Business Excellence Awards 2019
The world’s poorest have been neglected for long. High inflation, corruption and unemployment have not been doing the marginalised amongst us any good either. It’s been theorized that blockchain could help alleviate the situation to some extent. But how many are working on making this a reality? Desto is.
Founded in 2017, Desto envisions a world that is more transparent, and the under-privileged have access so that they can send and receive their hard-earned money despite not being eligible to bank. They believe that with their mobile blockchain ecosystem can solve a lot of issues.
We talked to Desto’s CEO to know more.
In a few words, tell us what motivated you to establish Desto?
Desto was started to plant the seeds of innovation through the breakthroughs in blockchain. We wanted to serve the unbanked 2.5 billion who are left out of the world economy and are poor. And we aimed to serve the banked too who are oblivious to the changing digital economy. We want to be the positive conduit of both. All in all, we are focused on providing blockchain technology solutions while staying socially conscious driven by the mandate of We Plant. We Harvest. We Share.
What products and services do you offer? And how does that change the entire scenario of your company’s excellence?
We at Desto advocate for a cashless society. We aim to inspire and encourage a new breed of conscious consumerism that helps redress a pervasive imbalance and oversight in our global economy. So, cradling our vision, we built our own blockchain protocol named DEO. It runs on the latest SHA-3 algorithm available in the industry now, giving it the unprecedented power of speed, accuracy and improved security with proven tested results.
Desto solutions including DESTO PAY, DESTO MOBILE APPLICATIONS aims to reach out to individuals both from a software perspective and eventually hardware, and help them transition into the blockchain world. Desto’s borderless community crypto app will reach out to 1% of the unbanked; we are talking about roughly 25 million potential users in the next 5-10 years.
Could you tell us about the project(s) you are working on?
Since last September, we are working on developing exclusive projects for two government-owned agencies in Indonesia. One is a charity distribution fund management program called iZakat. It is a blockchain powered fund management program developed to manage mandatory Muslim monetary obligation for charitable and religious purposes. Our platform allows finances to be tracked in real-time for fast allocation decision-making processes in the times of need. Moreover, it ensures that the fund managers remain accountable, thus, ensuring transparency, efficiency, and sustainability.
The other project is a supply chain management for food distribution. For this agency, we will begin with the iPadi to manage rice supplies initially and then move on to other commodities in stages. The adoption of blockchain into the supply chain management system (SCM) means they get a decentralized, distributed ledger technology (DLT) infrastructure which ensures fair and ethical governance.
Over the coming year, what industry changes do you see having the biggest impact on your business?
Because of the fickle-mindedness of the regulators, which could be due to their lack of understanding of the digital assets and blockchain technology, disruptive solutions based upon the distributed ledger technology will appear as if it is circumventing bans/restrictions by the governments.
In the coming time, we will be implementing blockchain on proper use cases in real life to generate revenue for our stakeholders that will eventually help us to reach the unbanked.
Tell us about the Desto team.
Desto is a disruptive tech company founded by Malaysians but is powered by an inclusive team of global citizens coming from Netherlands, Russia, Ukraine, China, USA, Korea, Hong Kong, Cambodia, Australia, and many more countries. We have a robust team whose expertise extends beyond the FinTech sector with knowledge ranging from retail, education, event management, law, forex, entertainment and more. Moreover, our advisors consist of global movers and shakers and also active civil servants!
How does it feel to have won this prestigious award?
Very honored. Desto is slightly over a year old, and we have been able to launch DestoPay- a P2P gateway complete with private wallets and mobile app, DestoCX- a crypto exchange and a blockchain platform for Landmark Entertainment Asia in this short time. The team and I feel ecstatic to be recognized for the serious work we have put in. We now look forward to deliver even more.
The Fintech Specialist
Samuel Law, CEO and Founder of Desto
Samuel Law is a passionate individual and a seasoned offshore FinTech expert having worked in Korea, China, and Hong Kong. He came upon the idea of ‘Desto’ while he was running on a treadmill in 2017. He is an avid reader and an active philanthropist. Mr. Law presides as the Deputy Chairman on the National Blockchain Technology Council (Malaysia).
“We are social-conscious and people-centric, and work by the mandate of We Plant. We Harvest. We Share.”
“We are focused on providing blockchain technology solutions while promoting responsible and ethical technology applications.”
“DESTO will become the first tech company in the world, with a complete blockchain powered FinTech ecosystem.”