Significant industry collaboration is needed if the financial sector is to make the most of blockchain technology, but banking culture still poses an obstacle, according to senior financial sector executives.

Speaking during the first Innotribe session at the 2015 Sibos conference, held at the Sands Expo and Convention Centre in Singapore on October 12, banks' technology and innovation officers expressed a belief that blockchain can drive "massive" changes in the industry. They noted, however, that developing common industry market standards will be crucial to meaningful implementation.