Gearing up for the blockchain era

Hong Mengqiu

Gearing up for the blockchain era

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.

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