Web3 is an umbrella term that covers a number of new technologies that are built upon a decentralised Internet. It is one of the hottest technology topics right now, as it includes some of the most-discussed innovations – such as tokenisation, blockchain, and the metaverse.
Many believe that Web3 will be the next frontier of the online world. But is also still in its early stages, and although new applications and projects are launching every day, it will take time for companies in the financial sector to see how they fit into a decentralised Internet.
“We are at a critical juncture for existing financial institutions to explore, experiment, take calculated risks, fail fast and learn faster to understand what it takes to offer services in Web3 and the metaverse that provide value for clients,” Zhu Kuang Lee, Chief Digital, Data and Innovation Officer, Securities Services