Bill Winters, the chief executive of UK bank Standard Chartered, has stated that nearly all transactions will be settled on the blockchain, eventually.

Winters was speaking at an event during Hong Kong Fintech Week.

In addition to his views on blockchain, the bank boss also stated that all money will be digital and that bank executives will have to be more imaginative when it comes to anticipating the ‘rewiring’ of the financial system that will be needed to facilitate such a development. 

“Our belief, which I think is shared by the leadership of Hong Kong, is that pretty much all transactions will settle on blockchains eventually, and that all money will be digital,” said Winters. 

“Think about what that means: a complete rewiring of the financial system,” he added.

Standard Chartered has been an active participant in the rapidly developing digital assets market. In June, it offered digital assets trading for instituional clients. The bank also has a digital custody servcie through its Zodia offering. 

Meanwhile, Hong Kong is also looking to market itself as a regional hub for digital assets trading through its digital asset licensing regime as well as a number of tokenisation pilots that have been launched in recent weeks and months.