TRADE FINANCE | Staff Reporter, Hong Kong

ICBC Asia's COO to discuss how third party payment providers threaten traditional banks at the 2017 Banking Forum in Hong Kong

Jimmy Chan says real-time cross-border payment progresses in line with the international development of e-commerce.

Jimmy Chan, chief operation officer and head of operation management department at ICBC (Asia), has over 30 years of experience in major international banks including The Chase Manhattan Bank, ABN-AMRO Bank, OCBC Bank, CITIC Industrial Bank (China), CITIC Bank International, DBS Bank, and ICBC (Asia) Ltd.

He currently serves as a member of various committees at the Hong Kong Association of Banks: Consultative Council, Financial Services Delivery Channel Committee, and the Consultative Committee on Deposit Protection Scheme. He is also a member of the board of directors of the HKEX-OTC Clearing Limited.

Chan will be one of the panelists who will discuss Real-time Cross-Border Payments in Asia at the upcoming Banking Forum 2017 in Hong Kong.

Chan believes that the cross border real time payment is actually developed in line with the international e-commerce development. He says it was originated from the USA with gurus like eBay, Amazon.

“When they sell products over the internet, a real time cross border payment mechanism has been evolving to satisfy the need for immediate clearance and settlement against product delivery. The application is further enhanced by the Chinese market and has since developed into even more powerful platform and much bigger market, like the Alipay from TaoBao and the Wechat Pay from Tencent. This development poses a threat to commercial bank which is the traditional provider of cross border remittance product. The Forum can discuss on the relationship between traditional banks and these third party payment providers, competition and cooperation,” he adds.

The 2017 Banking Forum will be held on July 26 at the Conrad Hong Kong.

If you are interested to attend, you may contact Nikki Quiniquini at nikkiq@charltonmediamail.com or at +65 3158 1386 ext 238.

To read the post-event coverages of the Retail Banking Forums held this year, click on the links below:

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