Bill Winters, the chief executive of Standard Chartered, has expressed his belief that nearly all transactions will eventually be settled on the blockchain.
Speaking at Hong Kong Fintech Week, he emphasized that all money is likely to become digital, requiring bank executives to adopt a more innovative approach to adapt to the necessary ‘rewiring’ of the financial system.
“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. “Think about what that means: a complete rewiring of the financial system.”
Standard Chartered is actively engaged in the digital assets market, having launched digital assets trading for institutional clients in June, along with a digital custody service through its Zodia platform.
Meanwhile, Hong Kong aims to position itself as a regional hub for digital assets trading, introducing a digital asset licensing regime and initiating several tokenization pilots in recent weeks.