In March 2025, Binance announced its sponsorship and strategic support for the Global Fintech Institute (GFI) to promote fintech education, professional skills development, and innovation. As part of this collaboration, Binance will provide over 500 scholarship opportunities for GFI's newly launched course "Foundation in Crypto Regulation and Compliance."

Current Status of Fintech Education

What is the current development status of fintech education, and what are the market pain points? What professional training and certification does GFI offer? How does GFI empower the global fintech industry? With these questions in mind, Starlabs Consulting's latest episode of "Disruptors Unplugged" features a dialogue with GFI's founding chairman, Professor David Lee.

Additionally, Professor David Lee shared his insights on recent issues of market concern, including the impact of Trump's tariff policies on the crypto market, the adoption of cryptocurrencies amid trade disputes, and the hedging properties and high volatility of Bitcoin.

Guest Introduction

David Lee, founding chairman of GFI, professor of fintech and blockchain at Singapore University of Social Sciences (SUSS), visiting professor at National University of Singapore (NUS), founding council member of the UK Blockchain Association, and editor-in-chief of the Journal of Fintech and Annual Review of Fintech.

He is also an internationally renowned blockchain scholar and industry thought leader, an expert in the development of Web3 and AI application scenarios, co-founder of the Blockchain Association of Singapore (BAS), co-founder of the Blockchain Security Alliance, co-founder of the Global Web3 Association, advisor in the field of Central Bank Digital Currency (CBDC) for the Asian Development Bank, vice chairman of the Economic Society of Singapore (ESS), cryptocurrency expert advisor for the NUS Asia Digital Finance Institute (AIDF), and expert advisor for the SUSS Inclusive Finance Node (NiFT).

Furthermore, Professor David Lee serves as an independent director for several listed companies in Singapore and is an angel investor and limited partner in internationally renowned blockchain, Web3, inclusive finance, and AI innovation projects, as well as a senior advisor and investment committee member at Artichoke Capital.

Highlights

• Although cryptocurrencies and U.S. stocks may "fall together but rise differently," Bitcoin often attracts funding first due to its "substitutability" whenever confidence in the traditional system collapses, achieving a leading rise.
• The "high volatility" often mentioned is actually a comparison of Bitcoin to the U.S. dollar, overlooking the fact that if fiat currency itself is continuously depreciating, the real instability lies in the fiat currency itself, not Bitcoin.
• The current state of fintech education shows a severe imbalance between industry demand and educational supply, as well as a lack of ethics and industry standards. This field is a blue ocean for startups.
• GFI's CFtP and CFtA certification systems are widely recognized by regulatory agencies and industry associations. Qualified CFtP professionals can showcase their talents on the Flex.sg platform, which is partially funded by regulatory agencies. CFtP certificate holders can also obtain a Universal Trust Credential (UTC) for fintech professionals, recognized by international employers and central banks.

Below are the highlights from this episode of "Disruptors Unplugged."

About Bitcoin and the Crypto Market

🌃 Starlabs Consulting: Trump's tariff policies have triggered global economic uncertainty and turmoil in capital markets. As a non-sovereign store of value, cryptocurrencies theoretically should not be affected by tariff policies. But why has the crypto market recently followed U.S. stocks and also suffered from the impacts of Trump's economic policies?

David Lee: Cryptocurrencies, especially Bitcoin, have gradually become an indispensable risk asset in institutional portfolios. Therefore, in short-term market fluctuations, it often shows a positive correlation with U.S. stocks (especially Nasdaq tech stocks) — once market panic or liquidity tightens, institutions will reduce their holdings of high-volatility assets, including stocks and crypto assets, to stop losses or meet redemption demands.

However, from a medium to long-term dynamic correlation perspective, it shows a negative correlation. The underlying logic is that when risk sentiment reaches an extreme, and the market faces policy uncertainty or a systemic liquidity crisis, institutions often prioritize selling traditional assets (like U.S. stocks) that are more liquid, higher valued, and deeper in the market, rather than Bitcoin. At this time, Bitcoin, with its non-sovereign, decentralized, and censorship-resistant characteristics, becomes the preferred rebound target for institutions or funds seeking a "margin of safety." Although cryptocurrencies and U.S. stocks may "fall together but rise differently," Bitcoin often attracts funding first due to its "substitutability" whenever confidence in the traditional system collapses, achieving a leading rise.

🌃 Starlabs Consulting: In the context of tariff disputes and geopolitical factors leading to economic decoupling, has the impact on dollar settlements in foreign trade for some countries provided an opportunity for widespread adoption of cryptocurrencies (especially stablecoins)? Will this bring capital inflows to the crypto market?

