This Company Is Making Blockchain Happen | Chainlink | Singapore Fintech Festival 2024

This company is making blockchain happen.

At Singapore Fintech Festival we spoke to Sergey Nazarov, co-founder of Chainlink, to find out how blockchain is reshaping finance. They’re at the heart of the decentralised finance revolution and are pioneering a number of ways to foster greater trust in the technology. 

Nazarov points to a future where advanced, secure, and interoperable smart contracts power the global financial system. He lets us know what’s needed to get there. 

Watch our in-depth interview to find out about:

• Swift’s role in enabling 11,000+ institutions to interact with blockchain-based assets. 
• Which asset managers are leveraging blockchain for new tokenized funds.
• The power of the Chainlink Runtime Environment (CRE).

The discussion above highlighted blockchain’s growing influence in institutional finance, the significance of interoperability, and the need for regulatory clarity to drive further adoption. Read on to find out more. 

Appetite for Blockchain in Singapore and Southeast Asia

Speaking at the Singapore Fintech Festival we were keen to find out his thoughts on this region and the regulator’s appetite for this new technology. Nazarov was happy to commend the Monetary Authority of Singapore (MAS) and Project Guardian for fostering a conducive regulatory environment for blockchain technology. An inspiration to the rest of the world, they provide regulatory clarity, critical for executing compliant blockchain transactions. MAS’s approach has attracted not only local entities but also international institutions, including ANZ Bank, UBS, and SBI, showcasing its global appeal. The framework offers a secure foundation for blockchain-based activities, removing barriers that often hinder innovation in more uncertain regulatory climates.

According to Nazarov, Southeast Asia, particularly Singapore, is experiencing rapid growth in blockchain adoption due to those favorable regulations and the technology’s dual benefits for retail and institutional users. On the retail side, blockchain can revolutionise payments through innovations like stablecoins. Chainlink’s tools, such as data oracles and cross-chain protocols, play a role in building a robust market where this technology can have an impact. Nazarov emphasized the role of the Chainlink Runtime Environment (CRE) in streamlining blockchain interactions, accelerating the adoption of advanced financial products in the region.

Nazarov goes on to explain how CRE reduces development time from months to days by enabling developers to use familiar programming languages like Go and TypeScript. This streamlined approach not only accelerates innovation but also enhances the reliability of blockchain applications with Nazarov even likening the CRE’s transformative potential to past breakthroughs like COBOL in the 1970s and Java Runtime in the 1990s.

Integrating SWIFT with Blockchain for Tokenized Asset Transactions

Chainlink has also integrated with SWIFT’s global payment systems to bridge traditional finance and blockchain. There are few greater votes of confidence. With SWIFT’s network of over 11,000 institutions, this partnership allows seamless access to blockchain-based digital assets for SWIFT users. It means efficient interactions with blockchain technologies through familiar systems, reducing friction and opening opportunities for widespread blockchain integration. It’s equally transformative for the blockchain community, as it extends the reach of their assets to a broader, more traditional audience.

Another step forward in increasing adoption of blockchain in institutional finance is tokenized funds. Nazarov explained that major asset managers, such as BlackRock, going down this route signals a significant shift in the financial landscape. Chainlink’s solutions, including on-chain integration of Net Asset Value (NAV) data and SWIFT-powered fund subscription and redemption processes, simplify tokenized fund operations. This innovation reduces operational friction, enabling asset managers to scale tokenized fund offerings efficiently.

2024 Breakthroughs and Future Predictions

As well as some thoughts on Chainlink’s CCIP, Nazarov identified Chainlink’s growing adoption as a global standard in data, cross-chain communication, and computation as a major breakthrough for 2024. Looking ahead, Nazarov predicted that regulatory clarity would play a key role in accelerating blockchain adoption globally. He envisions a future where blockchain, smart contracts, and oracle networks redefine the global financial system, integrating DeFi innovations with traditional financial infrastructure.

To watch more great interviews from events this year, head to our website.