216: Alex Medana – Blockchain, Identity and Financial Inclusion in Asia

216: Alex Medana – Blockchain, Identity and Financial Inclusion in Asia

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Experts predict Asia's travel market will grow 56% to $670 billion by 2024. CEO Tony Fernandes has already set out a Digital Transformation strategy that will evolve AirAsia from being an airline to a digital travel company. It's a bold challenge, but one with the right leadership and vision in place. In my playbook for change, "The Digital Transformation Story" I share case studies of brands who are facing the digital transformation challenge, a challenge that is ultimately about people not digital.

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Podcast highlights:

  • [24:50] Do we own our identity? Who owns "me"? What will the distribution of our identity on the blockchain mean for finance, contracts and our relationship with government?
  • [28:11] Will intermediaries (bank loans, credit cards companies, credit agencies) exist in a world where block chain is the dominant form of wealth distribution?
  • [37:33] Financial inclusion in Asia and how blockchain will affect access to new forms of payment or capital in rural areas

Podcast notes:

  • [00:05] Welcome Alex Medana to Asia Tech Podcast Stories, hosted by Graham D Brown
  • [01:45] Introduction to the subject area - Defining the terms bitcoin, blockchain and Fintech
  • [07:44] How to get more people on blockchain?
  • [11:04] If blockchain is the vision of the distributed truth system, is it a challenge that no one can manipulate it?
  • [16:00] We are going towards both less control and more control
  • [18:36] Alex envisioning the future of blockchain as personal data converging into a distributive ledger which nobody can touch
  • [20:51] Parallels between the French Revolution and the present time in terms of individual control
  • [24:50] Do we own our identity? Who owns "me"? What will the distribution of our identity on the blockchain mean for finance, contracts and our relationship with government?
  • [28:11] Will intermediaries (bank loans, credit cards companies, credit agencies) exist in a world where blockchain is the dominant form of wealth distribution?
  • [35:28] Reasons why blockchain is the future - over the counter trapped liquidity and financial inclusion
  • [37:33] Financial inclusion in Asia and how blockchain will affect access to new forms of payment or capital in rural areas
  • [44:21] Blockchain is not a silver bullet but an enabler to ask fundamental questions like why certain people are not in the ecosystem
  • [45:22] The story of Grameen Bank founded by Nobel Peace Prize winner Muhammad Yunus, who loaned money to village women who were making baskets and achieved repayment rates of 97%
  • [46:15] Financial institutions aren't lending money due to pre-conceived notions about repayment abilities. Can blockchain can change that mentality?
  • [49:23] The story of how mobile payments were invented from the Phillippines 12 years ago
  • [51:20] The best places to have conversations about these issues: Fintect Association board, Digital Economy Task Force UN Efgar and one to one conversations
  • [53:44] Doctors in Quebec disagreeing with their pay rise
  • [55:36] Being successful or not doesn't really matter, Alex wants to be seen as an enabler of change
  • [56:29] Reach out to Alex Medana the global citizen on LinkedIn