It was Hong Kong where the renowned coffeehouse chain Starbucks took an initiative to embrace disruptive fintech technologies like bitcoin. However, the reality took a different course when it was found that the Starbucks’ staff was refusing to accept digital currency payments.
This reported case though seems minuscule, but revealed how the China’s special administrative region was lagging behind the world in terms of FinTech adoption. The Hong Kong Applied Science and Technology Research Institute (ASTRI) today went a step further to confirm this scenario.
According to ASTRI, many financial institutions in the region still don’t understand Bitcoin’s underlying technology. The organization highlighted its participation by exemplifying the blockchain-based applications it is creating for mobile phone and Near Field Communications (NFC) based enterprise level solutions.
Blockchain technology has already proved itself to be more than capable while bringing a transformation to the banking and financial industry. If Hong Kong has to keep up with other financial powerhouses of the world like London and New York, then it has to innovate fast. Bitcoin technology is already being used for numerous purposes other than executing and recording bitcoin transactions. It is currently being worked upon by a banking consortium with over 43 international banks in it along with a fintech solutions company called R3CEV. Even the Australian Securities Exchange is upgrading its