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Cryptocurrencies, blockchain are reshaping future of finance, say global banking chiefs
- The biggest challenge for institutions is navigating security issues related to public blockchain networks, says Daniel Pinto, COO of JP Morgan
- Senior figures from JPMorgan, BlackRock, HSBC and Standard Chartered shared their thoughts at a global banking summit in Hong Kong
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Technologies such as blockchain and central bank digital currencies are reshaping the future of finance, leaders of major banks said during a global financial conference in Hong Kong.
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Senior figures from JPMorgan, BlackRock, HSBC and Standard Chartered shared their thoughts on how the fintech industry is shaking up the banking sector during a panel discussion at the Global Financial Leaders’ Investment Summit on Wednesday.
President and chief operating officer of JPMorgan, Daniel Pinto, said cryptocurrencies were at the “beginning of the journey” and without a doubt will increasingly be integrated into the banking industry.
“Bitcoin and other cryptocurrencies have started to be more popular [at JPMorgan]. Positive or negative, we are all fully aligned about the power of the technology,” said Pinto, referring to the blockchain technology behind most digital coins.
The various uses of blockchain are increasingly being realised, and the biggest challenge for institutions is navigating security issues related to public blockchain networks, said Pinto.
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