David Arnoltt, the CEO of Temenos Group, one of the biggest firms specializing in software for banks, spoke about Bitcoin [BTC] and other cryptocurrencies and blockchain technology, during an interview with CNN Money Switzerland.
The CEO of Temenos said that banks across the world did not evolve much over the past 40 years because of the lack of competition. However, because of Google, Amazon and Apple’s entry into the market, banks have started to spend more money on digital transformation, especially Swiss banks.
Furthermore, David was asked whether traditional banks would collapse if they fail to hop on to the blockchain technology and Fintech bandwagon. He said that this could possibly occur and that it is difficult to predict the future of banks. This is because the structure of banks today have a considerable difference in comparison to the structure of banks 20 years ago.
David further added that the company supports blockchain but the technology does not have a drastic impact on their business. He said that they will be making announcements involving the cryptocurrency and blockchain space in the coming days.
The CEO stated:
“We are able to support a cryptocurrency. We have a lot of activity in my home town of Zurich actually, in terms of supporting alternative use of technology uses. We support distributed ledger technologies as well.”
He was further asked about how the company was planning to use cryptocurrencies and whether they will be choosing Bitcoin [BTC], Ethereum [ETH] or other cryptocurrencies in the market. David said that it is not the company that decides but the banks that make the call. The CEO believes that there is a role for banks in the cryptocurrency market including tokenization. David added that banks can be “very good custodian” for the space.
The CEO also spoke about the regulatory concerns of the market. He said:
“We are slightly on the fringes because at the moment we are waiting for the regulatory environment to be sorted out and until then certain questions are answered like automatic KYC checks and certain questions around the overall market. Temenos stands ready to support our n-markets and our n-markets are ultimately banks.”
He further added:
“If they can find a role supporting cryptocurrencies as a custodian or a value transfer agent, whatever that role might be, clearly it is with the level of R&D spend that we have. We spend more money on research and development than any other banking software company in the world. We will be there first and you will see some announcements in the next few days as well.”
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