On November 5th, according to Fortune, Binance CEO Richard Teng said at the Singapore Insights Forum that while Asia has driven much of the growth in the financial system, Western companies will still be the main beneficiaries. Teng pointed out that Western companies, with their size and influence over regulatory frameworks, will dominate in seizing growth opportunities. He called on policymakers to ensure that local competitors have a fair chance and allow for wider experimentation. According to a Deloitte report, digital wallet spending in the Asia-Pacific region will reach $9.80 trillion in 2023, accounting for two-thirds of global spending. Vincent Iswara, CEO of Indonesian mobile wallet company Dana, describes the Asian payments sector as the "Wild West" with a lack of uniform standards. Regulators' caution has fueled the boom in e-wallets and digital banks in the Asia-Pacific region. Jessie Toh, global treasurer at Coda Payments, stressed that mobile phones are key to financial inclusion and accessibility. She also noted the growing popularity of stablecoins in economies with volatile currencies, providing users with a tool to fight inflation and the devaluation of their currencies. Teng added that the growth of stablecoins outside the US stems from demand from residents of low-income countries, with younger consumers using them as a way to protect funds and transfer money at low cost. Stablecoins also enable countries to gradually move away from the US-dominated financial system.