SFF 2022 | Achieving Universal Financial Inclusion with Interoperable, Instant Payment Systems
2 Nov, 04:30PM at the Knowledge Plenary, SFF
Looping the 1.4 billion financially excluded citizens into the digital economy will require reducing the costs of sending money both nationally and across borders. According to the World Bank, this can be accomplished with more multipolar and interoperable instant payment systems – especially those designed with financial inclusion in mind.
This session will address how interoperability and open source can play a role in how central banks can advance financial inclusion and ensure that every person can make affordable, instant payments across borders with anyone else in the digital economy using a simple mobile phone. Historically, every $100 a migrant worker from Singapore sent back home to countries in Asia or Africa on banking and fintech rails costs between $6 to $15 in fees. Yet, if central banks could connect two, interoperable fast payment systems, the cost could dramatically be reduced to meet or beat the SDG’s ultimate target of $3 (3%). In this fireside chat, learn how open, interoperable, instant payment systems could help achieve universal financial inclusion, lower the cost of transactions both nationally and across borders and increase the frequency of transactions in ways that would boost respective countries’ GDPs.
Sopnendu Mohanty, Chief FinTech Officer, Monetary Authority of Singapore
Andrew McCormack, Centre Head, Bank of International Settlement Innovation Hub – Singapore Centre
Steven Haley, Director of Market Development and Partnerships, Mojaloop Foundation,
Paula Hunter, Executive Director, Mojaloop Foundation
#People #Payments #DigitalAssets #SFF2022