FinTech provider Broadridge says blockchain has potential to redefine HK capital markets

bits-2794812_1920.png

Fintech provider Broadridge Financial Solutions is developing blockchain-based applications that are expected to benefit its clients in the Asia-Pacific capital markets, including Hong Kong’s by helping them save costs, improve efficiency and reduce risks.

Blockchain, also known as distributed ledger technology, is a big, universally accessible database that keeps a digital record of transactions. It is also the underlying technology of bitcoin and other cryptocurrencies.

Although Hong Kong’s stock market has been buoyant, banks’ return on equity has been declining in recent years. So the adoption of technologies such as blockchain, artificial intelligence and cloud computing, is expected to be at the forefront of the transformation of the capital markets especially in post-trade and back-office activities, which tend to incur the highest operating costs, said David Becker, managing director of Asia-Pacific at Broadridge.

Read more at SCMP