Standard Chartered CEO Says Cash Is Dying “The Future Is Fully Digital”
Standard Chartered’s Bill Winters predicted a blockchain-driven future where every transaction settles digitally, calling it a total rewiring of finance.
Standard Chartered’s CEO predicted the end of cash and the digitization of all money, speaking at the Hong Kong FinTech Week 2025.
During the event, Standard Chartered Group CEO Bill Winters said that the bank shared 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 shift as nothing less than a “complete rewiring of the financial system.”
He added that while there’s a vision, they didn’t know exactly how the system would be rewired. Because of this, 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 it will continue to play that role.”
Apart from Standard Chartered’s prediction, HSBC Group CEO Georges Elhedery also brought up 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 region’s potential.
“This summarizes how much confidence and conviction we have in the outlook for Hong Kong’s financial and technology innovation,” Elhedery said.
He added that beyond banking infrastructure, HSBC is also investing in education and research.
He shared their arrangements with the Hong Kong University of Science and Technology to nurture the next generation of innovators who could drive 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.
During the panel, Paul Chan Mo-po, Hong Kong’s financial secretary, also contributed to the discussion by underscoring the region’s unique position as a financial hub and a gateway to mainland China.
When asked whether Hong Kong could overtake Switzerland as the world’s top cross-border wealth management hub, 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 mainland is our backing. It has a huge population and wealth, so we are very confident.”
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