2018年8月28日 香港：中國日報亞洲領袖圓桌論壇今日在香港舉辦題為「區塊鏈：塑造經貿未來」的專題研討會，四位來自金融科技領域的業界翹楚就此議題展開對話，互享觀點。 此次研討會由中國日報與香港大學專業進修學院合辦。中國日報特邀渣打銀行大中華及北亞地區交易銀行部主管及董事總經理許偉揚先生；TNG金融科技集團創辦人兼主席江慶恩先生；中新控股科技集團有限公司副主席兼首席執行官彭耀傑先生；以及VeriFi（香港）有限公司董事長黃平達先生擔任本次研討會演講嘉賓，由TechIDEAL總編輯楊彥春教授主持論壇，與在場逾百名參會嘉賓一起展望區塊鏈的發展。 區塊鏈技術是一項利用密碼學算法，以去中心化的方式集體維護一個可靠分佈式數據庫的新興技術。2017年，區塊鏈的概念逐漸為大眾所知，目前，區塊鏈的討論日趨白熱化，區塊鏈產業也正進入高速發展階段，不少企業和資本將目光投向區塊鏈領域。阿里巴巴、騰訊、京東等互聯網巨頭也紛紛入局區塊鏈技術的研究與應用，助推技術創新，優化產業佈局。 許偉揚在研討會上表示，對於銀行來說，作為財富管理者的核心使命並不會改變，但是營運模式可以相應轉型升級。日常交易將只是一小部分工作。銀行更多地還是會專注於深層次運營和財務危機處理。財務活動目前已經具備數位化的條件，日常業務將來實現全自動化以後，銀行就可以專職提供增值分析服務”。他承認，銀行業在接納區塊鏈技術進度遲緩，但必須迎頭趕上。 江慶恩表示，電子錢包就相當於一個全球通用的掌上迷你銀行，當你用手機錢包時，只需按一個鍵，在3秒內，你的款項就會顯示在異國的銀行賬戶中。通過區塊鏈這項新技術，我們能夠更快更低成本的轉賬。他認為業界普遍不熱衷於數據分享，銀行與企業現階段仍將數據視為資產的一部分，但是如果數據不能流通，不能發揮效用，那就失去其存在的意義。 彭耀傑認為，如果說互聯網是一條沒有記憶的信息高速公路，那麼區塊鏈技術則讓這條信息高速公路擁有了記憶。他說，區塊鏈在未來將會面臨四方面的挑戰：一，唯有制度方面的進展才能幫助區塊鏈取得更多的應用；二，支撐區塊鏈的技術尚未有一個統一的標準供所有人參考；三，對區塊鏈的定義、解釋與誤傳將會影響大眾對其的認知；其四，區塊鏈教育界魚龍混雜，誰夠資格成為真正的專家仍是問題。目前政府在這個領域的規管和支持力度都不夠，支援區塊鏈的技術也沒有既定標準，缺乏概念性依據可能會影響資訊的準確性，人才也有限。 黃平達則認為，「一帶一路」可以回答香港作為「超級聯繫人」未來應何去何從的問題。他說，伊斯蘭金融與綠色金融將是下一個契機。三分之一的「一帶一路」沿線國家都要求簽訂契約時必須符合伊斯蘭教法，這正是區塊鏈可以大展拳腳之處。此外，與環保相關的金融往來也為大眾所需。他呼籲香港業界應認真考慮區塊鏈技術的應用。他指出，在貿易戰中實現貿易再平衡，各方均需要技術手段以適應新形勢。誰解決了技術問題，誰就能塑造經貿的未來。 中國日報社擁有報紙、網站、移動用戶端、臉譜、推特、微博、微信、電子報等十餘種媒介平台，全媒體用戶總數累計約7200萬；期均發行量超過90萬份，其中海外60萬份；網站日均訪問量（PV）超過5200萬，全球移動用戶端用戶達700萬；在海外，通過每月發行500余萬份海外供版的《中國觀察報》（China Watch），直達美國《華爾街日報》和《華盛頓郵報》、英國《每日電訊報》、法國《費加羅報》、泰國《民族報》、俄羅斯《俄羅斯報》、日本《每日新聞》等美、歐、亞主流讀者群。 「中國日報亞洲領袖圓桌論壇」旨在搭建一個由亞洲國家和地區的政、商、學界領袖和社會精英參與的高端對話和交流平台，圍繞亞洲地區經濟、商業、產業和社會發展等具有戰略影響的重要議題展開討論和分享見解，以增進中國與亞洲和西方國家的交流和理解。（完） 媒體垂詢： 洪夢求小姐 電話：(852) 3465 5427 電郵：melody@chinadailyhk.com

Despite heavy rain, the latest China Daily Asia Leadership Roundtable, co-organized by China Daily and the University of Hong Kong’s School of Professional and Continuing Education (HKU Space) Executive Academy, drew a full room of attendees. Held at the HKU Space Admiralty Learning Centre, a diverse group of speakers, academics and industry leaders gathered for the latest roundtable, themed “Blockchain: Shaping the Future of Business”, which highlighted the opportunities this increasingly influential technology has continued to generate. Ashwani Goel, general manager at Tata International, said he came to the event “as a student”. “I’m interested in learning more about blockchain and utilizing it in the trading of physical commodities. This China Daily Asia Leadership Roundtable seems like a good place to learn more,” said Goel. And, those who spoke were too ready to paint a picture of the situation for the participants and audience. Zhou Li, editorial board member of the China Daily Group and publisher and editor-in-chief of China Daily Asia Pacific, pointed to the Chinese mainland’s advances in fintech as a sign that it’s ready to harness the benefits of blockchain technology. “China’s growing influence in the digital economy has seen even the citizens of its second- and third-tier cities use fintech in the wet market. Blockchain is the technology that can take these cashless transactions to the next level in future,” said Li. “From money to music, many things can now be stored, transacted and managed