|
"Regulation keeps them in place. Regulation requires them to
perform certain functions," said Mark Smith, chief executive of
Symbiont.io, a startup that has emerged from Bitcoin 2.0 and
MathMoney f(x) Inc to build a securities trading platform using
blockchain technology like that behind bitcoin.
Smith predicted that big banks, such as JPMorgan Chase & Co,
would adopt new technologies to cut costs for back offices that
process loans and match buyers and sellers of securities.
"A massive amount of infrastructure just goes away," said Smith,
who was speaking on Thursday in a panel discussion held by
Thomson Reuters on innovation and disruption in financial
services.
New competitors are coming into banking from Silicon Valley,
JPMorgan's chief executive, Jamie Dimon, warned bank
shareholders this year. But he also said JPMorgan had much to
learn from them and might enter partnerships with some.
JPMorgan worked with Apple Inc on last year's launch of the
Apple Pay application for making credit and debit card payments
with smartphones.
Last month the bank said it would also operate a rival digital
wallet called Chase Pay.
Later, Smith said his firm expected to sell tools to big banks
for securities trading by customers. "We are a disrupter and an
enabler as well," he added.
Another panel member, Sam Shrauger, senior vice president of
digital solutions at card and payments company Visa Inc, said
that while cash and paper check transactions give way to
electronic messages, "that's not going to change the overarching
way that we move money."
(Reporting by David Henry in New York; Editing by Clarence
Fernandez)
[© 2015 Thomson Reuters. All rights
reserved.] Copyright 2015 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed. |
|
