Standard Chartered Group Chief Executive Bill Winters has predicted that the global financial system will eventually move entirely onto blockchain, marking the end of cash and the complete digitization of money.
Speaking at Hong Kong FinTech Week 2025, Winters said the transformation represents “a complete rewiring of the financial system,” emphasizing that blockchain-based settlement will become the default for all forms of value transfer.
All transactions will settle on blockchains eventually, and all money will be digital.
He praised Hong Kong’s leadership in experimenting with blockchain innovation while maintaining regulatory balance. There’s a vision, but we don’t know exactly how the system will be rewired. Experimentation is essential and Hong Kong has already established that leading role.
HSBC highlights Hong Kong’s financial and talent strength
Joining the panel, HSBC Group Chief Executive Georges Elhedery underscored the city’s strong talent ecosystem and its growing importance in financial innovation.
Elhedery referenced HSBC’s $13.6 billion proposal to privatize Hang Seng Bank as a “vote of confidence” in Hong Kong’s future as a financial and technological hub.
This summarizes how much confidence and conviction we have in the outlook for Hong Kong’s financial and technology innovation.
Elhedery also discussed the bank’s educational initiatives, including a collaboration with the Hong Kong University of Science and Technology, aimed at nurturing a new generation of financial innovators.
Founded as the Hong Kong and Shanghai Banking Corporation in 1865, HSBC remains deeply connected to the region despite now being headquartered in London.
Hong Kong positions itself as China’s financial gateway
Paul Chan Mo-po, Hong Kong’s Financial Secretary, highlighted the city’s dual advantage a robust international financial ecosystem backed by access to mainland China’s wealth and population.
When asked whether Hong Kong could surpass Switzerland as the world’s top cross-border wealth management hub, Chan said the city already has the necessary foundation.
We have a wonderful ecosystem of excellent products, professional services. On the other hand, the mainland is our backing. It has a huge population and wealth, so we are very confident.