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Business trends

Banks embrace blockchain to remain relevant

HSBC and MUFG adopt technology as more transactions bypass lenders

TOKYO -- Global banks such as HSBC and Mitsubishi UFJ Financial Group along with local players like Japan's Resona Holdings and Bank of Ayudhya in Thailand are embracing blockchain technology to offer lower-cost services as financial technology companies threaten their dominance.

This disruption comes amid rapidly expanding trade and inbound tourism in Asia. Opportunities are ubiquitous for those that provide cost-competitive, easy-to-use services. Blockchain, the technology underpinning cryptocurrencies like bitcoin, often provides the answer.

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