without an intermediary. People everywhere can trust each other and have peer-to-peer transactions,” he added. N.R. Liu, deputy director (Business and China) at HKU Space and principal of the HKU Space Executive Academy, brought attention to Hong Kong’s role in the regional consideration of these developments. “Hong Kong is now at a crossroads. It has a history of developing a village into a global financial center and helping China in many ways,” said Liu. This could prove to be the sector that will help Hong Kong repeat its historic rise. “In the financial sector, there’re lots of things emerging in the area of fintech, especially with regard to blockchain. The question is how we can use blockchain to help the financial sector and system,” he said. The panel of speakers at the roundtable had strong views of the transformative effects of blockchain technology, including the role and responsibilities of financial institutions. “For banks, the core mission of being a treasurer will remain unchanged, but its operating model will be transformed. Day-to-day transactions will become a small part of the operations. More of the focus will lie in managing drivers and addressing business risks,” said David W.Y. Koh, regional head of transaction banking for Greater China and North Asia at Standard Chartered Bank (Hong Kong). “Treasury activities are ripe for digitization and once routine tasks are automated, we can focus on creating value-added analytics and services.” Koh conceded that banks have been slow in adopting blockchain, but stressed that it’s important for them to keep up. “We may not lead the race, but it’s important to keep pace,” he said. On the other side of the (bit)coin, blockchain is expected to play a big part in facilitating financial inclusion. Alex Kong, founder and chairman of TNG FinTech Group, has developed the TNGeWallet to help the unbanked access financial services. “Holding an eWallet is like carrying a global mini bank in your palm,” said Kong, a serial entrepreneur who’s experienced in technology and business solutions. “However, the issue is that many eWallets do not work with others. We want to facilitate frictionless global money transfers, which is what the unbanked needs. Blockchain can help with matters like e-KYC (know your customer), credit scoring and smart contracts.” Phang Yew Kiat, vice-chairman and chief executive officer of Chong Sing Holdings FinTech Group -- a Hong Kong-listed company that provides intelligent financial lifestyle services -- has invested more than $100 million in blockchain in the past three years. “If the internet is equivalent to info highway without memory, then blockchain is internet information with immutable transaction record,” said Phang. “But, the things that keep me awake are the challenges in the coming months and years. There are still not enough government regulations and endorsement; no one standard in the technology supporting blockchain today and in the future; a lack of definitions that could lead to misinterpretations; and not enough talents and qualifications.” Other worrying issues include the rise of cryptocurrencies and