Bill Winters, the Group CEO of Standard Chartered, declared that a complete shift away from physical cash is on the horizon, predicting a future where all transactions settle on blockchains. Speaking at Hong Kong FinTech Week 2025, he described the transition as a “total rewiring” of the global financial system.

A Fundamental Shift in Finance

Winters elaborated that Standard Chartered aligns with Hong Kong’s leadership in the belief that digital settlement on-chain is inevitable. He framed this evolution not as an incremental change but as a foundational overhaul of finance. While acknowledging that the exact path of this transformation remains uncertain, he stressed the necessity of experimentation.

The CEO also praised Hong Kong’s regulators for striking a careful balance between fostering innovation and ensuring compliance. He noted their ability to embrace new technologies while maintaining critical safeguards has helped establish the region as a leader in financial technology.

HSBC Reinforces Confidence in the Region

Echoing the positive sentiment during the same panel, HSBC Group CEO Georges Elhedery pointed to Hong Kong’s robust talent ecosystem. As a testament to HSBC’s confidence, he cited the bank’s $13.6 billion investment proposal to privatize Hang Seng Bank, calling it a summary of the bank’s conviction in the region’s outlook for financial and technological innovation.

Beyond direct investment, Elhedery highlighted HSBC’s commitment to fostering the next generation of innovators through educational and research partnerships, including arrangements with the Hong Kong University of Science and Technology.

Hong Kong’s Position as a Wealth Hub

Hong Kong Financial Secretary Paul Chan Mo-po emphasized the region’s strategic importance as a gateway to mainland China. When questioned about Hong Kong’s potential to surpass Switzerland as the world’s leading cross-border wealth management hub, Chan expressed strong confidence. He pointed to the region’s comprehensive ecosystem of financial products and professional services, backed by the immense population and wealth of mainland China, as key competitive advantages.