According to Tencent Securities, Daniel Pinto, co-president of JP Morgan Chase (NYSE: JPM), said in an interview with CNBC that it is only a matter of time before large tech companies become more involved in financial services. We must assume that they will become true competitors. The margins of retail banking are slightly higher and the complexity is lower, so I think the competition in this area will be more intense. However, the response from various circles to Libra and its highly sensitive attitude towards digital currencies suggest that this may take some time. Even so, I will not assume that Libra is completely over. For our part, we are developing JPM Coin, a virtual currency that uses blockchain to make instant payments around the world.