David Lee: Yes, you are very accurate. Stablecoins (like USDT, USDC) can be said to be the tools with the lowest trust cost and highest efficiency in the current global payment system. This is not an ideal state in theory, but a result based on real comparisons. We can compare CBDCs (Central Bank Digital Currencies) and consortium chain cross-border payments: in terms of cost, transaction speed, and exchange convenience, they currently cannot compete with stablecoins. Especially in emerging markets, such as Argentina, Turkey, and even some countries in Africa, stablecoins provide a near real-time, low-premium dollar liquidity, which is a tremendous liberation for individuals and businesses.

We often talk about "inclusive finance," but in reality, many small and micro enterprises and cross-border individuals are marginalized in the traditional system. The combination of stablecoins and DeFi (Decentralized Finance) brings about a true sense of global capital flow liberalization. You may not have a bank account, but as long as you have a wallet, you can receive payments, make payments, and even participate in financing or earn returns through protocols. It does not replace banks but builds a "parallel system" that does not rely on banks. For those small and micro entities that have long been unable to access dollar funds, this may be the first time in their lives they truly engage with the "capital market."

🌃 Starlabs Consulting: How do you view the contradiction between Bitcoin's "hedging properties vs. high volatility"? Will Bitcoin's hedging properties strengthen in the long run?

David Lee: This is a very typical misunderstanding. The "high volatility" that many people refer to is actually a comparison of Bitcoin to the U.S. dollar, overlooking the fact that if fiat currency itself is continuously depreciating, the real instability lies in the fiat currency itself, not Bitcoin.

For example, the M2 money supply in the U.S. has increased by nearly 100% over the past 10 years, meaning that the purchasing power of each dollar is continuously shrinking. But the total supply of Bitcoin is capped in the code and will never exceed 21 million coins; it is the world's first truly "scarce digital asset." Therefore, in the long run, Bitcoin's purchasing power is superior to any fiat currency, and we can even say it is a substitute for gold in the digital age.

Volatility does not equal risk. The price fluctuations of Bitcoin are more due to its early-stage status and unstable participant structure. However, the long-term trend is very clear: it is an anti-inflation asset, a systemic external asset, and a global liquidity safe haven.

About Fintech Education

🌃 Starlabs Consulting: What is the current state of global fintech education? Is this field a blue ocean for startups?

David Lee: The current state of fintech education shows a severe imbalance between industry demand and educational supply, as well as a lack of ethics and industry standards.

In recent years, with the development of emerging technologies such as blockchain, AI, DeFi, CBDCs, Web3, and the metaverse, the market's demand for interdisciplinary talents with both technical and financial backgrounds has surged. However, the supply of fintech education is severely lacking.

Specifically, the fintech industry has a continuous rising demand for professionals in emerging fields such as blockchain developers, AI model designers, DeFi risk control experts, and quantum security analysts. However, most universities and educational institutions worldwide still offer courses that focus on traditional financial services and IT skills. For example, in finance, the curriculum of traditional finance disciplines often has a long update cycle, making it difficult to keep up with the latest technological trends in areas like DeFi, NFTs, DAO governance, smart contracts, and data privacy protection.

Clearly, this field is a blue ocean for startups. Currently, some micro-certification and online learning platforms have emerged, such as Coursera, Udemy, and edX, which offer a wealth of short-term courses related to fintech, blockchain, AI, and data analysis. However, these courses mostly focus on technical aspects, while ethical norms, professional practices, and industry standards are often overlooked.

For instance, many developers focus on technological innovation and market efficiency but neglect key ethical issues such as user privacy, system fairness, and compliance; since technological innovation often precedes regulatory policies, many technical personnel have not received training in financial compliance and ethics, leading to products that may trigger a series of non-human-centric risks, such as data misuse, system vulnerabilities, and market manipulation. The so-called non-human-centric risks include:

• Financial speculation and bubbles: Easily lead to systemic risks, causing significant losses for investors.
• Fraud and money laundering risks: Unregulated DeFi protocols and anonymous trading mechanisms become breeding grounds for money laundering, fraud, and illegal transactions.
• Algorithmic bias and discrimination: AI and machine learning models in financial applications may have data biases, leading to unfair treatment of specific groups and exacerbating social injustice.
• Lack of transparency and auditability: DAO and DeFi protocols may lack transparency and auditability due to complex governance mechanisms, leading to systemic risks.
• "Skynet" risk: The deep integration of AI and fintech in the future may produce risks of algorithmic autonomous learning and uncontrolled automated trading systems, even threatening the stability of the financial system.