the possible displacement of traditional hubs of finance. “There are around 1,889 cryptocurrrencies as of August 24. A lot of it has been pump-and-dump scams,” said Pindar Wong, chairman of VeriFi (Hong Kong) -- an internet financial infrastructure consultancy -- and head of the Belt and Road Blockchain Consortium. “Hong Kong is the consummate middle person. What happens when that role disappears. How would it be affected?” he asked. He said the answer may lie in the Belt and Road Initiative. “Islamic finance and green finance might be where the next opportunities lie. One-third of the countries along the Belt and Road would require Shariah-compliant smart contracts, which is what blockchain can deliver. And, of course, environmental financing is needed by all,” Wong said. He urged Hong Kong to seriously consider using blockchain to solve the issue. “With the rebalancing of trade in the trade war, everyone requires tech that can account for the new flows of trade. Whoever solves the problem will help shape the future of business and trade,” said Wong. “The Belt and Road is the answer and Hong Kong has a role in dealing with the intangibles. With the verification benefits of blockchain, it also simplifies a geopolitical discussion.” Members of the audience were on the same page. Bruce Cheung, acting head of HKU Space’s College of Life Sciences and Technology, believes it’s important for Hong Kong to pick up on blockchain technology to be the “digital gateway” to China. “Hong Kong can act as the data storage hub for both international and Chinese businesses. It’s important for Hong Kong to learn how to fully harness and utilise the power of blockchain technology to be at the forefront of this revolution,” he said. “Blockchain is truly shaping the future of business and countries like the UK have invested heavily in it. Hong Kong has been a bit slow in adopting it despite a lot of discussions. But, we need to step it up,” he added.

中国日报亚洲领袖圆桌论坛8月28日在香港举办题为“区块链：塑造经贸未来”的专题研讨会。香港当天倾盆大雨，但这并没有阻挡与会者参会的热情。四位来自金融科技领域的业界翘楚就此议题展开对话，与在场逾百名参会嘉宾一同展望区块链的发展前景。 前来参会的塔塔国际总经理阿施瓦尼•戈埃尔向《中国日报》表示，他是以一个“学生”的心态来的。“我对学习区块链技术非常感兴趣，我希望能将它应用于商贸，中国日报亚洲领袖圆桌论坛能让我学到更多。” 此次研讨会由中国日报与香港大学专业进修学院合办。中国日报社编委兼亚太分社社长周立在致辞时表示，中国在金融科技领域迅猛发展，已做好准备迎接区块链技术的广泛运用。 周立说：“中国在数字化经济领域迅速成长，二、三线城市居民都可以轻松利用金融科技在网上支付，区块链无疑会将非现金支付带上另一个台阶。区块链技术致力于建立传输价值的互联网，从货币到音乐，通过区块链技术，人们可以就很多事务直接进行存储、交易和管理而无需中间人，无论双方身处何地，都可以完全信任对方，进行对等交易。” 香港大学专业进修学院常务副院长（商学及中国发展）兼企业研究院执行院长刘宁荣教授在致辞中指出，香港正迎来前所未有的历史机遇，区块链技术可助香港再创辉煌。 “香港正处于十字路口。历史上，香港从一个小小的渔村发展成为国际金融中心，为国家发展做出过多方面的贡献，”他说，“香港现在应思考区块链技术如何应用于科技金融领域。” 渣打银行大中华及北亚地区交易银行部主管及董事总经理许伟扬、TNG金融科技集团创办人兼主席江庆恩、中新控股科技集团有限公司副主席兼首席执行官彭耀杰，以及VeriFi（香港）有限公司董事长黄平达担任演讲嘉宾，论坛由TechIDEAL总编辑杨彦春教授担任主持。 许伟扬率先发表自己的见解。他说：“对于银行来说，作为财富管理者的核心使命并不会改变，但是营运模式可以相应转型升级。日常交易将只是一小部分工作。我们更多地还是会专注于深层次运营和财务危机处理。财务活动目前已经具备数字化的条件，日常业务将来实现全自动化以后，我们就可以专职提供增值分析服务。” 许伟扬承认，银行业在接纳区块链技术进度迟缓，但必须迎头赶上。 致力于为全球的无银行帐户群体提供金融服务，江庆恩的企业开发了多款电子钱包，通过区块链技术实现低成本跨境转账。 “电子钱包就相当于一个全球通用的掌上迷你银行，”江庆恩说，“但是众多电子钱包之间相互无法匹配。我们希望实现无壁垒的全球转账，尤其是对那些没有银行账号的人。” 彭耀杰认为，如果说互联网是一条没有记忆的高速公路，那么区块链技术则让这条信息高速公路拥有了记忆。 “但是，在未来的年月里挑战依然存在，”他说，“目前政府在这个领域的规管和支持力度都不够，支持区块链的技术也没有既定标准，缺乏概念性依据可能会影响信息的准确性，人才也有限。” 