What Will the Future of Banking Look Like?

Key takeaways from the Digital Asset Investment Summit in Beijing on Jun 12, 2018.
by Jonathan Quek, Managing Partner at Celebrus Advisory

A participant asked at this blockchain summit, “What will the future of banking be?”

One venture capitalist on the expert panel answered, “I don’t know if banks will exist in 10 years time. But it will definitely not be what it is today. And to be honest, I don’t even know if we will still call it a ‘bank’ in the future.”

The following are my top 3 diamonds taken away from Digital Asset Investment Summit here in Beijing, China.

1) The Revolution of Fintech

Besides banks and traditional financial institutions, fintech (financial technologies) such as P2P Lending and Equity Crowdfunding (ECF) will soon be transformed by Blockchain.

Disruption or revolution? You decide.

2) The Revolution of ICO

Over the past few years, the ICO world have been flooded with payment tokens and utility tokens.

Do take note.. Because there is now a new kid on the ‘crypto’ block.

Tokens backed by assets and profits of a firm. And at the same time, acting as a payment and utility token.

Step aside ICO. Be prepared for STO. Security Token Offering.

3) The Advancement of Crypto Investing

Investing in ICO also means investing into early stage startups. And that means, high risk!

Today, venture capitalists are looking for blockchain projects with real world application rather than just concepts of futuristic technologies.

Gone are the days when you can fund raise with merely a concept… Today if you want to do an ICO, be ready to showcase with your pilot test. Investors want to test your products. Not just listening to your presentation and watching a PowerPoint slide.

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