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

At 3 PM today, Dr. Zhang Xiao, founder of zCloak Network, spoke as a special guest at the roundtable discussion on the future development of cross-border finance and payments during the Elevandi Insights at the Singapore FinTech Festival. This meeting gathered leading figures from numerous financial institutions, including the Monetary Authority of Singapore, the Reserve Bank of Australia, JPMorgan Chase, and Citibank, to engage in extensive dialogue on this globally relevant topic.

At the beginning of the meeting, Dr. Zhang Xiao, along with other fintech experts, delved into the current state of compliance in cross-border transactions and the challenges it faces, particularly focusing on the main difficulties financial institutions encounter in cross-border compliance procedures, such as KYC data privacy protection, illegal transaction tracking, and filtering. He also detailed the potential of blockchain technology in enhancing 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 altered by emerging technologies. As a cutting-edge technology, blockchain can not only enhance the transparency and efficiency of transactions but also effectively reduce compliance risks, thereby promoting the development of the entire financial industry.

Dr. Zhang Xiao also emphasized zCloak Network's advanced experience and latest product, Legit ID (legit3.id), in developing decentralized identity verification solutions. He explained how to simplify cross-border transaction processes by integrating W3C standards of DID and VC with zero-knowledge proof technology, while also reducing compliance costs and strengthening user data privacy protection. This viewpoint elicited enthusiastic responses from the attendees, who generally agreed that such innovative technologies will become a key driving force in the future development of cross-border finance and payments.

At the end of the meeting, Dr. Zhang Xiao expressed his optimistic outlook on the future of cross-border finance. He stated that zCloak Network will continue to focus on technological innovation to bring more efficient and secure solutions to global cross-border financial transactions and looks forward to collaborating with industry peers to advance progress in this field.

This roundtable discussion not only showcased zCloak Network's active participation in the global fintech arena but also provided new insights and directions for the future of cross-border finance and payments. Moving forward, zCloak Network will actively communicate with regulatory agencies and collaborate with partners in the banking and payment industries to promote the commercial application of Web3 technology in the field of cross-border finance and payments.