A few things that caught my eye on the third and last day of Money 20/20 Asia:

Views from the CIO of Ping An

• In a crowded environment, fintech companies must define their offering: either target financial institutions or a portion of the market that is under-served.

• The "data lake" will become more important than product distribution, brand and capital.

• ICOs are the training wheels for the token economy. The tokenisation of assets, not ICOs or blockchain, is the game changer.

On AirAsia launching financial services

• An e-wallet will offer cross-border remittances and loans.

• The focus will be on Southeast Asia as opposed to China or India.

• The company will attempt to monetise the data it has collected on millions of passengers over 16 years.

• Despite a crowded field, the airline’s founder Tony Fernandes believes Big Pay can coexist with competitors.

On challenger banks

• Plummeting costs, consumer behaviour and welcoming regulation have reduced the barriers to entry.

• Operations and regulations should be the main area of focus at launch.

• Budget roughly 60 million dollars to start a virtual bank.

On the crypto speech given by the head of the Monetary Authority of Singapore

• Cryptocurrencies are not money: they lack widespread acceptance, trust and stability.

• Blockchains are well suited for applications where a central authority is missing or is too expensive with supply chains, trade finance and cross border payments being prime candidates.

• Not everything belongs on the blockchain.

• On the downside, cryptocurrencies facilitate illicit transactions and ransomware.

• Regulation cannot address all issues related to cryptocurrencies; intermediaries must also do their part.