Breaking barriers in finance: Imagine a world where sending money across borders takes minutes rather than days. Where trade paperwork vanishes, replaced by a secure, digital trail. Welcome to the game-changing world of Distributed Ledger Technology (DLT), poised to revolutionise traditional banking.

What is DLT? Think of it as a shared record book spread across multiple computers instead of just one. Every transaction — a payment, trade deal, or securities transfer — is logged and visible to all authorised users. This transparency and shared responsibility pave the way for a faster, more reliable, and fraud-resistant financial system.

The world of banking stands at a crossroads. Old, manual processes groan under the strain of globalised trade and rapid financial innovation. New technologies, however, promise a smoother, faster, and more inclusive future. Among them, Distributed Ledger Technology (DLT) shines exceptionally bright.

Imagine a database shared seamlessly across institutions, where transactions are verified instantly, costs plummet, and transparency reigns supreme. DLT makes this dream a reality. This decentralised ledger acts as a single source of truth, eliminating the need for multiple intermediaries and their accompanying overhead. The result? Faster, cheaper, and more accessible financial services for everyone.

Cross-border payments, a notorious black hole of time and money, could see transaction times slash from days to minutes and costs tumble by up to 60 per cent. Trade finance, currently bogged down in paperwork and fraud risks, could be streamlined, with document management automated and settlement times plummeting from days to mere minutes. Even securities settlement could undergo a metamorphosis, becoming faster, more efficient, and less prone to human error.

Also Read: Gen AI in banking: How to ensure a successful transformation for an age-old industry

The benefits extend beyond streamlining existing processes. DLT opens the door to entirely new avenues of financial innovation. Once impractical due to high transaction fees, micropayments become viable, paving the way for new business models and revenue streams. Regulatory compliance, too, gets a boost, with KYC/AML processes simplified and data security enhanced.

Concerns about scalability and regulatory clarity remain, but can we afford to ignore the immense potential of DLT? We need to address these challenges head-on and unlock the transformative power of this technology.

Over 80 per cent of Global Financial Blockchain Council members are involved in DLT initiatives, demonstrating a clear shift in industry sentiment. Experts like Kaj Burchardi of BCG Platinion emphasise the technology’s ability to “enhance efficiencies, reduce operating costs, and create new business models”.

The future of transactional banking is no longer a question of whether DLT will be integrated but rather when and how. Traditional financial institutions must seize this opportunity to bridge the gap between antiquated systems and the demands of a rapidly evolving economic landscape. By embracing DLT, they can improve their financial performance and contribute to a more efficient, inclusive, and innovative financial ecosystem.

The World Economic Forum sees DLT streamlining cross-border payments and trade finance, saving billions. Burchardi believes it will pave the way for innovative financial products tailored to specific needs. The Global Financial Blockchain Council reports that over 80 per cent of its members are actively developing DLT solutions.

For traditional banks, embracing DLT is about keeping up and leaping ahead. It’s about offering customers faster, cheaper, and more secure services, driving innovation, and unlocking new avenues for financial performance. Dive into the resources provided, explore DLT’s potential, and join this exciting new banking chapter.

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Building a business from the ground up is not an easy vocation, but entrepreneurship can be empowering and life-changing.  In Asia, there is a growing number of successful women entrepreneurs who have found their “mission in life” and inspiring many others to have an entrepreneur mindset as well.

Some of the key driving factors to take up entrepreneurship include the opportunity to grow a supplementary income, be your own boss and gain a flexible work-life schedule. In fact, providing help for future generations of women entrepreneurs is one of the top motivating factors for women to start their own businesses.

Technological advancements have also levelled the playing field for women by helping advance work-life balance and making it easier for women to enter and succeed in this career choice.

Multiplier effects from women’s empowerment

However, despite economic growth and the increasing education opportunities for girls,  women’s overall labour force participation is just 48 per cent in Asia Pacific. There are strong reasons to push for improvements. Among them is the positive correlation between achieving the full economic potential of women and a more prosperous global business environment, which by some estimates, could give an additional US$12 trillion to annual global output by 2025.

Entrepreneurship can therefore be a way to create opportunities for women and help boost female economic empowerment. Women entrepreneurs have proven multiplier effects on poverty eradication, work productivity and economic growth. Studies have also shown that women’s empowerment leads to healthier families, higher schooling rates, and reduced child mortality.

Also Read: In March, we celebrated women in tech and returned to Myanmar

There are many industries that have stronger growth potential for aspiring entrepreneurs in the longer term. For one, the health and wellness industry offers attractive prospects that are driven by the rising prevalence of chronic diseases globally and consumer trends towards more balanced and healthier lifestyles. This is also an industry that we have typically seen more women gravitate towards, especially in our business.

Addressing challenges

In a Herbalife Women Entrepreneur survey, four in five women in Southeast Asia aspire to be entrepreneurs, but only three in five have taken actual steps to start their own businesses.

Overcoming startup costs

The greatest challenge cited by survey respondents was the high initial cost of starting a business. Here, microfinancing sources are widely used by women entrepreneurs in most Southeast Asia countries. There are also burgeoning initiatives in Malaysia and the Philippines to provide larger funding to businesswomen via bank financing. Lastly, government schemes are another way to help bridge market gaps in the allocation of financing to women-owned enterprises.

On the other hand, not everyone is ready to take up the financial commitment of starting a full-time business. Hence, having the option to keep one’s nine-to-five job while exploring side business opportunities to supplement one’s income is a viable option.

Flexibility is especially important for some women who may be dealing with becoming mothers. As an entrepreneur mum, one of our distributors shared how she enjoys the benefits of being her own boss, such as fixing her own schedules, spending time with her son throughout the day and even bringing him along to her nutrition club activities.

Finding supportive communities

Entrepreneurs face a myriad of hurdles on a day-to-day basis. Some common challenges include upskilling on good business basics and digital literacy and adapting to steep learning curves.

On top of this, female entrepreneurs could also face additional pressures like the lack of social support and financial knowledge, as well as being unsure of the first steps to take. In these situations, having a business network of supportive communities or mentors can be crucial.

There is immense value in being part of a community of like-minded women entrepreneurs that can inspire and motivate each other. More importantly, connecting with women entrepreneur associations can provide leads on business development support programs that are tailored to the challenges that women face.

For instance, studies show that mentorship is important for women entrepreneurs when it comes to enhancing personal and business growth and fostering a transformational leadership style.

Also Read: Women in industry 4.0: How modern startups can equalise the playing field

In Herbalife, our mentorship model aims to provide new distributors with sufficient training and marketing tools to build their businesses. Mentors can help new female entrepreneurs deal with negative responses from customers, as well as share strategies to help them get a “yes” more consistently. Our distributor communities also provide a platform for entrepreneurs to voice out their challenges and overcome them as a team by brainstorming solutions together.

 All eyes ahead

Entrepreneurial aspirations among women are already high in this region, and it’s been shown that women-led businesses can bring a positive impact across families, communities, and nations.

What is needed now is a strengthening drumbeat of awareness and support that will inspire and galvanise female entrepreneurs to be brave and take the first steps towards their goals.

In parallel, we should take a moment to salute the rising number of successful businesswomen in Asia who have shown remarkable passion, resilience, and belief – all bearing hallmarks of an unquenchable entrepreneurial spirit.

It’s time we recognise that the longer-term stability and prosperity of our communities and, indeed, the wider socio-economic environment is deeply intertwined with the success of female entrepreneurs.

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

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