Therefore, we believe that the global fintech industry is facing a dual paradigm shift: on one hand, the continuous improvement of regulatory frameworks is leading to exponential growth in compliance operating costs; on the other hand, with the implementation of ethical regulatory systems such as the EU AI Act, the market's demand for industry standards based on ethical algorithm governance and human-centric design thinking is accelerating.

In this context, we believe that the future fintech education system must incorporate ethics, compliance, and governance as core modules, guiding students to adhere to the principle of "technology centered on humanity" when developing and applying products. Relevant courses should include key content such as AI algorithm ethics, blockchain governance, data privacy protection, anti-money laundering mechanisms, and the transparency and auditability of decentralized systems.

As a leader in global fintech education, GFI is promoting the international enhancement of ethical and professional standards through its CFtP professional qualification certification system and the Flex.sg platform. CFtP certificate holders will be listed on the Flex.sg platform and can obtain a Universal Trust Credential (UTC) for fintech professionals issued based on the UNDP framework.

Additionally, GFI can collaborate with international organizations such as the IMF, World Bank, Financial Stability Board (FSB), and Bank for International Settlements (BIS) to jointly promote the establishment of a fintech ethical governance framework, providing a globally recognized set of ethical standards and professional practice guidelines for regulatory agencies in various countries.

In this regard, GFI is leveraging its interdisciplinary think tank resources to build an empowerment system that includes three core modules:

• Algorithmic ethics assessment matrix (including bias detection, explainability verification, and other technical specifications)
• Regulatory technology capability maturity model
• Responsible financial innovation certification system (covering digital inclusion, climate finance, and other ESG dimensions)

About GFI

🌃 Starlabs Consulting: Please introduce GFI and the CFtP certification system.

David Lee: GFI is a non-profit, university-neutral fintech education institution headquartered in Singapore, aimed at meeting the growing global demand for professional fintech education and certification. Its mission focuses on building an international ecosystem that integrates "academia-industry-regulation," providing a seamless growth path for cross-industry transformers and ensuring the diverse vitality of the fintech industry.

GFI has established a global platform connecting industry experts, academia, and regulatory agencies, offering specialized and systematic courses, aiming to enhance industry standards and strengthen the professional capabilities of fintech practitioners through its CFtP (Chartered Fintech Professional) and CFtA (Chartered Fintech Associate) certification systems.

GFI was initially established with the support of Singapore University of Social Sciences (SUSS) and Shanghai International Financial Center Research Institute (SIIFC) and currently collaborates with National University of Singapore, Singapore Management University, Nanyang Technological University, Murdoch University, Singapore Institute of Technology, and other universities in Europe and the U.S. Among them, GFI's collaboration with renowned academic institutions like SUSS and SIIFC ensures that GFI's courses maintain high academic standards while emphasizing practical applications. GFI also publishes two well-known journals, the Journal of Fintech and the Annual Review of Fintech, both of which have Nobel laureates as advisors.

CFtP is GFI's flagship program, consisting of a two-level self-study course system that combines theoretical knowledge with real-world applications:

• Level 1: Includes two main modules: 1) Finance module — economics, financial statement analysis, financial management, and investment management; 2) Fintech module — data structures, algorithms and Python programming, big data and data science, AI and machine learning, and computer networks and security.
• Level 2: Focuses on applications and professional practices, including compliance and technology risk management, cloud computing, cybersecurity and quantum computing, blockchain programming and digital currencies, global fintech trends, business ethics and governance, AI, machine learning, and deep learning in finance.

By completing exams for both levels and having at least 2 years of work experience related to fintech, candidates will be awarded the CFtP chartered certification, which is considered the gold standard in the fintech field.

For those with no background but wishing to enter the fintech industry, GFI has newly launched the CFtA program, providing systematic training in foundational fintech knowledge to prepare candidates for the CFtP certification system. CFtA applicants must be at least 18 years old and possess basic English proficiency. Students who complete the CFtA certification can be exempted from the undergraduate degree requirement for CFtP.

🌃 Starlabs Consulting: Please introduce GFI's faculty.

David Lee: GFI's faculty team consists of professors, researchers, fintech experts from top universities, and practitioners with extensive industry experience. These mentors possess deep theoretical knowledge and rich practical experience in their respective fields, ensuring that course content combines academic rigor with practical depth.

At the same time, GFI has established extensive partnerships with central banks, financial institutions, government agencies, law firms, auditing firms, and fintech service providers to continuously optimize course content to meet the latest demands of industry development.

