Lag in technological adoption

...[T]he type of people that would be willing to transfer to digital banking...[would be] solely based on education, probably...How do you make it easy to save? What's the interest rate to save? What is it like to transfer money? Is it simple? Is it cheap? Right? Because then you at least make it more open. Like if I compare it to like digital banking in Australia...it's quite nice [that the government tries] to make it easy for everybody to onboard. But the problem when you sign up is...you need a digital identity, or you need to verify yourself. So, again...you run into the same problem of identity...or like trusting a financial institution. I think it's really hard to build trust. I think you need to make sure that when you build trust with your customers...you make it secure, safe and whatnot when they sign up, right. So...they know that they're there, the money is safe and just making it clear. But I think when you think about educational status, that's like another thing...if some people are educated [enough] to know this digital bank is beneficial for them, then for sure they're gonna sign up, because they probably have like a tech background, they're educated and...they have tech literacy...versus maybe tech illiterate people that don't understand why they would sign up for this. They feel like it's a waste of time and they would rather trust...the shoe keeper down the street to be [their own] bank instead of this digital bank, right? And they don't know how to read English on the digital [banking] app, and they can't...[speak] fluent Tagalog...[because] they speak [Bisaya]...[or] some different dialect and they can't read [the language used by the app], which is unfortunate. So yeah, I think it all comes down to the educational splits as well.

Now, the the Internet, by its nature, is a borderless technology...Because...it doesn't matter what country you're in, you can still access the same websites, roughly speaking, except if you're in Afghanistan, Iran, or conflict areas, whatever. But the problem is that the world is nothing but borders. They have different laws, different jurisdictions, different power structures. So the Internet is inherently incompatible with the world itself, because we we are nation-states that want to govern ourselves, and we disagree with each other...And...things like cryptocurrency are another kind of form of incompatibility, because again, they are also borderless. Crypto gets better the more people use it, the more people use it across the world. But you know we have different laws here in the Philippines...crypto companies have licenses here; they need to be regulated...Lots of different reasons, right? And every country will kind of approach this differently. So we're kind of in this interesting state where our technology...was designed for all of the world, in a kind of...everyone gets access to it [way]. But our governance is not. Our governments, [and] our institutions are not. They're not designed for that; they're meant to be local. So you've got all sorts of technologies being created that are global, and then you've got nation-states that are inherently local. And that part will continue to create these messy situations where...[there's] this interesting pattern conflict between how far technology can advance, without the whole nation-state paradigm getting stretched to its absolute limit. But this stuff is super interesting to watch also, right? Because you know, as tech gets stronger and stronger, governments have to start making...compromises because they can't [don't have absolute control]. It's not the 1970s anymore; people have choices.

If scams keep on proliferating, that's gonna be bad for finance and security in general. It's gonna be hard to stay safe to make sure that, "Oh, how can I make sure that I'm not being scammed?". That's gonna be the first idea, instead of instead of praising a product, thinking: "Should it buy it?"..."Is it safe?". That's gonna be our main thought.

Then [for health and wellness]...I think nandoon pa rin din yung threat in terms of data privacy, or how our data is stored.

Finance again, it's already happening in China, and who knows how easy it could be going on here. I believe you could take a loan in GCash very, very easily, and you can imagine how bad that can become if everyone can be allowed to do that, and then GCash just decides to chase everyone who can't pay, they've given the avenue to take advantage of them. So you know, like when you give someone an opportunity to loan, but then they have no idea to pay back that...GCash could do that, and those who want quick money, they're gonna be doomed, then finance is gonna be bad.

Honestly, the Philippines develops really slowly. Just to contextualize, I'm visualizing the US or Europe in 2040, and I feel like it's gonna be completely different from how the Philippines is. Right now, those countries are...almost all cashless, and here [in the Philippines], we're all so dependent on cash. Those countries have electric cars; [meanwhile,] we barely have any. So like, I feel like we're always a decade behind. So by 2040, we'd be in 2030 in terms of tech, and 2030 in terms of tech isn't that far [off] from what we have right now, in my opinion.

Then, for finance...the most realistic thing is I think many people will still be unbanked and will have lesser access to financial opportunities. Andoon pa rin siya, given how slow we are going with our technology in terms of using wallets, mobile apps, those things. Feeling ko matagal pa para na-embrace yung benefits...Not only sa blockchain aspect, but also on how they can use technology to grow.

So I think, yeah, in terms of loans, andoon pa rin yung threat of loan sharks.

Marami pa rin nagclicling doon sa cash...

[M]arami pa rin nagcicling doon sa mga pautang, like credible loan systems...

In terms of transportation, not so sure about this one...[It's] [h]ard to visualize because we don't see yet how like software technologies, at least are integrated with this one. But I can't see much...going wrong here...so realistically, mahirap sagutin eh, kasi we're in the Philippines.