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Joyce Chang Kimberly Harano Global Research 二 PP Morgan
(1-212) 834-4203 (1-212) 834-4956 炎P. Morgan Perspectives
joyce.chang@jpmorgan.com kimberly.L.harano@jpmorgan.com 18 February 2021
Jan Loeys
(1-212) 834-5874
jan.loeys@jpmorgan.com
JP. Morgan\'s Approach to Blockchain
JP. Morgan ls a leader in blockchain technology and has been building innovative solutions for clients since 2013. This
innovation has spanned from protocol-level development to new payment-specific networks and applications.
In 2020, J.P. Morgan launched a new business unit called “Onyx by J.P. Morgan that houses the firm\'\"s blockchain efforts.
In doing so, JP. Morgan became the first global bank to create a dedicated unit to develop and scale blockchain-based
products. Onyx\'`s mission is to reimagine how businesses can be built, run, and transformed with the new infrastructure，
networks, and services enabled by distributed ledger technology，.
Onyx has a Significant portfolio ofnew products, including: a blockchain-based intraday repo application where J.P. Morgan
executed the first live intraday repo trade on ablockchain; Liink by J.P. MorgansM, the world”s largest blockchain-based
institutional network with increasing membership and offerings; and JPM Coin, ablockchain-based payment rail and
account ledger.
JP. Morgan plans to continue increasing its investment in blockchain technology as many of these efforts mature and achieve
Scale at a global level. J.P. Morgan is excited to make progress on Several of the highest impact blockchain initiatives in the
industry:
Liink by J.P. Morgan: First plloted in 2017 as the Interbank Information Network@ (IN), Liink is the first bank-led
production-grade, scalable, and peer-to-peer blockchain-based network. It addresses the longstanding challenges of sharing
payments-related information across institutions. More than half ofthe world\'s largest banks have signed up to join the new
paradigm, using blockchain to simplify information exchange around how money moves. Liink also enables banks to
monetize their data assets by sharing information on and developing applications for the network.* Current applications on
Liink include:
Confirm, wphich allows participants to exchange information to validate account information prior to payment initiation
across geographies and most common payment types;
Resolve, which allows participants to exchange information to resolve compliance-related inquiries; and
Smart check routing to streamline the processing of checks, as JP. Morgan enables check originating financial service
providers to directly transmit check transactions to lockbox providers using digital means.*
Digital Assets & Intraday Repos: Onyx Digital Assets ls anew Onyx platform for digital asset transaction use cases. At
the end of 2020, J.P. Morgan launched Onyx Digital Assets, along with its first live application for the execution of intraday
Tepurchase transactions OfT Tepos，which allowed for the Simultaneous exchange of cash for securities on blockchain
without physical movement of securities.
JP. Morgan recognized the opportunity to build new financial technology with the initial goal of significantly enhancing
active intraday liquidity management and reducing reliance on unsecured funding. By more efficiently securing a portion of
liquidity provision to JJ.P. Morgan clients with intraday collateral, J.P. Morgan aims to reduce counterparty credit risk related
to intraday liquidity financing and the resulting market Tisk.
Project Ubin: Onyx has been partnering with the Monetary Authority of Singapore (MAS) on a multi-year, multi-phase，
collaborative project to explore the use of blockchain and Distributed Ledger Technology (DLT) for clearing and settlement
of payments and securities. JP. Morgan ls now in the process of commercializing the learnings from Project Ubin. Our
initial focus is on building a platform - being developed with two world-leading partners -that is expected to launch in
Singapore with availability to banks in that country. The initial focus will be on domestic multi-currency payment clearing，
With many other services to follow.*
The pipeline of R&D projects at Onyx ls equally as exciting, including Digital Identity and quantum resistant networks，.
JP. Morgan fervently believes that the financial services industry is still just barely scratching the surface of blockchain use
cases and that as far as blockchain is concerned, the best ls yet to come.*
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2Joyce Chang
(1-212) 834-4203
joyce.chang@jpmorgan.com
Jan Loeys
(1-212) 834-5874
jan.loeys@jpmorgan.com
Contributing Authors
Kimberly Harano
(1-212) 834-4956
kimberly.L.harano@jpmorgan.com
Global Research
J.P. Morgan Perspectives
18 February 2021
JPMorgan
US Fixed Income Strategy
Henry St John
henry.stjohn@jpmorgan.com
