How HSBC wants to power the Web3 economy

Why would a large global security company invest in the Metaverse? Catherine Zhou said as she took the stage at Sibos 2022, “Spotlight on Digital Value: Conquering the metaverse.” on her Innotribe stage in Swift.

HSBC’s Catherine Zhou to speak at Sibos 2022

HSBC, one of the world’s largest global banks, is actually number six, working with the central government to formulate monetary policy and printing the Hong Kong dollar in Hong Kong. “So why do we think about the Metaverse?”

To answer this, Zhou presents a bank’s approach to innovation. How banks make tomorrow better. And finally, how can HSBC make the day after tomorrow better?

For HSBC, getting serious about the Metaverse is laying the groundwork for a distant time horizon when it is here, ready to maximize opportunities and mitigate risks.

“What if we’re all working in the same direction, just trying to do the same thing better, cheaper, faster, but the world passes us by? What if the day after tomorrow the world works differently? “

Generation Z

Zhou said the last two years have “literally threw us all into the metaverse,” and the metaverse is more than just 3D. “Our definition is really the convergence of the digital and physical worlds.” This means that all Zoom calls we’ve made during the pandemic are also part of the Metaverse.

“We are not just looking at one thing at a time, we are looking at the whole ecosystem,” said Zhou, noting that HSBC is making long-term bets on themes: quantum computing, digital wallets and virtualization. , automation, and tokenization.

The foundation upon which these themes and the metaverse itself rest is Web3. “And his Web3 doesn’t really mean crypto. Web3 is about users controlling their data, their identity, where they want to be, and how they create value.” This user-centric ‘s approach is the core of his bet on five longs.

“The rise of customers owning their own identities is one of the major trends that is coming to us at a much faster rate,” believes Zhou.

A new dawn for banking

Interestingly, Zhou believes Web3 and the Metaverse will allow people’s money to be put into digital wallets and withdrawn from banks. This change will give banks a new role, a new purpose beyond holding and lending money in a safe and secure way.

But first, Zhou said, the online, open, permissionless blockchain environment needs to be purged of bots and remade into a non-wild one.

One of the most popular metaverses, OpenSea, hosts 70% of the traffic, which Zhou believes is “fake fraudulent plagiarism, but it will be over in three to five years.” increase. “We know the technology adoption curve is he 10 to 15 years, and that particular cycle takes about four years.”

Once regulations were introduced through the introduction of permission-based rules, he said, “What do you think will happen in the Web3 environment? When the technology matures, everyone will be able to do what banks do.”

Zhou said HSBC will help implement rules that make these permissionless infrastructures more trustworthy and transparent, making them more comfortable for more people to use.

“We firmly believe that tokenized technology and the associated economy will take hold,” adds Zhou.

“We want to be an ecosystem platform provider to power the Web3 economy, not compete with it.”

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