Cash Ends, Blockchain Takes Over

Bill Wintersthe head of Standard Chartered Group, stated that all financial transactions will eventually move to digital platforms, especially blocked networks.

He described this change as a complete transformation of today’s financial infrastructure. However, he said that although the destination is clear, the exact route is still uncertain.

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Winters also noted that Hong Kong support financial experiments without relaxing compliance standards. He said:

Hong Kong has already established this leading role. I have every reason to believe that he will continue to play this role.

Also, CEO of the HSBC group George Elhedery discussed the company’s commitment to the region. He referred to a proposal invest more than $13 billion to take Hang Seng Bank private.

Elhedery also shared that HSBC is working to support talent development in the region. One example was a partnership with the Hong Kong University of Science and Technology to support education and research that can drive growth in finance and technology.

Paul Chan Mo-pothe financial secretary of Hong Kong, also participated in the discussion. He emphasized the role of the city as a leads to mainland China and as a global financial center. When asked whether Hong Kong could surpass Switzerland in cross-border wealth management, Chan said the foundation is already in place.

Meanwhile, Brian Armstrong, the CEO of Coinbase