The banking industry will continue to advance in the technology era. Fincross Deputy Chief Executive Henry James said at the Hong Kong Blockchain Summit 2018 that including HSBC, BOC, and other banks, as well as technology finance companies such as Apple, Amazon, and Alipay, technology will completely change them and evolving them to a whole new level.
He added that traditional trade finance needs to face a large number of formalities, and globally, it can reach billions of large paper documents. Blockchain technology will change the entire structure. He cited the financial industry as an example and pointed out that the financing platform trade linkage and other products reflect that the industry has gradually become electronic. Under the trend of artificial intelligence, robot financing will become more popular, but currently, the traditional manual trading mode that has not been completely replaced will remain for a while.
Traditional trade finance needs to face a large number of formalities, and globally, it can reach billions of large paper documents. Blockchain technology will change the entire structure.
In terms of regulation, he saw some traditional investment banks that have begun to move toward the field of cryptocurrency. In the long run, related asset custody services will help the development of securities-based tokens and assets. He pointed out that currently, anyone can establish tokens. Although local regulators have begun to actively regulate the market, and sometimes contradict the attitude of encouraging and helping enterprises, the overall trend is toward a harmonious and inclusive environment. As securitization becomes more common, he believes that banks will need to establish their own positions in new markets.