China Daily Asia Leadership Roundtable - Blockchain: Shaping the Future of Business

HKU SPACE Executive Academy (SEA) and China Daily co-organised the China Daily Asia Leadership Roundtable entitled “Blockchain: Shaping the Future of Business” on 28 August 2018. The event drew a full house of attendees.

Mr. Li Zhou, Editorial Board Member of China Daily Group and Publisher and Editor-in-Chief of China Daily Asia Pacific, pointed out that Blockchain is the technology that can take cashless transactions to the next level in future. “From money to music, many things can now be stored, shared, transacted and managed without an intermediary. People everywhere can trust each other and have peer-to-peer transactions”, said Zhou.

Professor N. R. Liu, Deputy Director (Business and China) of HKU SPACE and Principal of HKU SPACE Executive Academy said the technology of Blockchain would help Hong Kong repeat its historic rise in fintech area. “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.

Professor Yanchun Yang, Editor-in-Chief of TechIDEAL was the moderator of the roundtable event. Mr. David W.Y. Koh, Regional Head of Transaction Banking of Greater China and North Asia of Standard Chartered Bank (Hong Kong) Limited; Mr. Alex Kong, Founder and Chairman of TNG Fintech Group; Mr. Yew Kiat Phang, Vice Chairman and Chief Executive Officer of Chong Sing Holdings FinTech Group Limited; and Mr. Pindar Wong, Chairman of VeriFi (Hong Kong) Limited were invited as the panelists to discuss the future and challenge of blockchain with attendees.

Mr. David W. Y. Koh pointed out that for banks, the core mission of being a treasurer will remain unchanged but the banks will focus more on managing drivers and addressing business risks.

Mr. Alex Kong suggested that if companies can have data sharing, they can make good use of technology of blockchain. People can deposit money or buy something withdraw cash, transfer peer to peer, remit or donate money in one platform faster and at lower cost through the new technology of blockchain.

Mr. Yew Kiat Phang identified three things that will help to facilitate the growth of blockchain application - regulation, governance and endorsement. There is absence of standard for the technologies that support the blockchain, definitions and interpretations for blockchain and standard qualification of 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 Belt and Road Initiative would require Shariah-compliant smart contracts, which is what blockchain can deliver.

SEA is dedicated to delivering quality executive education to develop emerging business leaders with a global mindset and entrepreneurial spirit. The collaboration with China Daily to co-organise this roundtable aims to address today's emerging business challenges so as to foster inspiring and thought-provoking perspective. Be inspired, Be ONE STEP AHEAD.