China government

This month is marking the 20th anniversary of Macau’s return to China and the China government has praised the city for upholding the

“one country, two systems” framework that governs both

Hong Kong and Macau. 

China also announces a raft of new policies aimed at diversifying the city’s casinodependent economy into a financial center,

The signal is very clear: Macau future focus will be on finance,

and let’s take this chance to review the fintech development in the city and the neighboring mainland China.

When we talk about fintech, blockchain for sure is the hottest topic in the recent days. 

the fever soon died down and most stock prices falling below their previous levels.

Xi’s push for the technology did not come as much of a surprise actually. 

The world’s two major financial transaction providers SWIFT and the Clearing House Interbank Payments System (CHIPS) are American global hegemony. 

China government It is reasonable to believe that there is a certain risk associated with a high degree of reliance on them for other countries. 

Technically, blockchain can facilitate cross-border payments and it might also have an impact on promoting China renminbi internationalisation in overseas markets as well.

As the ongoing Sino-US trade war, it make sense for Beijing to rethink the dependency on the current international

About Raymond Chan Raymond Chan is a 20-year data science and business innovations veteran.

monetary framework.

China actually has a technology gap in blockchain with the US as more than 90 per cent of domestic Chinese blockchain systems are based on foreign codes or their variants,

according to a 2018 report by the China Academy of Information and Communications Technology. However, the Chinese companies are very forward-thinking in the use of blockchain technologies.

Facebook chief executive Mark Zuckerberg has once warned US Congress about China would overtake the US in innovation.  He said:

We cannot sit here and assume that because America is today the leader that it will always get to be the leader if we don’t innovate.”

But it does not mean that blockchain is the only solution for all problems. 

It is costly to implement and can be replaced by other technologies in most industry applications. 

We are still in the early stage to apply blockchain in Gaming.  We can just stay tune to see how this new Fintech will be used in the future.

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