The president of Siam Commercial bank, Arak Sutivong has a belief that DeFi needs a novel framework, which would suit it in the long term to promote sustainable interactions with conventional finance.
Arak Sutivong’s Insight on DeFi
Arak Sutivong is not only the president of Siam Commercial Bank but also the CEO of SCB 10X. He has recently offered his views on the ways through which massive capital funds located in Southeast Asia have opinionated the future of DeFi, especially concerning the aspect of regulation.
Sutivong’s SCB 10X venture is one of the arms of SCB, which is the oldest bank of Thailand. The company aims to invest in financial services concerned with blockchain that includes digital assets. During the opening speech of the second annual global DeFi virtual summit at SCB 10X, Arak Sutivong emphasized that from the current perspective, DeFi has tried to penetrate the mainstream in several ways and methods.
Following the aspects of its success, Arak highlighted that the domain has observed a tenfold rise in just 6 months. The total value has increased above $ 100 billion, which is stored in the ecosystem of DeFi. Some other metrics incorporate traded volume, users present over the exchange and have further created applications that have gained extensive success.
Issues With DeFi
Though the domain has observed immense growth, Sutivong has stressed that it has some notable issues that are related to this nascent industry. The very first he noted was related to the frauds that are getting hyped in the market. Besides, he highlighted the remarks of regulatory and sustainability compliances. Other than Sutivong, the World Economic Forum has also highlighted the concerns and has certainly offered a toolkit to balance privacy and further stave off frauds and money laundering issues.
