Standard Chartered Bank Xie Wen: Blockchain is an important tool and means of fintechization

Xie Wen, deputy president of Standard Chartered Bank (China) Co., Ltd. and managing director of the Commercial Banking Department, said in an interview that blockchain has the characteristics of decentralization, non-replication, and data penetration. It is a risk of fraud in financial transactions, Data asymmetry risks, transaction authenticity risks, and penetrative management risk management and control problems provide technical solutions and are important tools and means for fintechization. The application of blockchain technology in the financial field has gradually moved from proof of concept to business practice, including supply chain finance, cross-border payments, asset securitization, and securities settlement. Specifically, while ensuring the transparency, authenticity, and security of the transaction environment, the blockchain makes transactions more convenient and faster.