HSBC's Global Head Of Digital Says The Bank Is looking inCrypto Use Cases

Big banks have not been a big fan of crypto.

On one hand, most denounce cryptocurrencies like Bitcoin as volatile and risky—some banks going as far as to bban the use of their credits cards from even buying crypto.

On the other hand, today banks are betting on crypto’s underlying blockchain technology to power future cost savings and tech initiatives.

For example, in the last few days, and following a pilot in May, HSBC announced it will join a blockchain-based trade finance platform in Hong Kong, along with Standard Chartered and 21 other banks.

(For the uninitiated, trade financing is when banks remove payment risk for exporters and importers as products get shipped around the world, and it’s an industry famously old-fashioned and paper-based.)

 

 

 

So how does the world’s seventh-biggest bank HSBC think about cryptocurrencies and blockchain technologies?

Forbes sat down with HSBC’s Global Head of Digital, Josh Bottomley, earlier this month to find out.

Crypto-cautious

Bottomley joined HSBC from Google, where he led the search giant’s display advertising arm. Today he manages HSBC’s entire digital strategy for both its retail and wealth management arms.

 

Info

Posted 25 Jul 2018
By James