黄平达则认为，“一带一路”可以回答香港作为“超级联系人”未来应何去何从的问题。 他说：“伊斯兰金融与绿色金融将是下一个契机。三分之一的‘一带一路’沿线国家都要求签订契约时必须符合伊斯兰教法，这正是区块链可以大展拳脚之处。此外，与环保相关的金融往来也为大众所需。” 他呼吁香港业界应认真考虑区块链技术的应用。他指出，在贸易战中实现贸易再平衡，各方均需要技术手段以适应新形势。谁解决了技术问题，谁就能塑造经贸的未来。 “‘一带一路’即是问题的答案，香港在无形资产管理中可扮演重要角色。区块链亦可简化关于地缘政治的讨论，”黄平达补充说。 香港大学专业进修学院生命科学及科技学院代理总监张少能博士在接受记者访问时表示，香港需要掌握区块链技术，并打造中国的“数码门户”。 张少能说：“香港可成为中外企业的信息存储中心。掌握区块链技术，将其应用于这一技术革命的前沿，这对香港至关重要。区块链可以塑造经贸未来，英国就在这一领域大力投资。尽管一直在讨论，但香港对于接纳该技术显得略为迟缓。我们需要提速。” 区块链技术是一项利用密码学算法，以去中心化的方式集体维护一个可靠分布式数据库的新兴技术。2017年，区块链的概念逐渐为大众所知，目前，区块链的讨论日趋白热化，区块链产业也正进入高速发展阶段，不少企业和资本将目光投向区块链领域。阿里巴巴、腾讯、京东等互联网巨头也纷纷入局区块链技术的研究与应用，助推技术创新，优化产业布局。 中国日报社拥有报纸、网站、移动用户端、脸谱、推特、微博、微信、电子报等十余种媒介平台。在海外，通过每月发行《中国观察报》（China Watch），直达美国《华尔街日报》和《华盛顿邮报》、英国《每日电讯报》、法国《费加罗报》、泰国《民族报》、俄罗斯《俄罗斯报》、日本《每日新闻》等美、欧、亚主流读者群。 “中国日报亚洲领袖圆桌论坛”旨在搭建一个由亚洲国家和地区的政、商、学界领袖和社会精英参与的高端对话和交流平台，至今已在香港、中国内地、亚洲国家举办近九十届论坛，围绕亚洲地区经济、商业、产业和社会发展等具有战略影响的重要议题展开讨论和分享见解，以增进中国与亚洲和西方国家的交流和理解。 媒体垂询： 洪梦求 小姐 电话：（852）3465 5427 电邮：melody@chinadailyhk.com

With the much-hyped Guangdong-Hong Kong-Macao Greater Bay Area set to lure talents and create a vast pool of business opportunities, the HKU School of Professional and Continuing Education (SPACE) is offering programs focusing on Greater China for the region’s emerging entrepreneurs. Professor Ning R. Liu, principal of the HKU SPACE Executive Academy, gave his views on the development of the Bay Area and the role of academics in the region at the China Daily Asia Leadership Roundtable forum themed “Blockchain: Shaping the Future of Business" held at HKU SPACE Admiralty Learning Centre on Tuesday. He sees great prospects in the Bay Area as it links up the advantages each region can offer and maximize them, stressing the role Hong Kong can play in the Bay Area, as well as the nation-led Belt & Road Initiative. “In blockchain technology, issues of trust and ethics are the important points. It’s the same in regional development, where Hong Kong can highlight its advantages as a regional financial hub,” said Liu. He believes that, in the fast-changing economies, it’s vital for educational institutes to provide young learners with updated knowledge. Currently, the Institute for China Business at HKU SPACE runs four categories of programs relating to human resources, innovation, finance and marketing management. “Besides imparting knowledge, it’s important for us to broaden learners’ horizons,” Liu said. “We have coaches from enterprises to give lessons based on their practical experience working in Asia,” Liu said. It was the third time China Daily Asia Leadership Roundtable and HKU SPACE has cooperated in co-organizing the forum that focused on trending business topics. “In future, there’ll be more such events as both of us would like to go into issues concerning economics, business and social development,” Liu added. Established in 2016, the Institute for China Business at HKU SPACE provides professional and executive educational programs for professionals on the Chinese mainland. At present, it has are five centers -- in Beijing, Chengdu, Guangzhou, Shanghai and Shenzhen – offering such programs.

