Blockchain technology will be the foundation of the world of global finance in some time, said Standard Chartered CEO Bill Winters during Hong Kong FinTech Week. In his opinion, almost all transactions will be carried out on blockchains.
Blockchain will be the basis of the financial world
Standard Chartered Bank CEO Bill Winters said on November 3 that blockchain technology “ultimately” will be the foundation of almost all global transactions. During Hong Kong FinTech Week, he discussed how innovation and regulatory support are redefining the structure of international finance.
Our belief, which I believe is shared by the Hong Kong authorities, is that almost all transactions will ultimately be settled on blockchains and that all money will be digital
– he said.
Think about what this means: a complete rewriting of the financial system
– he added.
He praised the Hong Kong authorities for what they are doing in the field of regulation and experimentation with digital assets.
Winters also said that stablecoins could evolve into “a new medium of exchange for international trade on digital terms.”
A bank that believes in the success of blockchain
Standard Chartered is increasing its involvement in the blockchain technology market, expanding its operations in the field of digital asset custody, tokenized products and trading services. It is also working with Animoca Brands and HKT to launch a stablecoin backed by the Hong Kong dollar – all under a special policy of the city government.
The belief that tokenization will dominate global finance is strong across the ecosystem, driven by clear institutional support and action. Larry Fink, president and CEO of Blackrock, the world’s largest asset manager, is a supporter of this thesis. In his opinion, tokenization of financial assets, including every stock and bond, is a necessary next step for the industry.
That this is the future of the industry is somewhat confirmed by the involvement of major banks and asset managers such as JPMorgan Chase and UBS, which are introducing tokenized products to markets and conducting tests of new technology that signal confidence in blockchain as part of the future of market infrastructure.
