#STACS Interview Series: “Digital Transformation for Tomorrow” Episode 5: Mr. Chan Boon Hiong, Global Head of Securities Market and Technology Advocacy in Deutsche Bank

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#STACS had the privilege to interview Mr. Chan Boon Hiong, a banking veteran on our video series topic “Digital transformation in the new normal — Blockchain developments in the industry”. Mr. Chan is the Global Head of Securities Market and Technology Advocacy in Deutsche Bank, and has been in the bank for almost two decades. Mr. Chan represents the bank as a securities market and technology-informed advocate in the regulatory, market, and digital changes sphere. He has participated in the World Economic Forum’s Digital ASEAN initiative, as well as global discussions on digital assets, Distributed Ledger Technology (DLT), cryptocurrency and the dark web. Mr. Chan has also served in industry associations like the Association of Global Custodians, Asia Securities Industry and Financial Markets Association (ASIFMA), ASEAN+3 Bond Market Forum (ABMF), and the Asia-Pacific Central Securities Depository Group (ACG).

Watch the video to learn more about digitalization in the financial market.

Mr. Chan explained during the interview how the Covid-19 pandemic raised the importance of digitalization. He believes that digitalization in the pandemic overall generates a positive impact on the industry. However, the challenge now remains in the form of regulation and support for the organizations, and regulators need to continue to support the transformation process.

He highlighted how DLT and blockchain have supported the Asian capital markets. Quoting Mr. Chan, “In the financial market infrastructure space, there are very exciting initiatives like in the Australian stock exchange, Hong Kong stock exchange and the POC (proof of concept) going on in Japan stock exchange.” He explained that regulators in the market are looking for common data and business processes to improve the market flow. The Asian capital market can represent a driver in the digital transformation process by controlling management costs.

Mr. Chan described the uses and importance of DLT implementation to drive internal performance efficiency. Operating platforms, such as STACS infrastructure, allow the participants to benefit from employing similar data and digital environments, which according to Mr. Chan, may become the new “back office settlement”. He also reinforced the significance of the Central Bank Digital Currency (CBDC) in the market.

About STACS

STACS is a Singapore fintech development company focusing on the digital transformation of the financial industry. Today, our clients and partners such as stock exchanges, banks, asset management firms etc are using our proprietary Securities Trading Asset Clearing and Settlement (STACS) Blockchain for various use cases while working together with their ecosystem participants to enjoy efficiency savings in operations and to create new revenue streams.

For Enquiries
info@stacs.io

Website
www.stacs.io

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Digitise All, Digitise the World. — Your Blockchain Development Partner with Core Financial Expertise

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