1 in 4 HK financial services firms adopting blockchain

1 in 4 HK financial services firms adopting blockchainNearly one in four (23%) CFOs within financial services organizations have specific plans for leveraging blockchain, and more than half (52%) are planning to invest in blockchain in the future.

These are among the key findings of a survey into the use of blockchain within Hong Kong's financial service sector from Robert Half.

The survey also found that a further 20% of CFOs admit that they should be considering an investment despite having no such plans at the moment.

A strong majority (80%) also believe blockchain implementation will have a genuine impact on the financial services industry over the next five years.

Among companies that have implemented blockchain within their business, 52% said it has led to faster transactions and empowered users, while 35% say it has resulted in lower transaction costs and 30% say it has increased transparency and decentralized services.

As blockchain enters the mainstream, demand for people with the skills required to leverage the technology is increasing, the survey found. Four in 10 financial service leaders are seeking professionals skilled in trading (40%).

Other skillsets in demand include trading technology (36%), analytics (35%) and database management (34%).

But CFOs are facing a skills shortage, with more than half (52%) stating that demand for qualified experts outweighs current supply.

“Hong Kong’s financial services sector needs to adapt to new technological developments as quickly as our regional competitors in order to remain globally competitive. Part of this technological adoption includes the implementation of blockchain technology within the sector,” Robert Half Hong Kong managing director Adam Johnson commented.

“Blockchain could potentially encourage Hong Kong’s financial services sector to become much more diverse in its service delivery, helping many financial services companies gain a competitive edge in the market. However, the sector’s ability to fully leverage the benefits of new technology depends on companies’ success in engaging a workforce with the right skills.”