2019 Digital Economy Global New Paradigm Successfully held
On 11th June 2019, the “2019 Digital Economy — The New Global Paradigm (3rd Global Digital Ecosystem Application Economy Conference)”, hosted by the BCL Hong Kong Blockchain Lab, was successfully concluded in the Hong Kong Science Park.
More and more traditional financial institutions, big businesses and technology giants, such as the New York Stock Exchange, Morgan Stanley, Samsung and Facebook, are entering the blockchain realm, magnifying the significance of the role of traditional funds in the blockchain industry. It is for this reason that this year’s Conference was focused on the theme of the “New Global Paradigm” of digital ecosystem. The conference started with two round-table dialogues around the topics of global supervision, blockchain integration and application. Prominent participants included DBS Bank, PwC, Shenzhen Association of Automation, MIT Blockchain Pillar, Zhejiang University Blockchain Research Lab, Fortuna, T3Labs, Amber AI, EveriToken and many others gathered in one platform to explore the industry trends and future opportunities.
With the increasing acceleration of the global economic market, cross-border businesses in e-commerce, tourism, online education, overseas study and other such vertical integrations have burst forth small to medium-sized, high-frequency cross-border payment needs in B2C and B2B.
On the other hand, most cross-border payments are still dominated by traditional wire transfer with the outdated local clearing system. Sore points such as the foreign exchange transaction price, high commission cost, time lag and the inability to pay in full still abound. The process is cumbersome with very low transparency.
We are particularly aware that China still has limitations and gaps in her full integration into the global financial market. From the perspective of cross-border e-commerce integration, it is apparent that the market situation is booming at the entrance but failing at the exit end. In line with the vision of “global e-commerce integration” and in light of the new era of the China Belt and Road Initiative, we take heart in leading a small role in the exploration and development in the global evolution of the Guangdong-Hong Kong-Macao Greater Bay Area.
With the acceleration of the globalization of enterprises and the urgent need for individuals to integrate into the global market, the demand for cross-border payment has risen, and cross-border payment platforms emerged one after another. These platforms vary in their performance, compliance and risk management capabilities. When choosing a platform, a sophisticated enterprise will not only compare the rates but will highly value the quality and undertaking of the said platform on financial security.
At the government level, the Greater Bay Area is now the leading benchmark for the digital transformation of finance in the country. Such is also the consensus of the industry. Given the financial and technological advantages of the Greater Bay Area, the creation of a more convenient and cohesive experience of the financial services is even more compelling.
Today, practitioners in the industry are investing a lot of time, energy and money in the research and development of financial technology. We believe that with the improvement in global regulation and the spread of technologies such as blockchain, finance will become safer, more efficient, and more mobile.