Winters further elaborated on the implications of this shift, describing it as a “complete rewiring of the financial system.” He highlighted the necessity for ongoing experimentation to fully understand and adapt to these changes, suggesting that the transition to a blockchain-based economy would require significant innovation and adaptation.

Standard Chartered, a UK-based multinational bank with listings in both London and Hong Kong, has been actively expanding its footprint in the digital assets space. The bank has introduced several initiatives, including digital asset custody services, trading platforms, and tokenized products, demonstrating its commitment to embracing the digital financial revolution.

This strategic shift by a major financial institution like Standard Chartered signals a broader trend within the banking industry towards digitalization and blockchain adoption, paving the way for a new era in global financial transactions.

Standard Chartered — which is listed in both London and Hong Kong — has been ramping up its involvement with digital assets in recent years, including through digital asset custody services, trading platforms, and tokenized products. 

Winters made the comments while discussing Hong Kong’s role in the global digital assets space, crediting the city for leadership on experimentation and regulation, alongside Hong Kong Financial Secretary Paul Chan. 

Hong Kong has been working to establish itself as a regional crypto hub through a digital asset licensing regime, as well as tokenization pilots in which Standard Chartered is a participant.

A tokenized asset is a digital representation of a real-world asset, like stocks, bonds, or commodities, that can be recorded and traded on a blockchain or distributed ledger. Stablecoins, which are pegged to a currency, are often held up as an early example of a tradable tokenized asset.

Standard Chartered, in partnership with blockchain venture capital firm Animoca Brands and telecommunications company HKT, is planning to launch a Hong Kong dollar-backed stablecoin under a new regulatory framework the city launched in August.

Winters said Monday he believed that Hong Kong dollar stablecoins can represent an interesting new medium of exchange for international trade on digital terms.

Other global fintech leaders have also made bullish predictions for tokenized assets in recent months.

Robinhood Markets CEO Vlad Tenev said last month that tokenization was a “freight train,” coming to most major markets in the next five years.

Larry Fink, CEO of BlackRock, the world’s largest money manager, said in April that every asset from stocks to bonds to real estate can be tokenized in what will represent a “revolution” for investing.