Standard Chartered CEO Says ‘All Money Will Be Digital’

The CEO of Standard Chartered made comments predicting the end of cash and the digitization of all money at Hong Kong FinTech Week 2025.

During the event, the Chief Executive of Standard Chartered Group Bill Winters he said that the bank shares a common belief with the Hong Kong leadership that all transactions will eventually be settled on the blockchain.

“All transactions will settle on blockchains eventually, and all money will be digital,” Winters said, framing the change as nothing less than a “complete rewiring of the financial system.”

He added that while there is a vision, they did not know exactly how the system will be rewired. Therefore, experimentation is necessary, and Hong Kong excels in this area. Winters credited Hong Kong regulators for striking a balance between experimentation and compliance, embracing innovation while maintaining safeguards.

“Hong Kong has already established that leading role,” Winters said. “I have every reason to believe that he will continue to play that role.”

HSBC expresses confidence in Hong Kong’s financial ecosystem

In addition to Standard Chartered’s forecast, HSBC Group Chief Executive Georges Elhedery also raised Hong Kong’s talent ecosystem during the discussion.

Elhedery cited the bank’s $13.6 billion investment proposal to privatize Hang Seng Bank as a vote of confidence in the potential of the region.

“This sums up how much confidence and conviction we have in the outlook for Hong Kong’s financial and technological innovation,” Elhedery said.

He added that apart from banking infrastructure, HSBC also invests in education and research.

He shared his arrangements with the Hong Kong University of Science and Technology to nurture the next generation of innovators who could lead the financial transformation in Hong Kong.

HSBC originated as the Hong Kong and Shanghai Banking Corporation in 1865, but is now a multinational universal bank headquartered in London.

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The Financial Secretary of Hong Kong to have mainland China as supporters

During the panel, Paul Chan Mo-po, the Financial Secretary of Hong Kong, also contributed to the discussion by underlining the unique position of the region as a financial center and a gateway to mainland China.

When asked whether Hong Kong could overtake Switzerland as the world’s top cross-border wealth management center, Chan said Hong Kong’s foundation is already strong.

“We have a wonderful ecosystem — excellent products, professional services,” Chan said. “On the other hand, the continent is our support. It has a huge population and wealth, so we are very confident.”