Decentralised Finance (DeFi), an emerging peer-to-peer financial technology based on blockchain networks, smartcontracts and dApps, is intended to remove the control centralised institutions such as banks and brokerages have onmoney and financial products, so as to liberate and democratise financial services and make it accessible to all. Thedevelopment of DeFi however is still at its nascent stage.

(1) Please provide an account on the current state and development of DeFi

including an assessment on whether or not and if so, how far DeFi to date has

democratised finance for the unbanked and underbanked populations under the

traditional centralised finance.