Aug 28, 2018, Hong Kong: Co-organized by China Daily and THE HKU SPACE Executive Academy, a co-branded forum was held on Tuesday, August 28, 2018, at the HKU SPACE Admiralty Learning Centre, Hong Kong, from 2pm-4:40pm. With the theme “Blockchain: Shaping the Future of Business”, prominent figures from the financial and technology fields examined a series of topics pertinent to this technological revolution and its impact on business. China Daily is delighted to have four distinguished speakers attending the forum: Mr. David W. Y. KOH, Regional Head, Transaction Banking, Greater China and North Asia, Standard Chartered Bank (Hong Kong) Limited; Mr. Alex KONG, Founder and Chairman, TNG Fintech Group; Mr. Yew Kiat PHANG, Vice-Chairman and Chief Executive Officer, Chong Sing Holdings FinTech Group Limited; and Mr. Pindar WONG, Chairman, VerFi (Hong Kong) Limited. Blockchain is an emerging technology using cryptographic algorithms to maintain a distributed database in a decentralized way. The concept, which began making an impact on the financial and technological sectors last year, has sparked heated discussions, with the blockchain industry entering an era of rapid development. Many major tech enterprises and investors have set their sights on the industry with the aim of expanding its development. Chinese mainland internet giants, including Alibaba, Tencent and JD.com, have been involved in applying and researching blockchain technology to boost technological innovation and optimize industrial layout. Mr. David W. Y. KOH pointed out that for banks, the core mission of being a treasurer will remain unchanged, but its operating model will be transformed. Day-today transactions will become a small part of the operations. More of the focus will be on managing drivers and addressing business risks Mr. Alex KONG revealed that it’s just a matter of time before a peer-to-peer network break down the self-built barrier and link up different platforms all together. Mr. Yew Kiat PHANG said that today the Internet equivalent with the information highway without memory, blockchain is the information highway with all the memories, which is our understanding. Regulation, governance and endorsement are three things that will help to facilitate the growth of blockchain application; And then the technologies that support the blockchain today didn’t have one standard that everyone can work with; the third thing is, definitions, interpretations and misrepresentations are becoming an issue for what our beliefs is; the last thing is who is really qualify to be an expert. Mr. Pindar WONG believes that Islamic finance and green finance might be where the next opportunities lie. One third of the countries involved in the BRI would require Shariah-compliant smart contracts, which is what blockchain can deliver. And, of course, environmental financing is needed by all. About China Daily Asia Leadership Roundtable The China Daily Asia Leadership Roundtable is a by-invitation network of movers and shakers in Asia providing platforms for focused dialogue, issue investigation, and possible collective action on strategic issues relating to economic, business and social development in Asia. Our aim is to enhance communication and increase mutual understanding between China, Asian and Western countries. Roundtable events are held in major cities across Asia. Media Contact: Ms. Melody Hong Tel: (852) 3465 5427 Email: melody@chinadailyhk.com

