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CTBC Bank vice chair shares insights on disruptive innovation at WCIT 2017

The blockchain is mainly used in cross-border transactions including global trade financing, cross-border money transfer and currency trade including digital currencies such as bitcoins, Li said.

Li stressed that traditional banks much integrate rapidly and apply new technologies to the industry to focus more on customer experience and comprehensive digitalization enhancement. Traditional bank branches and human resources can be reallocated to sales and consultation services, he said.

At the discussion - moderated by Greg Unsworth, risk assurance and digital business leader at PWC Singapore and participated by Nigel Jacob, co-Founder of Boston Mayor's Office of New Urban Mechanics, Stephen King, partner at Omidyar an Ming-Kai Tsai, chairman of MediaTek - Li called on the government to establish sound regulations, environment and infrastructure to encourage innovation. For example, Singapore and the UK have relaxed regulations to set up a flexible "sandbox" approach to fin-techs regulations.

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