Hong Kong central to Standard Chartered’s digital finance strategy: CEO

Standard Chartered is positioning Hong Kong as the centre of its digital finance ambitions as it seeks higher returns and prepares for a blockchain-driven future, according to CEO Bill Winters.

In a recent interview in Hong Kong, Winters highlighted the city’s pioneering regulatory framework, which he said fostered experimentation with blockchain technology – an innovation that could add value to the financial sector.

Winters praised the Hong Kong Monetary Authority (HKMA) for its various pilot projects and regulatory sandboxes, including initiatives on tokenised deposits, wholesale central bank digital currency and stablecoins, which enabled market participants to adopt blockchain technology safely and efficiently.

In its latest move, the HKMA launched a five-year fintech strategy last week aimed at building a financial tokenisation ecosystem, among other initiatives.

Hong Kong’s de facto central bank recently introduced a five-year plan to strengthen the city’s position as a fintech hub. Photo: Yik Yeung-man

As one of the city’s note-issuing banks, Standard Chartered has taken part in the HKMA’s sandboxes, which allow new blockchain technology to be tried out in a test environment. While blockchain could reduce service costs and fees, the bank remained committed to this direction, Winters said.

“We’re going to remain ahead on digital technology, and what we lose in margin, we’re going to make up in volume by providing a better service to our customers,” he said.

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