HONG KONG - If the internet is an information highway without memory, then blockchain technology will be the information highway associated with memory, says Phang Yew Kiat, chief executive officer of Chong Sing Holdings FinTech Group. Chong Sing, which is listed on the Stock Exchange of Hong Kong’s Growth Enterprise Market board, is growing its blockchain research and development focusing on providing better financial services to small and medium-sized companies, merchants and individuals on the Chinese mainland and across Asia. As an online lending and payment platform, Chong Sing began its “blockchain exploration journey” some three years ago. As of June this year, the group’s blockchain segment had recorded revenues of 430.5 million yuan (US$63 million) for the first half of 2018, based on blockchain transaction verification, according to its interim results. Transaction verification is common in today’s bitcoin ecosystem. It means that when a person sends a bitcoin, the information on the transaction that’s posted on the blockchain and once verified is transparent to everyone and cannot be rewritten or changed. “The whole blockchain technology has many different variations. But, one of the concepts that everybody likes is the memory of the information highway,” Phang told China Daily. “The term we use is immutable.” “Looking back at the digital history, all of our transactions have relied on ‘trust parties’, such as banks, credit agencies, lawyers and other intermediaries, to keep records of our financial information and transactions,” he said. However, by introducing the concept of “smart contract”, which brings together on the internet two strangers who’ve never met before, it will be possible for investors to enjoy “trustless” transactions, said Phang. The Hong Kong-based financial services provider has bet on blockchain technology service providers Bitfury Group and Chainup through convertible bonds in its portfolio, which account for 0.24 percent and 0.15 percent of the total assets, respectively, according to Chong Sing. At present, markets tend to associate blockchain technology with the ups-and-downs in cryptocurrencies, with up to 80 percent of those who are familiar with the technology being speculators in digital currencies. But, Phang believes that only people who really know how to use the technology to do something good will turn out to be the eventual winners. “Cryptocurrencies are equivalent to the information highway in blockchain. You can drive a big truck called bitcoin; you can drive a small truck called ethereum, or you can even drive another small tiny bicycle called ripple. Which one is good, we don’t know,” Phang said. “But, the fact is that the information highway with memory is good.” Creating the right application of blockchain at the right time and with the right infrastructure is what society calls for, he added.

