In a groundbreaking collaboration, Thailand’s SCBX and Korea’s Hashed have united their strengths to propel research and development efforts in the world of decentralized technology. Their ambitious mission is to initially target the regional landscape, ultimately transcending geographical boundaries to leave an indelible mark on the international stage.

Simon Seojoon Kim, the CEO and Managing Partner of Hashed, envisions this partnership as a marriage of a renowned institution’s vast potential and the cutting-edge technological foundation of Web3. He firmly believes that the Web3 ecosystem is on an unstoppable growth trajectory, poised to transform Southeast Asia and make a global impact.

Despite ongoing concerns surrounding cryptocurrency in Asia’s major financial hubs, SCB has proven its mettle by making substantial investments in the sector. In 2022, they allocated a substantial $50 million in blockchain funding through their venture arm, SCBX. In comparison, Kasikornbank raised the stakes by injecting an impressive $100 million into Web3 and AI initiatives.

As part of their collaboration, Hashed will spearhead Web3 technology testing with the assistance of ShardLab, their dedicated research center. Hojin Kim, the Chief Strategy Officer of UNOPND, has been entrusted with overseeing this pivotal initiative. According to Kim, Southeast Asian customers currently face numerous challenges, including underperforming traditional banks and lagging e-commerce platforms. He emphasizes the pressing need for enhanced digital transformation in Southeast Asia, tailored to the unique requirements of the region, distinct from more developed nations.

Unlocking the Potential of Decentralized Technology

The partnership between SCBX and Hashed signifies a significant step forward in the realm of decentralized technology, often dubbed Web3. But what exactly is Web3, and why does it hold such promise?

Web3 is a transformative vision for the future of the internet. It envisions a decentralized and user-centric online ecosystem that leverages blockchain technology to empower individuals and communities. Unlike the current Web 2.0, where tech giants dominate and user data is monetized, Web3 promises greater control, privacy, and security for users.

At its core, Web3 aims to decentralize the internet by removing intermediaries and enabling peer-to-peer interactions. Blockchain technology forms the foundation of this new internet era, ensuring transparency and trust through its immutable ledger system. Smart contracts, decentralized applications (dApps), and cryptocurrencies are all integral components of Web3.

Southeast Asia’s Digital Evolution

Southeast Asia is a region brimming with potential, but it also faces unique challenges in its digital evolution. Traditional banking institutions in the region often struggle to meet the demands of modern consumers, while e-commerce platforms lag behind their counterparts in more developed countries. This presents a golden opportunity for Web3 technologies to bridge the gap and drive digital transformation.

The collaboration between SCBX and Hashed seeks to address these challenges head-on. By combining their expertise and resources, they aim to create innovative solutions that cater specifically to Southeast Asian customers. These solutions will not only enhance the region’s financial sector but also revolutionize the way people engage in online commerce.

SCBX: Pioneering Blockchain Investment

SCBX has demonstrated a strong commitment to blockchain and cryptocurrency investment, setting the stage for their partnership with Hashed. In 2022, the institution made headlines by allocating a substantial $50 million in blockchain funding through its venture wing.

This move underscores SCBX’s dedication to fostering innovation in the blockchain space. By providing critical financial support to blockchain startups and projects, they are helping to nurture the next generation of decentralized technologies. With Hashed by their side, SCBX is poised to accelerate the development of cutting-edge solutions that will shape the future of finance and technology in Southeast Asia and beyond.

Hashed and ShardLab: Leading the Way

Hashed, known for its expertise in blockchain and decentralized technologies, is taking the lead in testing Web3 solutions through its research center, ShardLab. This strategic move allows them to explore the full spectrum of Web3 possibilities, from DeFi (Decentralized Finance) to NFTs (Non-Fungible Tokens) and beyond.

ShardLab’s research and development efforts will play a pivotal role in advancing Web3 technology adoption in Southeast Asia. By conducting rigorous testing and refining innovative concepts, they aim to ensure that the solutions developed under this partnership meet the region’s unique needs and challenges.

The Global Impact of Web3

As Simon Seojoon Kim, CEO and Managing Partner of Hashed, pointed out, the Web3 ecosystem is not confined to regional boundaries. Its influence is poised to resonate on a global scale. This partnership between SCBX and Hashed marks the beginning of a journey that will transcend geographical limitations.

Web3’s potential to disrupt traditional industries and reshape the digital landscape is undeniable. By collaborating on research and development, SCBX and Hashed are positioning themselves at the forefront of this technological revolution. Their combined efforts will not only drive innovation in Southeast Asia but also contribute to the broader global adoption of Web3 technologies.

A Bright Future for Decentralized Technology

In conclusion, the partnership between SCBX and Hashed represents a significant milestone in the evolution of decentralized technology, particularly in Southeast Asia. With their shared vision and commitment, these two institutions are poised to make a lasting impact on the Web3 ecosystem, shaping the future of the internet and financial services.

As Web3 continues to gain momentum, its transformative potential becomes increasingly apparent. This partnership serves as a testament to the growing recognition of blockchain and decentralized technologies as catalysts for positive change. The journey is just beginning, and the world eagerly awaits the innovations that will emerge from this dynamic collaboration.