Prime Highlights:
- Standard Chartered CEO Bill Winters said most global transactions will eventually run on blockchain, marking a major shift in global finance.
- He praised Hong Kong for leading in digital asset regulation and innovation, calling it a key hub for blockchain growth.
Key Facts:
- Standard Chartered is expanding in digital finance through services like asset custody, trading, and tokenized products.
- The bank plans to launch a Hong Kong dollar-backed stablecoin with partners Animoca Brands and HKT under Hong Kong’s new digital asset framework.
Background:
Standard Chartered CEO Bill Winters believes most global transactions will soon run on blockchain. Speaking during a panel session at Hong Kong FinTech Week, Winters said that the financial system is on the verge of a complete transformation, as digital money and blockchain-based settlements become mainstream.
“Our belief, which I think is shared by the leadership of Hong Kong, is that pretty much all transactions will settle on blockchains eventually, and that all money will be digital,” Winters stated. He said this change would mean “a complete rewiring of the financial system” and stressed the importance of testing and learning as the transition takes shape.
Standard Chartered, listed in both London and Hong Kong, has been steadily growing its presence in digital finance. The bank now offers digital asset, trading, and tokenized product services to match fintech growth. Winters also praised Hong Kong for its active efforts in developing clear rules and supporting innovation in digital assets, calling the city a leader in this space.
Hong Kong is working to become a major center for crypto and blockchain activity. It has launched a licensing system for digital assets and started pilot programs for tokenization, with Standard Chartered taking part in these projects. In collaboration with Animoca Brands and telecommunications group HKT, the bank plans to launch a Hong Kong dollar-backed stablecoin under the city’s new regulatory framework introduced in August. Winters noted that such stablecoins could become a valuable tool for facilitating international trade in digital form.
Winters’ outlook matches a growing trend in global finance. Leaders like Larry Fink and Vlad Tenev believe the future of money will be digital and run on blockchain.
