Kim Seo-joon, CEO of Hashed, "UAE's Strength in 'Synergy' Between Digital and Physical Worlds" [ADFW 2024]

"We should pay attention to the United Arab Emirates (UAE), a country where the digital and physical worlds can create synergy."

Kim Seo-joon, CEO of Hashed (photo), stated this during a keynote speech at the Venture Stage of the Middle East's largest financial event, 'Abu Dhabi Finance Week (ADFW)', held in Abu Dhabi, UAE on the 11th.

CEO Kim said, "Recently, people and companies are moving to countries with better regulatory environments to develop new technologies and finance," adding, "The UAE is a region where the government and the digital world are well harmonized, and it is the place where the most billionaires have gathered this year."

He also saw that the government could create new synergies through blockchain. CEO Kim said, "Government, technology, and companies are the three important elements that make up society, but recently they have been in conflict rather than harmony," adding, "Blockchain technology, which is characterized by fairness and transparency, can solve this and create a better future." He explained that the UAE is a place where traditional and digital environments can harmonize, as it has a suitable environment for blockchain-related regulation and financial development.

In particular, CEO Kim stated that as modern people spend more time in the digital world than in the physical world, the importance of blockchain technology is becoming more significant. He said, "Recently, money, IDs, content, and various property rights are being digitized," adding, "The number of users entering the digital world is much faster than in the physical world."

He continued, "The problem is that a few large IT companies control users' data, which can threaten the fairness of much online data. AI development is also being developed by a few companies and countries, which can lead to bias," adding, "Decentralized technology will be the solution. Blockchain protocols cannot be arbitrarily changed and remain as they are," he emphasized.

Meanwhile, Peter Abou Hachem, Head of Hub71, who took the stage for a panel discussion, introduced Abu Dhabi as a region that provides a unique environment where everyone can connect and collaborate. Hub71 is an accelerator under the Abu Dhabi government, collaborating with Hashed and supporting Korean Web3 companies.

Peter said, "Abu Dhabi is interested not only in Web3 but also in the entire innovation industry," adding, "When innovative technology emerges, it provides the foundation to develop it. It creates an ecosystem necessary for startups, and this ecosystem plays a role in helping startups succeed."

In particular, Abu Dhabi is explained to have a geographical advantage as it is located at the crossroads of the Middle East, Asia, and Africa, differentiating it from other tech hub regions. Peter said, "Abu Dhabi is a unique place where you can meet everyone you need with one or two meetings on a small island," adding, "Hub71 has attracted more than 200 startups and 100 partners so far and is helping startups focus on creating the right value through programs like 'Hub71+Digital Assets' and 'Hub71+AI' that support global Web3 companies."

It was also predicted that blockchain technology, along with AI and quantum computing, will emerge as promising industry trends in Abu Dhabi within the next 3 to 5 years. Philippe Bekhazi, Founder of XBTO, who discussed with Peter, said, "Fields such as AI and quantum computing will be integrated into one, and as a result, many people will benefit greatly," adding, "Putting everything on the blockchain will be an important trend. Payment systems will eventually move to blockchain-based systems." He added, "I think Abu Dhabi is a great place to conduct in-depth technology experiments." 

'ADFW 2024', held from December 9 to 12, was sponsored by Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Executive Committee, with Abu Dhabi Development Holding Company (ADQ) participating as the main partner.

The event was attended by over 20,000 leaders and senior executives from the financial services industry, managing assets worth over $42.5 trillion. It consisted of more than 60 events and 350 thematic sessions, featuring 600 influential speakers.

The most notable speakers included Ray Dalio, Founder of Bridgewater Associates, and Larry Fink, Chairman of BlackRock. In addition, senior officials from the Abu Dhabi government, as well as heads of prominent financial institutions such as BlackRock, Morgan Stanley, HSBC, Citigroup, BNY, Lunait, First Abu Dhabi Bank (FAB), and Aldar, took the stage.

Abu Dhabi, UAE = Yang Hanna, Bloomingbit Reporter sheep@bloomingbit.io