Absa and blockchain: A Journey of innovation and learning

chinadaily.com.cn | Updated: 2024-08-05 09:59

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As a leading African bank, Absa is committed to driving innovation and digital transformation in the financial sector. [Photo provided to chinadaily.com.cn]

Why blockchain is important for Absa

Absa believes that blockchain is an important technology, and predicts that it will continue to grow in significance as Absa drives its ambition to be a digitally powered business. There is little doubt that the benefits of blockchain will have an increasing impact and benefits for clients. Absa feels it's still at the early stages of understanding the potential of the technology and how it can help transform businesses, and the products and services to clients, but at the same time, Absa is increasingly hearing from clients that they want to understand more about products built on blockchain.

Absa expects to see blockchain-enabled use cases grow as regulations continue to become clearer and awareness of the benefits grow among the customer base, alongside networks in Africa and wider improving in acceptance of the technology and how it can create value across a whole host of use cases.

While the data in this year's report shows a reduction in investment from 2022 to 2023, the investment landscape in 2024 shows renewed interest, and that demonstrates resilience and the understanding that Africa is an incredible place to invest in, with creative thinkers and bright minds who innovate to solve real problems in communities and economies.

Absa has been on a journey of innovation and learning with blockchain and has been involved in various projects and initiatives that showcase the potential and value of blockchain for the financial industry. Absa believes that blockchain is an important area for the future, as it aligns with Absa's strategic ambitions, creates competitive advantage and differentiation, and prepares for the future of finance. Absa is committed to continuing to explore and experiment with blockchain and leveraging this technology to create value for customers and stakeholders.

Authored By: Johnson Idesoh, Group Chief Information and Technology Officer, Absa Group, and Rob Downes, Head of Digital Assets, CIB Africa, Absa Group