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Standard Chartered Sets Sights on Hong Kong as Core of Blockchain Ambitions

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Standard Chartered is betting on Hong Kong to anchor its international digital finance technique as it targets larger returns and prepares for a blockchain-powered future, in line with CEO Bill Winters.

In a latest interview with the South China Morning Post, Winters praised town’s forward-thinking regulatory method, saying its openness to experimentation has created a really perfect atmosphere for creating blockchain options that may rework monetary companies.

He pointed to the Hong Kong Monetary Authority’s (HKMA) pilot programmes on tokenized deposits, wholesale central financial institution digital currencies and stablecoins as examples of how regulators are enabling innovation with out compromising security.

“We’re going to stay forward on digital know-how, and what we lose in margin, we’re going to make up in quantity by offering a greater service to our prospects,” Winters mentioned.

Hong Kong Deepens Fintech Ambitions With Fintech 2030

Hong Kong’s push to develop into a worldwide hub for digital finance gained recent momentum final week. The Hong Kong Monetary Authority launched its five-year “Fintech 2030” technique to speed up innovation throughout town’s monetary system.

The plan focuses on 4 pillars (knowledge and funds, synthetic intelligence, resilience and tokenization) collectively forming the DART framework. This roadmap will information the following wave of Hong Kong’s fintech development.

In addition, the initiative consists of greater than 40 programmes aimed toward integrating new applied sciences, strengthening cybersecurity and increasing monetary inclusion. Collectively, these efforts may assist the sector surpass $600b in income by 2032.

Regulators are additionally easing constraints on digital asset buying and selling. Securities and Futures Commission (SFC) Chief Executive Julia Leung mentioned licensed crypto exchanges in Hong Kong will soon be allowed to link with global order books, enabling native platforms to faucet into broader liquidity and appeal to extra institutional gamers.

Standard Chartered Builds Momentum In Capital-Light, High-Return Digital Segments

Standard Chartered has performed an lively position within the HKMA’s regulatory sandboxes, the place new blockchain purposes are examined in managed settings. Winters mentioned blockchain know-how may decrease transaction prices and enhance effectivity throughout monetary companies.

“Ultimately, individuals will prioritise shifting cash securely, effectively and cheaply,” he mentioned. “Financial markets all the time discover a manner.” He added that the financial institution would proceed to strengthen compliance with anti-money-laundering and fraud-prevention guidelines as it scales digital operations.

Growth In High-Return Segments Lifts Standard Chartered’s Quarterly Earnings

Standard Chartered’s dedication to digital finance is already paying off. In the third quarter, the financial institution’s internet revenue rose 10% to $1.03b, beating analyst expectations.

The efficiency was pushed by development in capital-light, high-return segments such as wealth administration, cross-border funds and digital finance.

“Those areas are much less capital-intensive, higher-returning and fast-growing, so we’re blissful to maintain deploying assets there,” Winters mentioned.

Hong Kong stays a key funding vacation spot for Standard Chartered’s prosperous and wealth administration enterprise throughout Asia, the Middle East and Africa. The financial institution plans to speculate $1.5b in wealth administration over the following 5 years. This transfer reinforces its long-term dedication to the area.

For Bill Winters, Hong Kong’s rising regulatory readability and robust institutional participation strengthen its attraction. Moreover, town’s openness to blockchain innovation makes it central to Standard Chartered’s digital finance roadmap.

The submit Standard Chartered Sets Sights on Hong Kong as Core of Blockchain Ambitions appeared first on Cryptonews.

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