However, while schemes like Project Orchid can drive economic incentives of using Web 3.0 technology, it is still in its “early days” for widespread adoption among the financial world, says Adrian Chng, founder and chairman of Singapore-headquartered investment management fintech Fintonia Group.
Project Orchid, the programmable money pilot by the Monetary Authority of Singapore (MAS), is a safe way for Singaporeans to take “baby steps” into blockchain currencies and Web 3.0, says a panel of fintech experts at the Singapore Fintech Festival (SFF) 2022 on Nov 4.
“Project Orchid — I think that’s a good government initiative, not in a wild way but in a controlled and safe way for the man on the street to try out,” says Ho Chee Wai, Singapore country head and head of neobanking at global business payments platform Nium. “Once they know the basic concept, I think they would be able to appreciate the more sophisticated variations of it and [subsequently] upskill themselves to understand more.”