小P. Morgan Securities LLC
Colin W Paiva
colin.w.paiva@jpmorgan.com
小P. Morgan Securities LLC
Economic and Policy Research
Michael Feroli
michael.e.feroli@jpmorgan.com
JPMorgan Chase Bank NA
Cross-Asset Fundamental Strategy
Federico Manicardi
federico.manicardi@jpmorgan.com
上P. Morgan Securities plIC
Global Markets Strategy
Mika Inkinen
mikaj.inkinen@jpmorgan.com
小P. Morgan Securities PIC
Nishant Poddar， CFA
nishant.poddar@jpmchase.com
上P. Morgan India Private Limited
Emerging Markets Asia, Economic and Policy
Research
Haibin zhu
haibin.zhu@jpmorgan.com
JPMorgan Chase Bank, N.A., Hong Kong
European Equity Research
CEEMEA Financials, Conglomerates & Strategy
Naresh Bilandani
naresh.n.bilandani@jpmorgan.com
小P. Morgan Securities plIC
CEEMEA Banks
Samuel Goodacre
samuel.goodacre@jpmorgan.com
小P. Morgan Securities plIC
Mehmet Sevim
mehmetsevim@jpmorgan.com
上P. Morgan Securities plIC
Neha Rai
neha.rai@jpmchase.com
上P. Morgan India Private Limited
US Equity Research
Payments, Processors & IT Services
Reginald L. Smith， CFA
reginald.l.smith@jpmorgan.com
上P. Morgan Securities LLC
Andrew polkowitz
andrew.polkowitz@jpmorgan.com
上P. Morgan Securities LLC
Puneet Jain
puneet.x.jain@jpmorgan.com
上P. Morgan Securities LLC
Hitesh Malla
hitesh.malla@jpmchase.Ccom
上P. Morgan India Private Limited
U.S. Mid and Small Cap Banks
Alex Lau
alex.|au@jpmorgan.com
小P. Morgan Securities LLC
Janet Lee
janet.s.|ee@jpmorgan.com
上P. Morgan Securities LLC
Anthony Elian， CFA
anthony.elian@jpmorgan.com
小P. Morgan Securities LLC
Nikhil Potluri
nikhil.potIuri@jpmchase.com
上P. Morgan India Private Limited
Asia Equity Research
Banks& Financial Services
Daqi jiao
daqijiao@jpmorgan.com
上P. Morgan Securities (Asia Pacific) Limited/ 上 P. Morgan
Broking (Hong Kong) Limited
Peter Zhang
peter.zhang@jpmorgan.com
上P. Morgan Securities (Asia Pacific) Limited/ 上 P. Morgan
Broking (Hong Kong) Limited
Allen Li
allen.f.li@jpmorgan.com
小P. Morgan Securities (China) Company Limited
Banks and Conglomerates
Daniel Andrew Tan, CFA
danielandrew.o.tan@jpmorgan.com
上P. Morgan Securities Philippines, Inc.。
India Financials and Real Estate
Saurabh Kumar
saurabh.s.kumar@jpmorgan.com
上P. Morgan India Private Limited
ASEAN TMT
Ranjan Sharma, CFA
ranjan.Xx.sharma@jpmorgan.com
小P. Morgan Securities Singapore Private Limited
Insurance
MW Kim
mw.kim@jpmorgan.com
上P. Morgan Securities (Asia Pacific) Limited/ 上 P. Morgan
Broking (Hong Kong) LimitedJoyce Chang Kimberly Harano Global Research
(1-212) 834-4203 (1-212) 834-4956 J.P. Morgan Perspectives J上 Morsgan
joyce.chang@jpmorgan.com kimberly.L.harano@jpmorgan.com 18 February 2021
Jan Loeys
(1-212) 834-5874
jan.loeys@jpmorgan.com
Table of Contents
EXecCutive SUmImary .sssseessssssseseeeesssssssssssesossossnnosoososossonnnooooooooooonoooooooooooooooooooooooooooooooooooooooooooooeeoooas 5
Bitcoin is an economic Side show - the rise of digital finance is the real post-COVID-19 StOry ,see 6
The rally in Bitcoin: A side story of COVID-19
Areview of the past yearfor Bitcoin: Competition With gold as“alternative”Ccurrency is
由 16
What cryptocurrencies have and havent done for multi-asset portfolios: Mainstreaming i5
reducing diversification benefits and leading to failure during a CT1Si1S ,ssesesesesesssssssssssssssssssssssns 22
Only as strong as the foundation: Risks inherent in the microstructure of Bitcoin marketS......。。.。 30
The rise of digital currencies: Not yet transformational
YouSsay you want a revolution: Who is permissioned to utilize digital CurrenCieSp.. seeeseseseeessssees 35
China\'s CBDC: Constrained by capital controls and slow progress in RMB internationalization 46
The Japanese Case: Two moves toward establishment of Digital Currency and the impact
On payment fOW .sssessssssssssssesssssssssssssssssssnnnosssososoonnnosoooooooonoooooooooooooooooooooooooooooooooooooooooooooeoooas 49
The rise of digital finance: The real transformational story of COVID-19
Payments & Processors: Modern providers gained ground over legacy With consolidation
tO COImie .se sse sse se sssssssssssssssssssssssssssssssssssssssossssssssssssssssssossosssossssssssssosoosooseosssssssosoosoososssssssssssossossns 53
US regional banks positioned as endgame Winners in the digital age .ssssssssssssssssssessssssssssssssssns 55
China Banks: Going Mobile - Evaluating Banks\' Digital PUSh .sssssssssssssssssssssssssssssssssssssssssssssessns 60
FinTech in ASEAN: Going mainstrearmmn ,sossssssssssssssssssssssnsssssssesesssnsssssssessssnssesssnesessssesesssossesssosssssts 63
UAE Digital Banks: NOn-banks are growing fast Compared to the rest of MENA .ssessesssse。 68
CEEMEA Banks: COVID-19 catalyzing digital banking acCCeleratiOn ,sossssssssssssssssssssssssssssssssssssssns 72
AppendiX ,sosssssssessssssssssssssssnsssssssssssssnssssssseosssnseesssnseessaoessssnoeesssnesessstossssnoeosssnesesssoesesssoeesssoosesssoens 75
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