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.
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.