that entrepreneurship be taught in schools and universities adequately.Although Uganda has seen a strong expansion in the offer of entrepreneurial education over the past two decades,particularly through the formal educational system,its quality has not kept pace.Current training programmes have not been successful due to inadequacies of their curricula which are considered too theoretical and not in touch with the realities of the entrepreneurial activities in Uganda.Experiential learning through interactive teaching methods based on local content is much more effective than theoretical teaching.This is even more effective if combined with online learning tools,which is also easier to train teachers.8 3.3 Increasing MSMEs formalization Uganda has a number of well-functioning digital government portals providing online services to business.In spite of the effort to simplify business procedures,Ugandan MSMEs are mainly found in the informal economy and efforts to promote formalization have not been able to attract formal entrepreneurs in numbers.To a large extent,existing one-stop shop initiatives(e.g.at Uganda Registration Service Bureau(URSB)offices and Uganda Investment Authority/eBiz(UIA/eBiz)have not been able to scale up and be easily accessible by a significant number of entrepreneurs particularly by those who are not living in more developed urban areas or who could not easily access internet to use e-registration.This raises the importance of access to ICT and digital literacy for entrepreneurs.The services of URSB offices offer great potential to boost formalization.Well-equipped and possessing a large outreach through their one-stop shops,they could significantly expand the offer of registration-related services.In addition to the provision of support to the informal sector,providing solutions for entrepreneurs running formal businesses can further help demystifying formalization.The Ministry of Finance Planning and Economic Development(MOFPED)has developed a strategy on Informality Management Interventions for Compliance and Revenue Mobilization(IMCORE)for MSMEs in Uganda in line with the National Strategy for Private Sector Development(NSPSD)and Domestic Revenue Mobilization Strategy(DRMS)2019/20 2023/24.MTIC could facilitate 7 One of the recommendation of the strategy,is toalign the education system to meet the need of 4IRhttps:/ict.go.ug/wp-content/uploads/2020/10/Executive-Summary-Ugandas-National-4IR-Strategy.pdf 8 This is in line with the Continental Education Strategy for Africa 2016-2025.https:/edu-au.org/strategies/185-cesa16-2.Most institutions with expertise on education for entrepreneurs advocate for a shift fromteaching entrepreneurshiptoteaching entrepreneurship competencies.See K.W.Middleton,M.Lackus,M.Lundqvist(2021)Entrepreneurs versus Entrepreneurialin World Encyclopedia of Entrepreneurship,p.177-183.Also information,see Home-EntreCompEdu 7 ENTREPRENEURSHIP POLICY REVIEW-UGANDA the implementation of IMCORE and for instance coordinate the diffusion of UNCTADs e-accounting tool for MSMEs in Ugandas different BDS centers.9 Lastly,an expansion of access for formalization needs to go in tandem with an effective communications strategy.For many entrepreneurs it is not clear what the added value is to formalize their businesses and hence they remain informal.Awareness raising on the benefits formal firms have such as access to formal financial services and formally employed staff and the increased ease to grow their business and to do businesses with other firms,especially larger ones,should be increased.An effective communications strategy can demystify formalization,showing entrepreneurs that the procedure can be easy especially through one-stop shops and beneficial for them.4 Implementation Matrix with Priority Actions and Indicators To improve the performance and resilience of small businesses,the following priority actions are recommended:4.1 Promoting start-up and MSME access to technology Priority actions Activities Institutions Facilitate coordinated dissemination of ICT trainings for start-ups and MSMEs Working in close collaboration with Enterprise Uganda and other appropriate organizations to develop digital literacy and ICT trainings to be offered in BDS centers/incubators/innovation hubs in a coordinated manner.10 MTIC,Enterprise Uganda,BDS centers Organize MSMEs training workshops on digital literacy and overall ICT-training in rural and urban areas.11 Tailor-made workshops for specific vulnerable entrepreneurs such as women,youth and refugees should also be envisaged.12 MTIC,Enterprise Uganda,BDS centers Support technology transfer In collaboration with MoSTI,support the establishment of a Technology Transfer Programme or target sectoral project with technology transfer component 13 MTIC and MoSTI Integrate access to technology for start-up and MSMEs into Work in close collaboration with the relevant institutions advocating for a start-up act in Uganda.It can be used to promote sustainable business models and technologies.Tax deduction schemes can also be established through a Start-up Act.MTIC and MICT&NG 9 The Ministry has requested UNCTAD to provide technical assistance to develop a MSME accounting and reporting framework and a training manual to ensure successful implementation of the project.10 Benefit expectation,ICT learnability,User-confidence,and User-friendliness are reported to be key determinants of ICT adoption among SMEs in Uganda.See:Kyakulumbye,S.,Pather,S. 
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