Blockchain and why the financial sector is all excited about it

(FILES) This file photo taken in Washington,DC on June 17, 2014 shows bitcoin medals. Bitcoin, a Florida judge says, is not real money. Ironically, that could provide a boost to use of the crypto-currency which has remained in the shadows of the financial system. The July 22, 2016 ruling by Miami-Dade Circuit Judge Teresa Pooler means that no specific license is needed to buy and sell bitcoins.The judge dismissed a case against Michel Espinoza, who had faced money laundering and other criminal charges for attempting to sell $1,500 worth of bitcoins to an undercover agent who told the defendant he was going to use the virtual money to buy stolen credit card numbers. / AFP PHOTO / KAREN BLEIER

At the recent Stratum Focus seminar conducted by Hong Leong Investment Bank Bhd together with the national Exchange, Bursa Malaysia Bhd, it was clear that the banking industry is now poised for a disruptive change brought on by Financial Technology, or FinTech for short.

“The impact of FinTech is far reaching and no company or business will be unaffected by this dynamic shift,” said Lee Jim Leng, group managing director of and chief executive officer of Hong Leong Investment Bank Bhd.