IDCM CEO: Building A Future Cryptocurrency Investment Bank
Wong says further uses of blockchain and cryptocurrency will open up in Hong Kong in the future – and there will be real potential for disrupting the existing financial system.
Applications may include payment processing, financial services, digital voting, digital IDs, real estate and title transfers.
“I’ve seen a surprising amount of errors in equity trades, which result in human intervention,” he says.
“If you think about it from an opportunity-cost perspective, this drives transaction costs and it increases the time to clear a transaction.
Andrew Wong, managing partner of IDCM, says in future there will be further uses of blockchain and cryptocurrency in Hong Kong – and real potential for disrupting the existing financial system. Photo: Abdela Igmirien
“The problem is scaled up when you include cross-border transitions.
“Decentralised ledgers can solve many of the issues.”
Now is the right time to be involved in pioneering and developing this asset class ... my long-term goal for us is to become a cryptocurrency investment bankANDREW WONG
The twin processes used to help prevent financial crime and prevent terror funding – know your customer due diligence and anti-money-laundering checks – are also at the core of blockchain technology, he says.
“Imagine a virtual Hong Kong dollar with inbuilt compliance and security protocols,” Wong says.
“[That means] no more evasion of tax, fewer legal issues and another way to combat money laundering; the possibilities are truly endless.
“My long-term goal for us is to become a cryptocurrency investment bank.
https://www.scmp.com/native/business/topics/new-kids-block/article/2170513/why-gen-z-former-equity-trader-has-plunged
