In the context of the rapidly changing global digital asset market and the accelerated entry of institutional investors, Hong Kong is consolidating its position as an international digital financial center with unprecedented speed and determination. On November 4, 2025, Mary Huen, CEO of Standard Chartered Hong Kong and Greater China & North Asia, announced that Standard Chartered Bank will be the first to launch digital asset custody services supporting Bitcoin and Ethereum in Hong Kong next January, along with strategic cooperation plans with other institutions. This move not only marks a deep embrace of cryptocurrencies by traditional banking giants but will also greatly promote the maturity and development of Hong Kong's digital asset ecosystem, signaling the accelerated arrival of the Web3 financial giant wave.
- Standard Chartered Bank: Bitcoin and Ethereum Custody Services Launching in Hong Kong Next Year
Mary Huen, CEO of Standard Chartered Hong Kong and Greater China & North Asia, stated that Standard Chartered welcomes the "Fintech 2030" vision announced by the Monetary Authority and announced that the bank will launch innovative digital asset solutions in Hong Kong next year.
Custody Services: Standard Chartered Hong Kong plans to be the first to launch digital asset custody services supporting the two largest cryptocurrencies by market capitalization—Bitcoin and Ethereum—in Hong Kong next January.
Global Expansion: The launch of custody services in Hong Kong will expand the services that Standard Chartered currently offers in Luxembourg and the UAE (through the Dubai International Financial Centre), demonstrating the bank's strategic layout in the global digital asset field.
Strategic Cooperation: In addition to custody services, Standard Chartered will also launch strategic cooperation plans with other institutions to jointly promote the development of the digital asset ecosystem.
- Hong Kong: Comprehensive Construction of the Digital Asset Ecosystem
This initiative by Standard Chartered Hong Kong is a microcosm of Hong Kong's active promotion of the comprehensive construction of the digital asset ecosystem.
"Fintech 2030" Vision: At the opening of Fintech Week, Eddie Yue, CEO of the Hong Kong Monetary Authority, elaborated on the "Fintech 2030" vision, aiming to develop Hong Kong into a robust, resilient, and forward-looking international fintech hub, focusing on four key areas covering over 40 specific projects.
Promoting Financial Tokenization: The Monetary Authority will promote financial tokenization and foster a thriving tokenization ecosystem, leading by example in asset tokenization, such as regularizing the issuance of tokenized government bonds while exploring the feasibility of tokenizing foreign exchange fund notes and bonds.
Ensemble Project Pilot: The Monetary Authority is about to launch the Ensemble project pilot plan to support real transactions and continue collaborating with industry stakeholders and other central banks to cultivate innovative tokenization use cases.
Multi-Sector Participation: Standard Chartered Hong Kong has been actively supporting various innovative projects to promote the comprehensive development of Hong Kong's digital asset ecosystem, covering multiple areas including retail and corporate clients, local and cross-border transactions, and participating in several pilot innovation programs led by the Monetary Authority, such as the Ensemble project, mBridge project, "Digital Hong Kong Dollar" pilot program, GenA.I. sandbox, and distributed ledger technology regulatory incubator.
- The Future of Digital Currency: Collaboration Between Banks and Regulators
Bill Winters, CEO of Standard Chartered Bank, stated at the financial summit that currency will ultimately be fully digital, requiring a new infrastructure that is currently being constructed, with technology coming from cryptocurrencies.
Collaboration Between Banks and Regulators: He pointed out that banks need to collaborate with regulators and other market participants to jointly build a secure infrastructure.
Hong Kong's Leading Position: Winters believes that the Hong Kong Monetary Authority is very forward-looking in terms of digital currency, such as promoting tokenized bank deposits and Hong Kong dollar stablecoins. Although the renminbi stablecoin is not yet on the agenda, Hong Kong could serve as a testing ground for future connections.
Cross-Border Payment Applications of Stablecoins: Winters believes that stablecoins have the most obvious application scenario in cross-border payments. For most people, cross-border payments are often slow and expensive, and they still cannot achieve 24/7 instant processing. He pointed out that there are already many practical cases where, in the absence of regulation or alternatives, relevant cross-border transactions use US dollar stablecoins because there are about $80 billion worth of stablecoins in the market, with high liquidity, and users already have digital wallets.
Digital Assets Entering the Real Economy: He believes that the entry of digital assets or blockchain payments into the real economy is inevitable; it is just a matter of time. The industry should think more strategically about how to shape this outcome rather than letting it develop naturally.
- JPMorgan's Perspective: Challenges of Stablecoins and Concerns About Bitcoin
Daniel Pinto, Vice Chairman of JPMorgan, pointed out that stablecoins have many practical application scenarios, especially for cross-border small payments. This could challenge existing payment systems, such as traditional tools like credit and debit cards.
Limitations of Bitcoin: However, Bitcoin is very slow, and Ethereum is slightly faster, making the cost still relatively high for small payments. He believes Bitcoin has become a new asset class that has never existed before; it can serve as a store of value, provided that investors believe they can sell it at a higher price in the future, but it is not a payment method due to its slow speed and high costs.
Potential of Tokenized Deposits: The bank issued tokens on a private chain in 2019, and Pinto indicated that this is quite useful for customer fund flows and programmed payments, allowing for 24/7 payments between banks. He believes that tokenized deposits can effectively enhance interoperability between the banking industry and the cryptocurrency field, and the digitalization of assets will begin to accelerate.
Regulatory Challenges: However, he believes that the biggest challenge facing the banking industry remains regulatory issues. According to the regulatory provisions and interpretations of the Basel Accord, banks are essentially prohibited from participating in public chains due to the high capital intensity required, which almost makes it impossible for banks to participate. However, the U.S. "Genius Act" does not seem to follow the framework of the Basel Accord, so it is possible to promote participation in this context.
Conclusion:
The launch of Bitcoin and Ethereum custody services by Standard Chartered Bank in Hong Kong next year marks another important milestone in the deep embrace of digital assets by traditional financial giants. This will not only provide institutional investors with safer and compliant cryptocurrency custody solutions but will also greatly promote the maturity and development of Hong Kong's digital asset ecosystem. Under the guidance of the Hong Kong Monetary Authority's "Fintech 2030" vision and the promotion of cross-border payment cooperation by the People's Bank of China, Hong Kong is accelerating its transformation into a new global digital asset hub, leading the wave of Web3 financial giants.
Related Reading: "The Myth of Cycles is No More: Five Structural Trends Reveal the Shift of the Crypto Market from Explosion to Rationality"
Original Article: “Standard Chartered to Launch Bitcoin (BTC) and Ethereum (ETH) Custody Services in Hong Kong by 2026”
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