The founder of zCloak Network discusses the future of cross-border finance and payments at the Elevandi Forum of Singapore Fintech Festival

At 3 pm on November 14, 2023, Dr. Zhang Xiao, the founder of zCloak Network, spoke as a special guest and discussed the future development of cross-border finance and payments at a roundtable discussion at Elevandi Insights at the Singapore Fintech Festival. This meeting brought together leading figures from many financial institutions, including the Monetary Authority of Singapore, the Reserve Bank of Australia, JPMorgan Chase, Citibank, etc., to conduct extensive exchanges on this topic of global concern. At the beginning of the meeting, Dr. Zhang Xiao and other financial technology experts had an in-depth discussion on the current status of cross-border transaction compliance and the challenges it faces, with a special focus on the main difficulties encountered by financial institutions in cross-border compliance procedures, such as KYC data Privacy protection, illegal transaction tracking and filtering, etc., and a detailed introduction to the potential of blockchain technology in improving cross-border payments and financial compliance. He pointed out that with the digital transformation of the global economy, traditional financial transaction methods are gradually being changed by emerging technologies. As a cutting-edge technology, blockchain can not only improve the transparency and efficiency of transactions, but also effectively reduce compliance risks, thus promoting the development of the entire financial industry. Dr. Zhang Xiao also highlighted zCloak Network’s advanced experience in developing decentralized identity verification solutions and its latest product Legit ID (legit3.id). He explained how to comprehensively use DID and VC under W3C standards and zero-knowledge proof technology to simplify cross-border transaction processes, while reducing compliance costs and strengthening user data privacy protection. This view triggered enthusiastic responses from the participants. Everyone generally agreed that in the future, this type of innovative technology will become a key force in promoting the development of cross-border finance and payments. At the end of the meeting, Dr. Zhang Xiao expressed his optimism about the future development of cross-border finance. He said that zCloak Network will continue to be committed to technological innovation to bring more efficient and safer solutions to global cross-border financial transactions, and looks forward to working with colleagues in the industry to promote progress in this field. This roundtable not only demonstrated zCloak Network’s active participation in the global financial technology field, but also provided new thinking and direction for the future of cross-border finance and payments. In the next step, zCloak Network will actively maintain communication with regulatory agencies, cooperate with business partners in the banking and payment industries, and promote the commercial application of Web3 technology in the field of transnational finance and payment.