It was Hong Kong where the renowned coffeehouse chain Starbucks took an beginning to embrace disruptive fintech technologies like bitcoin. However, a existence took a opposite march when it was found that the Starbucks’ staff was refusing to accept digital banking payments.
This reported case though seems minuscule, though suggested how a China’s special executive region was lagging behind a universe in terms of FinTech adoption. The Hong Kong Applied Science and Technology Research Institute (ASTRI) now went a step serve to confirm this scenario.
According to ASTRI, many financial institutions in a segment still don’t know Bitcoin’s underlying technology. The organization highlighted its appearance by exemplifying the blockchain-based applications it is formulating for mobile phone and Near Field Communications (NFC) formed craving turn solutions.
Blockchain record has already valid itself to be some-more than able while bringing a mutation to a banking and financial industry. If Hong Kong has to keep adult with other financial powerhouses of a universe like London and New York, afterwards it has to innovate fast. Bitcoin record is already being used for countless functions other than executing and recording bitcoin transactions. It is now being worked on by a banking consortium with over 43 general banks in it along with a fintech solutions association called R3CEV. Even the Australian Securities Exchange is upgrading its