HONG KONG - Despite its disruptive power to reshape the business world, the much-trumpeted blockchain technology should not be overhyped, warns an industry expert. “Like any other technology we’re familiar with, blockchain technology is a normal one and should not be played up,” said Alex Kong Hing-yan, founder and chairman of TNG Fintech Group — a Hong Kong digital wallet operator founded in 2013. The go-to technology, defined as a decentralized ledger of all transactions across a peer-to-peer network, offers a series of networks of databases that allows information or records to be transferred and updated by participants in a trustworthy, secure and efficient way. “The craze for blockchain technology, the underlying technology behind bitcoin and other cryptocurrencies, finds its roots in the legendary bull runs for bitcoin in recent years,” Kong told China Daily. “It’s the bitcoin boom that makes blockchain one of the biggest buzzwords in the technology scene.” The Malaysian entrepreneur believed the market today is showing signs of overheating, with bubbles beginning to take shape. “In the coming one or two years, the market will progressively wise up to the notion that blockchain is anything but a sexy new term,” he reckoned. Though the “blockchain fatigue” is beginning to set in among those who feel “its potentials have been over-communicated”, as a report from Deloitte noted, its real-world benefits remain trailblazing. To be sure, the financial services industry has been one of the first movers to test the huge potentials of the game-changing technology. Such distributed-ledger technology will give traditional financial institutions a leg up to establish more secure and trustworthy systems of credit scoring and KYC (know your customer). It can also be given full play in trade finance, Kong said. But, in the digital payment industry, where TNG has carved out a name for itself, Kong believed the technology plays virtually no big role in the immediate future. “The technology itself records and verifies every transaction. Given the sheer number of investors selling and buying bitcoins and the sheer size of trading volumes, it could take 45 minutes or even one hour to get the transaction done,” he noted. Some digital wallet operators may establish their own private blockchain-based network and facilitate transactions in a real-time manner due to the relatively low trading volumes. However, this is a close-end game where their platforms are disconnected with other players. For TNG, Kong does not see the “immediate need” to introduce blockchain into the front end of payment transactions. The company, which formed what it calls the “Global E-Wallet Alliance” to connect with more than 10 digital payment platforms and companies in Southeast Asia, established its own blockchain network to allow alliance members to record transactions and store information on the back end. The peer-to-peer network, currently covering 200-plus million uses with more platforms and companies losing no time to join in, allows customers to transfer money, send messages and make a call across the connected platforms. It will be officially launched by year end, Kong said. “The digital payment industry itself cannot see major platforms play games on their own ever and forever. It’s just a matter of time before a peer-to-peer network breaks down the self-built barrier and link up different platforms all together,” he said.

HONG KONG - Amid talk of the impeccable strength of blockchain technology, many banks have pulled off the feat in business transactions, but standardization remains a problem that needs to be tackled, says a banker from Standard Chartered Bank (Hong Kong). Among all banking services, transaction banking is always thought to be one that could embrace digital transformation most and deploy blockchain to make money move more efficiently. “A lot of things we do are fundamental pieces, like who owns what money, where and when,” says David W.Y. Koh, managing director and regional head of transaction banking for Greater China and North Asia at Standard Chartered. He explains that transaction banks normally operate businesses like cash management, as well as trade and security services. Much of their operations are highly dependent on speed, verification, title and reconciliation. Koh cites the bill of lading — a document used in international trade to ensure that exporters are paid and merchandise delivered to importers. But, when the bill turns into the digital format, doubts follow. Questions that would arise include: Does the electronic document carry the same legal authority and rights as the physical document? How do both sides in a transaction ensure who would receive the right piece of information? “That’s where blockchain comes in,” says Koh. He deems that with its distributed ledger technology, a bank is able to offer customers another alternative to move money faster, almost instantaneously, and allow everybody access to blockchain to track money movements. Earlier this year, Asia-focused Standard Chartered launched a new business unit — SC Ventures — to help promote fintech innovation within the bank. The new unit also manages investments in fintech companies, such as those in blockchain company Ripple, which developed the third-largest cryptocurrency by market capitalization. Sensing that Ripple would be one of the aggregators in the blockchain market, Standard Chartered plans to make full use of the advantage and Ripple’s position, says Koh. The lender has decided to use its connection with Ripple to develop its internal fintech innovation to draw market attention. Besides investment, Standard Chartered teamed up with Alibaba Group Holding’s Ant Financial Services for the online payment operator’s new blockchain cross-boundary remittance solution in June this year. As the core partner bank, Standard Chartered will provide instant foreign exchange rates and liquidity to enable real-time fund transfers between two digital wallets — Alipay HK and GCash in the Philippines. Although the bank has collaborated on many blockchain-related projects, Koh warns that different standards of blockchain technology in various countries could still be a barrier for banks with international footprints. “We move things from one market to the other, but how do we make sure that all these different platforms are able to talk with each other?” Koh suggests that well-established international bodies, like the International Chamber of Commerce and the International Monetary Fund, could take the lead in the standardization process. “A lot of them will have opinions. Hopefully, they could interact and reach an agreement with the governments concerned. Certainly, the banking system will be entirely aligned to (the standardization made).”