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Channelling the power of the internet


October 17, 2018 | -
  • Financial institutions need to pay attention to new technologies and harness the power of the internet if they want to stay relevant
  • With the rapid uptake of cashless payment systems like AliPay and the unfettered adoption of AI and blockchain technologies, China is paving the way for digital innovation in financial services
  • Financial services and technology are very different to what we have known in the past, and what we will know in the future
  • Financial institutions need to pay attention to new technologies and harness the power of the internet if they want to stay relevant. This was the main takeaway from the keynote speech by Tim Berners-Lee, delivered on 24th May, 2018, at the opening session of The Future of Finance Summit in Beijing. The keynote speech set the tone for the rest of the Summit, which focused on how financial institutions could best serve the needs of the 21st century consumers by embracing technological developments and digital strategies.

    The Chinese lead

    Setting the context for the keynote speech, Alain Chevalier, Eemeritus professor of finance at ESCP Europe and chairman of the Summit Advisory Council, noted the appropriateness of holding this conference in China, saying“Beijing is a melding of old and new, with years of history and innovation to spearhead the future of finance.” Indeed, with the rapid uptake of cashless payment systems like AliPay and the unfettered adoption of AI and blockchain technologies, China is paving the way for digital innovation in financial services.

    Emmanual Daniel, chairman of The Asian Banker, concurred, adding, “Beijing is ground zero for transformation of the financial services industry.” In China, ever...

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