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Jul 10, 2018

Key to the summit were four (4) regionally-renowned entrepreneurs and speakers, each with deep understanding of the evolving banking industry, and experience in the continual development of the broader sector.

Joseph R (Bobby) Banks, FINX Senior Advisor, highlighted that “the impact of technology in financial services like insurance, banking and investing will accelerate. Leading global financial institutions like Goldman Sachs, Visa, American Express, CitiGroup, JP Morgan, the New York Stock Exchange and AXA are all investing in new technologies that will ultimately transform their business. One of the new technologies garnering increased operational and market attention is blockchain technology.”

Speakers for the panel discussion of the symposium were Joseph R (Bobby) Banks, Alan Wee, Marco Baccanello and Tu Zhi Yun. Banks is a seasoned financial services industry leader, having helmed both JP Morgan Chase and the Goldman Sachs Group in the United Kingdom shared his thoughts and insights about blockchain technology in the banking industry. Conversely, Baccanello has been heavily involved with PwC in the United Kingdom, South Africa, and Silicon Valley. Wee was formerly the COO at Hong Leong Bank, and brought to the fore extensive local knowledge about the challenges that we in the region will face embracing blockchain technology in the sector. Tu is the Founder of Xin Yong Bao - Super Credit, and has extensive experience spearheading projects for the United States Credit Bureau.

FINX Group, which comprises of Asian and European members is launching a banking platform powered by blockchain at the end of this year.

The banking industry has reportedly been spending $1.7 billion each year on research and development of blockchain technology. The report concluded that banking institutions and other financial institutions have doubled their blockchain initiatives in 2017, with cost reduction being the biggest driver of investment in and development of blockchain technology.

FINX, powered by blockchain technology, will be launching its internet-based banking platform worldwide. This platform will first be launched in Switzerland, then in further jurisdictions around the globe. FINX has acquired a Swiss Asset Management company and is on track to launch its full-fledged decentralised banking platform by the end of this year.

In addition, Joseph R (Bobby) Banks also remarked on the potential impact of blockchain technology by stating that, “per several leading technology and finance experts, blockchain will be one of five key technologies along with automation, robotics, AI and the Internet of Things. Most of these experts believe the impact of blockchain technology will be enormous – and that it is changing the foundation of our economic and social systems.”

The Gala Dinner was an opportunity for further exploration of the idea, as well as to hear in more detail from Joseph R (Bobby) Banks and Jim Rogers. Rogers, globally known as a leader in his class, has been dubbed the Indiana Jones of Finance. A keynote speaker at several blockchain conferences this year alone, he shares his thoughts on the power of this emerging technology; “Blockchain is in the process of changing everything we know. We all need to learn as much about it and our future world.”

Victor Hoo, Co-founder of FINX shared the same view on the impact of blockchain technology in the near future. Victor stated that; “Blockchain technology is on the path to disrupt the banking industry on a scale not seen since the inception of a centralised banking system. Our goal is to have a global footprint and be among the first few who embrace this revolutionary technology in the finance sector.”

FINX will be hosting a series of Blockchain Summit Conferences in ASEAN countries, with the first conference being held today in Kuala Lumpur.

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