I knew banks are closely looking at the blockchain technology because they can save a lot of money by reducing the costs. What is surprising me is according to the graph Asian countries will benefit most from this technology compared to EU/USA. I completely thought the opposite.
Exactly my thought. I was surprise to see Asian benefiting more from Blockchain adoption. Does it mean that there's plenty of banks in Asia to say that least? Or almost all banks in that region will embrace Blockchain because they welcome this technology with open arms? Or are there more banks in the horizon that will emerge in Asia with Blockchain-based solutions already in place?
dunno since I don't know any Asian banks but it could because it's the area that will invest the more to evolve their banking industry. Or I am thinking it can be because Asia will be the most important area to use cross-border payments if their international trades are increasing (more export)
That's right. Developing economies are actually and expectedly the ones most likely to explore the use of cross-border payments, and not simply because of traditional international trade but because more of their income is diversified as well, with revenue increasingly coming from abroad. Digital commerce is growing, so people are also increasingly buying from overseas - and this rate is growing much more in Asia than in any other region, though Africa and Latin Africa are also hot on their feels - simply as digital penetration grows rapidly here, whereas is saturated in developed economies. China alone accounts for most of this "Asia" numbers of course.
I'll put this in simple terms. If I'm in Europe and I'm buying from say, China, I have to pay perhaps an extra 8 Euros more just for the international transaction. Back in Malaysia, I could order something from abroad I pay RM30 ($7) for the same international tx. 8 euros is almost 1% of the average mum wage in EEA (it varies widely). $7 is more than 3% of min wage in Malaysia (<$220) and >4% of that in China ($160).
Europe also already has a lot of crossborder payment solutions... like neo banks like Revolut and all that so they already can save a lot on international txs. Asia doesn't have them yet outside of urban cities. We're basically still stuck with Swift if merchants don't offer Bitcoin payments =) If banks in Asia could offer this... offer lower fees to customers, and keep more of the commissions for themselves, apart from obvious benefit of speed and better security.
