Asia-Pacific banks should develop blockchain development strategies

Asia Pacific ( APAC ) banking groups, credit card companies and startups are expected to focus more on developing blockchain technology applications in the coming years , according to a new report from Accenture.

The world’s largest management consulting , information technology and business process outsourcing multinational has recently been confident in its unique insights into emerging technologies, noting that this trend will be consistent with FinTech companies streamlining operations and complying with regulations.

Investment in FinTech projects in Asia Pacific is expected to " quadruple " to $ 3.5 billion in 2015 , up from $ 880 million in 2014 , according to a new report.

“ As a standalone technology, blockchain can help banks, credit card companies and clearing houses create faster, more secure accounting and optimize capital allocation by reducing counterparty risk and transaction latency. ”

Accenture has taken note of local blockchain companies BitX and Bitspark . Bitspark is a startup previously surveyed by Accenture that provides merchant services and remittance services based on blockchain technology in the Asia-Pacific region.

“ Distributed ledger technologies will soon play a key role across the entire trade process, including clearing, settlement, collateral management, payment, and reconciliation, ” the report continued, adding:

“ We hope that distributed ledger technology will become an important part of the capital markets in the future. ”

In the face of this shift, the Accenture report ends by recommending that banks use the technology as a development strategy, predicting that the technology will create new opportunities for startups . (Compiled by Bitcoin Home / Liu You)

About Accenture

Accenture is the world's largest multinational company in management consulting , information technology and business process outsourcing . Accenture helps clients achieve far-reaching changes and improve their performance through the close integration of corporate strategy, business process, information technology and personnel organization. It enjoys a high reputation among its clients for its outstanding leadership, determination to succeed, professional services and quality commitment. Its clients include Fortune Global 500 companies, government agencies and the military.