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Blockcast.cc: Dear Blockcast.cc readers, it’s me again, Jenny Zheng Cofounder of Blockcast.cc. It is the beginning of a brand new month and today we have a special guest- Ms Su Yen Chia from Euroclear Bank. Hi Su Yen, please introduce yourself.
Su Yen: I am Su Yen Chia and I began my career in Euroclear as the Asia Head of Strategy and Government Affairs. I was subsequently promoted to Deputy Branch Manager of Euroclear Bank HK Branch and I am presently Euroclear Bank’s Head of Capital Markets for South Asia.
Blockcast.cc: What is the role of Euroclear Bank?
Su Yen: Euroclear Bank is the premier provider of settlement and related securities services for cross-border transactions involving domestic and international bonds, equities and investment funds.
Blockcast.cc: What are your views on the current blockchain disruption?
Su Yen: Blockchain fundamentally changes the way financial transactions are handled today. The traditional way of looking at banks is shifting and the impact on consumers and capital markets on the whole is significant. The digital transference of assets, though technologically feasible, to have sufficient scalability, legal and regulatory frameworks need to evolve. This is another crucial plank to shore-upand expand financial services offerings for a digital economy. Euroclear has been looking at ways to adapt our business model and we are already going in this directionin recent years.
Blockcast.cc: Do you have concrete examples?
Su Yen: We have recently achieved a joint initiative to bring efficiencies to the European Commercial Paper market. We worked with European Investment Bank (EIB), Banco Santander, and EY on an end-to-end blockchain solution for issuing and settling commercial paper transactions.
This pilot blockchain-based platform will reduce time-consuming bilateral processing between multiple market participants, providing one efficient consolidated hub for the issuing of commercial paper transactions. Other key benefits of this blockchain solution would be full transparency and traceability of issuance related activities; a reduction in operational costs and true time optimization. Thanks to this technology, the same day issuance will become the new market standard.
Blockcast.cc: How does Asia differ from other regions?
Su Yen: Asia consists of a diverse pool of countries at varying levels of economic maturity and this is exactly where blockchain technology can play a significant role. Blockchain technology can deliver services that transcend national boundaries and in effect, help certain countries leap-frog stages of development, especially in situations where legacy systems are not entrenched. This can potentially create a whole new economic value-chain for the country. Asia also has farsighted regulators and politicians who are willing to conceive a new digital eco-system, make the required trade-offs, to lift their “game” that attract offshore investors and grow national “new economy” champions.
Blockcast.cc: Last but not least, can you share an inspiring quote for our readers?
Su Yen: The quote will be:
“BlockChain is about creating a new financial and economic multiplier for society”.
Blockcast.cc: That’s fantastic and certainly insightful. We hope to see more developments from Euroclear Bank on blockchain. Thank you once again for the interview.