The report, jointly produced by Oliver Wyman, Elevandi and the Monetary Authority of Singapore, highlights that despite the wide-ranging and ongoing pressure facing the digital assets ecosystem, the downturn could mark an inflection point for the ecosystem. SINGAPORE, Feb. 21, 2023 /PRNewswire/ --A new report - Digital Assets and Web3: Insights from the Singapore FinTech Festival 2022 (SFF 2022) - jointly produced by Oliver Wyman, Elevandi and the Monetary Authority of Singapore (MAS) examined SFF 2022 participants' presentations and captured shifting sentiments and priorities in the digital assets industry. A report by by Oliver Wyman, Elevandi and the Monetary Authority of Singapore. The digital assets ecosystem has experienced both the macroeconomic pressures felt in traditional markets, and a series of idiosyncratic crises that continue to impact participants. However, despite the wide-ranging and ongoing pressure, the downturn could mark an inflection point; a shift from speculative investment to a focus on infrastructure and utility, from retail-heavy consumption of crypto assets to more institutional adoption of the underlying technology, and from fragmented platforms to open, interoperable systems. This report explores what it takes to ensure Web3 business models and the ecosystem remain viable, responsible, and inclusive, how digital assets facilitate the creation of new or more efficient products and services, how we can accelerate institutional adoption, and how we manage risks and regulate the ecosystem. Key insights from the report include: The innovation provided by digital assets has the potential to change how financial services work. Digital assets bring the promise of new functionality that promises financial inclusion, operational and cost efficiencies, and novel products and services. Traditional financial institutions, and super-regional and global players are increasingly establishing their role in the digital asset ecosystem, with leading firms participating in cross-jurisdiction experiments with central banks, regulators, and peers. They are launching products and services that leverage digital asset technology and provide sophisticated digital asset services to institutional investors. As the ecosystem navigates the current pressures, developing resilient business models and building for the long-term is critical. For FinTechs, this means having a renewed focus on expending resources on real-utility products and markets, building propositions with clear utility value to customers, and having profitable business models as opposed to a singular focus on customer acquisition or top-line growth. Commenting on the launch of the report, Mr Pat Patel, Executive Director of Elevandi, said, "Following a tough year for the digital assets sector, there have been signs of optimism as the industry continues to build. The next wave of institutional digital asset adoption is coming. This year at Elevandi, we'll be zoning in on advancing enterprise readiness and use cases by curating dialogues on regulatory and tech infrastructure. Our next industry touchpoint will be at the Point Zero Forum 2023[1], where we will convene senior policymakers, financial leaders, and investors to discuss the next step forward." James Gordon, Partner and Digital Assets Lead in Asia Pacific, Oliver Wyman said, "This is a pivotal year for digital assets, with market pressure exposing unsustainable business models, institutions exploring their role in the ecosystem, and regulators seeking to protect participants without stifling innovation. The mood at SFF 2022 was reflective of the crises and consumer losses that have rocked the ecosystem, but optimistic that we can get appropriate safeguards in place, and excited to unlock the potential of digital assets and Web3. There is a lot of work to do, but it's clear that the participants and speakers at SFF 2022 are up for the challenge." The "Digital Assets and Web3" report is one of the seven reports Elevandi has released with leading industry partners. The other reports are "As Asian Insurance, Pensions, And Wealth Management Undergo Rapid Change, What Are The Gaps And Opportunities?", "Enlisting FinTech to Help Create a Sustainable Future", "How FinTechs Can Build And Redefine Business Models That Are More Resilient To Volatile Market Conditions", "Banking For Business Knowledge Plenary", "The Future Of FinTech In Growth Markets", and "Balancing Innovation & Regulation". Read the full reports now on the Elevandi website. More reports will be released in Q1 2023 with insights from the roundtable discussions at the Elevandi Insights Forum at SFF 2022. [1]Point Zero Forumwill be held from 26 to 28 June in Zurich, Switzerland About Elevandi Elevandi is set up by the Monetary Authority of Singapore to foster an open dialogue between the public and private sectors to advance FinTech in the digital economy. Elevandi works closely with governments, founders, investors, and corporate leaders to drive collaboration, education, and new sources of value at industry and national levels. Elevandi's initiatives have convened over 350,000 people to drive the growth of FinTech through events, closed-door roundtables, investor programmes, educational initiatives, and research. Elevandi's flagship product is the Singapore FinTech Festival alongside fast-rising platforms, including the World FinTech Festival, Point Zero Forum, Elevandi Insights Forum, The Capital Meets Policy Dialogue, and the Inclusive FinTech Forum. Visit www.elevandi.io to learn more about Elevandi. About Oliver Wyman Oliver Wyman is a global leader in management consulting. With offices in more than 70 cities across 30 countries, Oliver Wyman combines deep industry knowledge with specialized expertise in strategy, operations, risk management, and organization transformation. The firm has more than 5,000 professionals around the world who work with clients to optimize their business, improve their operations and risk profile, and accelerate their organizational performance to seize the most attractive opportunities. Oliver Wyman is a business of Marsh McLennan [NYSE: MMC]. For more information, visitwww.oliverwyman.com. Follow Oliver Wyman on Twitter @OliverWyman. About the Singapore FinTech Festival The Singapore FinTech Festival (SFF) is organised by the Monetary Authority of Singapore (MAS) and Elevandi, in partnership with Constellar and in collaboration with The Association of Banks in Singapore (ABS). Since its inception in 2016, SFF has become the premier platform for the global FinTech community to engage, connect, and collaborate on issues relating to the confluence of financial services, public policy, and technology. Last year's edition brought together more than 62,000 participants from over 115 countries. The next Singapore FinTech Festival will be held from 15-17 November 2023. Visitwww.fintechfestival.sg for more information.