Traditional financial services have been moving to digital as customers shift to making wireless transactions - but is this shift enough to keep them stable in the changing market?
In an exclusive interview with Singapore Business Review, TRON founder and cryptocurrency entrepreneur Justin Sun said that integrating blockchain with traditional banking will be crucial in the industry's growth. "I think one of the biggest advantages with blockchain [is it combines] internet services with financial services. Financial services is always considered as premier [and] you need to spend a very big amount of money to build financial services amongst different countries," he said.
Justin said that whilst there are known financial centres worldwide, such as London, New York, Singapore, and Hong Kong, which have built their standards to be sustainable for many years, most rural areas and developing states are not willing to spend money on building branches.
Comparing this with blockchain business, access can be from everywhere. This makes it a preferable option for customers in developing countries.
This story is from the Issue 102 edition of Singapore Business Review.
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This story is from the Issue 102 edition of Singapore Business Review.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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