Official Welcome from CVA: Ilya Volkov & Emi Lorincz

Transcript

next up on stage you'll have my colleagues uh the hosts of this event uh namly Ilia vov the founder and uh of the web three banking Symposium it was his idea at the very early times and at the start uh he's also member of the board of the crypto Valley Association as well as it's my honor to welcome Emmy Emmy Lauren the president of the board of the cryp to Valley Association to give their welcoming speech the floor is yours put your hands [Applause] together and I will speak to I was

switch to English now uh I really liked how Miguel said that vb3 uh and the VB Symposium so there is a bridge that we build between B stre and the Symposium and really it's elia's brainchild as um as benedek just said earlier for me it's incredibly inspiring to see how just an idea Sparks and then a few months later now a year later after the first uh addition we are here in Lugano co-hosting this event with the city of Lugano so I hope that you connect collaborate and uh just Network make uh make use of this event because it's so exciting to be here and uh to build this um this momentum to build this movement

together IIA maybe just a question what triggered um what triggered this event what what what is the mission of this event why did you create U the Webster Symposium actually it's very simple because I believe that uh web three is the next evolutionary step for the development of financial markets in general including banking so I dedicate myself to the building of up banking at all levels at the level of our business at the level of the industry so look at our bright faces a lot of smart people working for building of web tree and banking so that's why super I'm really I'm really curious to learn more a three your presentation and um here is to a fantastic day here in s Lugano um the city of

innovation Houston we have a problem I need my slides guys could you please help me with the slides yeah anyway so uh the point of my presentation is very simple there's a question is it web3 versus banking or it's web3 banking right so and let me give you a few insights unfortunately I have just six minutes I will try to keep it short so as a quick recap uh as you know so the first uh web banking Symposium happened last year exactly a year ago in Geneva and they were just key uh two key

thoughts there so first web banking industry exists and second there is no need to reinvent the will so if you were as a bank would like to enter the space there are already a lot of available solutions from all sides from compliance side liquidity site custody site and all these kind of things so last year we presented that actually it's something easy uh and actually there is already huge demand for for this industry from from the customer side so but of course industry has evolved and uh uh we have some good progress uh and now I need my slides but okay fine I can I can handle it no no way no SL okay that's that's a Pity uh maybe still one more try

no no okay they're trying to fix it so again uh my answer to the question is it web3 versus banking or web3 banking is very simple it's web three banking I have a few illustrations here so illustration number one Investments so last year at web banking Symposium we had an amazing presentation of s Galler continent bank so bank with hundreds years in history so they said that they decided to enter the Spates because of two reasons so they have two cohorts of customers so wealthy users traditional users and Young and Wild users users so they said that uh their traditional customers wey traditional Swiss customers already invested in in a lot

of traditional assets many years ago they invested in gold right later on they invested in all kind of U uh Commodities and securities they already have Tesla stocks Google stocks Apple stocks all these kind of instruments and now they're demanding crypto so and the point of the bank was very simple if we will not offer to them crypto Investments they will leave so in speaking about a young audience they said like very simple young guys will not come to our bank if we will not offer to them cryptos right so and that's why they decided to enter a space from the payment S I have an illustration um I still need my slides but okay so we're in Lugano if you go to

almost any of retail places like restaurants or shops you will see PS terminals that accepts any kind of payments so you can pay with visa and MasterCard you can pay with uh uh twin which is local uh Swiss payment solution you can pay with the Bitcoin you can pay with stable coin and you can pay with a local uh Lugano token so again it's coexistence it's not like a competition so you can pay with traditional instruments and you can pay with crypto so and uh another illustration uh will be about combination of custodial and non-custodial approach so uh I don't have my slides uh there is a beautiful picture of Master Card connected to

metamask Great illustration of combination of traditional Finance because we all know that payment Network such as MasterCard is like part part of traditional systems connected to the brave non-custodial wallet which is metamask so from all sides industry already work together it's not web 3 versus banking it's web banking so um I also wanted to bring to you your consideration just a few additional uh maybe a bit political things so um many of you are very familiar with watch industry right so Switzerland for Switzerland watch industry was always their important but

in the late back in late 70s and early 80s there is a big there was a big risk uh coming from Asia which was uh quartz technology right so back then uh the entire industry was at risk uh because uh quartz was more efficient it was much cheaper and it could kill the entire industry right but it was a smart move instead of just uh managing some restrictions Custom Custom restrictions some regulations uh some smart Minds uh decided to just adopt the technology so and as we all know like SWAT group nowadays combines a lot of different brands even some traditional luxury

Brands and there is no any contradictions so technology works together classic technology and quartz nowadays we have even more uh more than Technologies so I think something similar is happening with uh crypto blockchain and banking so and in my mind uh crypto is like a Swatch for banking industry uh the right adoption of the technology can help the industry to flourish for many many years ahead and uh I see that many smart Minds uh many banks and other financial institutions already adopting this technology and that's why I believe yeah thank you right on time uh he has the I need a

clicker guys you have one so you have one can you could it just move to yeah here is watch here we go thank you getting there woo [Applause] Bravo okay yeah so uh again uh the technology can help the uh industry to to uh develop faster and develop in a more efficient way so all companies who are promoting thems like unbank yourself already passed away

right we have number of Institutions uh uh traditional institutions number of banks joining the space including some big names uh another important point that banks are not alone here right so there are a lot of fintex there are a lot of CPS VPS emis Financial intermediaries who are working together with banks so on one side they're building their product service on top of banking infrastructure on other side banks are using uh Technologies from uh crypto companies to build their product offering so everything is very much inter connected so uh but back to my uh parallel with Swatch I'd like to leave you with uh one important thought so you see that uh basically the entire

world all jurisdictions are uh trying to find their uh like niche in this market they're trying to Define their approach so uh if we look at the us so we know that financial industry was always important for the US right uh and now we see that with Trump Administration they're trying to uh deregulate and simplify regulation in order to push the developments to to attract more businesses to the country right at the same time we all see what is happening in the European Union so forgive me my European colleagues but I believe you would agree that banking industry and fin financial industry was

not that important in the European Union like in Switzerland right so but European Union already took a decision on the regulation approach and it goes all the way up it's highly complex right so we see a lot of new jurisdictions such as UAE who are not that simple not that complex uh but they're investing a lot in order to get more benefits out of this industry and here is the key question about Switzerland so uh we'd like to be here at this place we know that Banking and Financial industry was always very important for the for for the country right and now I think it's time to to Really uh take right decisions in order to keep

it here or maybe move it to to the right or maybe we can be at risk to be at the bottom left corner right so and I believe again if we consider web three uh crypto blockchain as a kind of swatch for the industry we have a really good chance to stay here or move to the right so guys I will leave you with this thought I believe we will have number of discussions around these kind of things during during the day today so and again welcome to Lugano and welcome to the web three banking Symposium thank you