Decentralized Finance (DeFi) literacy in a decade from now (2034): An initial expert elicitation from Singapore and beyond on impact and required competencies

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Abstract
This study explores the potential future impact of Decentralized Finance (DeFi) on the financial services industry and the competencies financial professionals will require in a decade from now, in 2034. Using a survey of 109 experts from industry, academia, and regulatory bodies, the research highlights growing confidence in DeFi's potential to reshape critical areas such as risk management and operations. Over 40% of respondents anticipate high levels of DeFi adoption by 2034, with industry practitioners expressing the greatest optimism. However, the study identifies critical issues that need to be addressed, particularly in the areas of data management & privacy, and security. These concerns, alongside regulatory challenges, underscore the need for financial institutions to prepare carefully. The findings also suggest that strategic competencies, sector-specific domain expertise, and technological skills will become increasingly vital. The insights offered are valuable for regulators, policymakers, and industry professionals, emphasizing the need for continuous upskilling to remain competitive in an evolving financial services landscape.

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