We have a GFI Industry Fellowship Program that connects experienced fintech professionals with emerging talents, establishing a strong mentorship network to cultivate the next generation of fintech leaders. CFtP certificate holders have the opportunity to become Chartered Industry Fellows, sharing their expertise and industry insights.

Currently, GFI's total membership has reached 500 and is continuously increasing.

🌃 Starlabs Consulting: Who are your partners?

David Lee: GFI has established a strong partner network globally, covering multiple key regions, including Turkey in the Middle East, Cambodia in ASEAN, Australia, 26 countries in Africa, and cities in China such as Xiamen, Chongqing, Tianjin, and Shanghai. This allows GFI's certification content to adapt to different regional regulatory environments and technological development trends, maintaining its forefront and practicality.

GFI has also formed close collaborations with multilateral institutions, policy think tanks, and industry associations, including the Brunei Institute of Leadership & Islamic Finance and the Financial Academy in Saudi Arabia, providing GFI with the latest insights into global policy and industry development.

On July 23, 2023, the Financial Academy in Saudi Arabia and GFI signed a memorandum of understanding (left: CEO of the Financial Academy Mana Alkhamsan; right: GFI co-chair Chia Hock Lai)

GFI has formed several special working committees focusing on key areas such as cybersecurity, compliance, wealth management and fintech, smart contracts and DAOs, and digital banking. These committees consist of experienced industry experts dedicated to establishing emerging industry standards and developing cutting-edge courses.

Additionally, GFI has received support from no fewer than 20 companies, including Binance and Asia Pacific Exchange, which not only sponsor related events but also provide internship opportunities for newly certified CFtP holders, aiding in the cultivation of industry talent.

🌃 Starlabs Consulting: Who does GFI primarily train?

David Lee: Our core target groups include:

1) Professionals in the Traditional Financial Industry

GFI provides in-depth training for practitioners in banks, insurance, asset management, and other financial institutions to master blockchain, AI, DeFi, and digital payment technologies. For professionals engaged in compliance management, risk control, and anti-money laundering (AML), GFI's courses cover how to integrate RegTech into daily operations to address regulatory challenges posed by fintech.

2) Experts in Technology and Data

For technicians wishing to enter the fields of blockchain development, smart contract auditing, and AI-driven financial service development, GFI's courses cover practical skills in blockchain programming, machine learning, cybersecurity, and big data analysis.

3) Fintech Entrepreneurs and Corporate Executives

GFI also provides a systematic knowledge framework for founders and C-level executives (such as CEOs, CTOs, CFOs) of fintech startups, including industry regulations, market entry strategies, and innovative business models.

4) Regulatory Agencies and Policymakers

For professionals in central banks, financial regulatory agencies, and government institutions responsible for policy-making, GFI's courses provide cutting-edge knowledge in areas such as digital asset regulation, DeFi governance, and CBDCs.

5) Academic Researchers and University Students

GFI also attracts scholars and graduate students in finance, economics, computer science, and data science who wish to delve into emerging technologies such as Web3, AI, blockchain, and quantum finance. Additionally, GFI offers a professional certification pathway for undergraduates and graduates to enter the fintech field, solidifying their foundation through CFtA and subsequently obtaining higher-level industry recognition through CFtP.

6) Professionals Looking to Transition into the Fintech Field

GFI also provides systematic learning pathways for cross-industry transformers, including professionals from legal, auditing, IT, consulting, and other sectors. These individuals wish to combine their existing skills with fintech, providing a solid knowledge system through CFtP certification to facilitate their smooth entry into the fintech industry.

🌃 Starlabs Consulting: What are your differentiated competitive advantages compared to other similar training and certification institutions?

David Lee: GFI's unique advantages are reflected in several aspects:

• Industry Authority Certification: The CFtP and CFtA certification systems are widely recognized by regulatory agencies and industry associations. Qualified CFtP professionals can showcase their talents on the Flex.sg platform, which is partially funded by regulatory agencies. CFtP certificate holders can also obtain a Universal Trust Credential (UTC) for fintech professionals, recognized by international employers and central banks. (*UTC is a project jointly initiated by the UNDP and the Monetary Authority of Singapore, with a related white paper released in 2024.)
• Balance of Theory and Practice: GFI's course content covers the latest technological trends and incorporates real industry cases, helping students master practical skills in cutting-edge fields such as AI, DeFi, and blockchain.
• Global Learning Platform: GFI supports remote learning and online examinations, enabling global students to access high-quality professional knowledge anytime, anywhere.