Karen Chen Former UBS China President Joins Cryptocurrency Firm Higgs Block
Karen Chen joined UBS China in the year 2014 from Commonwealth Bank of Australia. Karen was CEO at the Australian bank and had held several portfolios at Standard Chartered Bank. She was elevated to the position of President at UBS in 2015.
Karen has been appointed as Chief Executive Officer at Higgs Block Technology Pte. Ltd. Higgs Block was founded in August 2017 and has headquarters in Singapore. The company has five subsidiaries, which are Higgs Chain, BitUN Fintech, Higss Consulting, Higgs Exchange Group and Exchange Technology. The businesses of Higgs Block cover the application of blockchain technology, financial management consulting, one-stop exchange solutions, etc. Currently, Higgs Block Group has completed the necessary arrangement in countries and areas like Singapore, UK, Japan, Korea and Hong Kong.
Ms. Chen acknowledges the challenges in areas of risk management, custodian, and trade settlement. She is optimistic about the business opportunities in the cryptocurrency space given the fact that there is less risk mitigation management and control in place. There has been a significant crackdown by Chinese authorities on crypto exchanges and ICOs. Higgs Block is extending advisory services to its Chinese clientele. Chen is upbeat about cryptocurrencies in China despite not so encouraging attitude of the Chinese government.
— UBS (@UBS) June 6, 2016
The market needs disruption by state of the art cutting edge technologies to cater to the needs of high net-worth individuals and investors having sophisticated investment requirements. Karen Chen approves usage of technology to bring the change in investment space. Her decision to be part of blockchain company explains the rationale behind her move.
Ms. Chen advocated finding the right balance between innovation and convention at UBS. Blockchain technology has ushered change in several domains including finance and banking. While it is necessary to respect protocol, to stay agile technological innovation is the key to survival in fast-paced competition.
Image via South China Morning Post