Standard Chartered Foresees a Future Without Cash
At Hong Kong FinTech Week 2025, Standard Chartered Group CEO Bill Winters stated that cash would eventually disappear and all money will be digital. Blockchain technology will eventually underlie all transactions, according to Winters, who was speaking in front of financial leaders and innovators.
“All transactions will be completed on blockchains eventually, and all money will be digital,” Winters said, calling this transition a total rewiring of the financial system.
The bank may not yet know exactly how we will get to a fully digital financial ecosystem, but as Winters points out, experimentation is key. Hong Kong’s regulators have struck the right balance between cultivating innovation and ensuring compliance, said the finance minister of the city, calling it a global leader in finance.
“Hong Kong is already playing that leading role,” said Winters. “I believe that it would continue to perform the same function.”
The Talent and Innovation Ecosystem of Hong Kong
HSBC Group CEO Georges Elhedery joined the discussion and noted the region’s wealth of talent and innovation. He cited the bank’s $13.6 billion bid to privatize Hang Seng Bank as a powerful vote of confidence in the future of Hong Kong’s finances.
Elhedery stressed the need to invest in both education and research. He mentioned a partnership with the Hong Kong University of Science and Technology to develop the next generation of innovators who can facilitate financial transformation.
“This shows how confident and bullish we are on the outlook for financial and technology innovation in Hong Kong,” he said.
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Hong Kong: A Strategic Gateway to Mainland China
During the panel, Hong Kong Financial Secretary Paul Chan Mo-po emphasized the city’s strategic role as the entrance to the mainland. When asked if Hong Kong could overtake Switzerland as the world’s top cross-border wealth management hub, he cited the city’s robust financial infrastructure and rich pool of professional services.
“We have a terrific ecosystem – great merchandise, professional services. Our support is the mainland, on the other hand. Given its massive population and wealth, we have a high level of confidence.”
By staying ahead of regulations, rolling out policies that encourage innovation, and leveraging a huge market at their disposal, Hong Kong is becoming a key player in global digital money efforts.
