批发银行业应对数字资产的崛起

Global Banks & Asset Managers Digital Rails, Real Economics:Digital Assets & the Future of Digital Assets are unlikely to disrupt Wholesale Banking, but digital rails could reshape theeconomics of several major business lines by 2030. Banks can defend and even grow shareby investing now in trusted client gateways, tokenized rails, and ecosystems to support the Oliver Wyman is a global leader in management consulting. For more information, visit www.oliverwyman.com.Oliver Wyman is not authorized or regulated by the PRA or the FCA and is not providing investment advice. Oliver Wyman authors are not research analysts and are neither FCA Oliver Wyman authors have only contributed their expertise on business strategy within the report. Oliver Wyman’s views are clearly delineated.The securities and valuation sections of this report are the work of Morgan Stanley only and not Oliver Wyman.For disclosures specifically pertaining to Oliver Wyman, please see the Disclosure Section located at the end of this report For analyst certification and other important disclosures, refer to the Disclosure Section, located at the end of this report. Authors OLIVER WYMAN MORGAN STANLEY James Starke, CFA6EQUITY ANALYST+27 11 587 0814James.Starke@morganstanley.com Dylan WalshPARTNER+1 617 650 1457 Betsy L. Graseck, CFA1EQUITY ANALYST+1 212 761 8473Betsy.Graseck@morganstanley.com Peter DykstraPARTNER+1 206 669 9772 Giulia Aurora Miotto, CFA2EQUITY ANALYST+44 20 7425 5344Giulia.Aurora.Miotto@morganstanley.com Ben Bayanfar1RESEARCH ASSOCIATE+1 212 761 0646Ben.Bayanfar@morganstanley.com Jason EkbergPARTNER+31 6 11 56 36 25 Michael J. Cyprys, CFA, CPA1EQUITY ANALYST+1 212 761 7619Michael.Cyprys@morganstanley.com Franco Insausti, CFA2EQUITY ANALYST+44 20 7677 3769Franco.Insausti@morganstanley.com Joseph CoxPARTNER+1 919 218 8207 Alvaro Serrano8EQUITY ANALYST+44 20 7425 6942Alvaro.Serrano@morganstanley.com James Faucette1EQUITY ANALYST+1 212 296 5771James.Faucette@morganstanley.com Tony Zheng, CFAPRINCIPAL+1 917 963 4276 Nick Lord3EQUITY ANALYST+65 6834 6746Nick.Lord@morganstanley.com Jordan ColeENGAGEMENT MANAGER+1 201 744 4652Jordan.Cole@oliverwyman.com Jorge Kuri1EQUITY ANALYST+1 212 761 6341Jorge.Kuri@morganstanley.com Esther ChongASSOCIATE+65 90 12 61 42 Richard Xu, CFA5EQUITY ANALYST+852 2848 6729Richard.Xu@morganstanley.com Hirak ShahCONSULTANT+1 646 492 6573 1 Morgan Stanley & Co LLC 2 Morgan Stanley & Co. International PLC+3 Morgan Stanley Asia (Singapore) Pte.+4 Morgan Stanley MUFG Securities Co., Ltd.+5 Morgan Stanley Asia Limited+6 RMB Morgan Stanley Proprietary Limited+7 Morgan Stanley & Co International plc, Seoul Branch+8 Morgan Stanley Europe S.E., Madrid Branch+9 Morgan Stanley Australia Limited+10 Morgan Stanley India Company Private Limited+ Contributors MORGAN STANLEY OLIVER WYMAN Mia Nagasaka4EQUITY ANALYSTMia.Nagasaka@morganstanleymufg.com Martin SommerPARTNERMartin.Sommer@oliverwyman.com Selvie Jusman3EQUITY ANALYSTSelvie.Jusman@morganstanley.com Michael WagnerPARTNERMichael.Wagner@oliverwyman.com Kade O'Reilly1RESEARCH ASSOCIATEKade.O'Reilly@morganstanley.com Joon Seok7EQUITY ANALYSTJoon.Seok@morganstanley.com Heewon Choi7EQUITY ANALYSTHeewon.Choi@morganstanley.com James Warrick AlexanderPARTNERJames.WarrickAlexander@oliverwyman.com Manan Gosalia1EQUITY ANALYSTManan.Gosalia@morganstanley.com Michael MagumbeSENIOR RESEARCH ANALYSTMichael.Magumbe@oliverwyman.com Sally Hong, CFA9EQUITY ANALYSTSally.Hong@morganstanley.com Richard Wiles9EQUITY ANALYSTRichard.Wiles@morganstanley.com Chiyao Huang5EQUITY ANALYSTChiyao.Huang@morganstanley.com Subramanian Iyer10EQUITY ANALYSTSubramanian.Iyer@morganstanley.comRyan Kenny, CFA1EQUITY ANALYSTRyan.Kenny@morganstanley.com Beryl Yang5RESEARCH ASSOCIATEBeryl.Yang@morganstanley.com Kushan Parikh, CFA10EQUITY ANALYSTKushan.Parikh@morganstanley.com Connell J. Schmitz1RESEARCH ASSOCIATEConnell.Schmitz@morganstanley.com Lavish Porwal10RESEARCH ASSOCIATELavish.Porwal@morganstanley.com Jorge Echevarria1EQUITY ANALYSTJorge.Echevarria@morganstanley.com Meera Midha10RESEARCH ASSOCIATEMeera.Midha@morganstanley.com Marina Massuti2EQUITY ANALYSTMarina.Massuti@morganstanley.com Aitong Li3RESEARCH ASSOCIATEAitong.Li@morganstanley.com 1 Morgan Stanley & Co LLC 2 Morgan Stanley & Co. International PLC+3 Morgan Stanley Asia (Singapore) Pte.+4 Morgan Stanley MUFG Securities Co., Ltd.+5 Morgan Stanley Asia Limited+6 RMB Morgan Stanley Proprietary Limited+7 Morgan Stanley & Co International plc, Seoul Branch+8 Morgan Stanley Europe S.E., Madrid Branch+9 Morgan Stanley Australia Limited+10 Morgan Stanley India Company Private Limited+ MContents 5Section 1. Executive Summary 8Section 2. State of Wholesale Banking Today 10Section 3. Impact of Digital Assets on Wholesale Banking 24Section 4. Strategic Response 25Appendix: Detailed Outlook for Wholesale Banking 31Appendix: Key Terms and Acronyms M 1. Executive Summary Wholesale Banks enter 20