Road to G20 Goals: How to Make Payments Faster, Cheaper, More Accessible and More Transparent?

This session at the Singapore FinTech Festival discusses the progress and challenges in meeting the G20 goals for cross-border payments. These goals aim to make payments faster, cheaper, more accessible, and more transparent by 2027.

Key highlights

Progress and Challenges:

• ISO Adoption: Slow adoption of ISO 20022 standards due to the complexities and investments required.
• Regulatory and Technological Barriers: Different countries’ regulations and the technological infrastructure impede progress.

Alternative Solutions:

• Stablecoins and Digital Currencies: Potential to significantly reduce costs and increase speed, though issues with regulatory acceptance and interoperability persist.
• Bilateral Agreements: Effective for certain regions but not a universal solution; questions about their scalability and the need for a central system.

Security and Trust:

• Ensuring transparency and security is crucial; need to balance speed and cost improvements with robust fraud prevention and cybersecurity measures.

Long-Term Outlook:

• Calls for continuous progress rather than perfection.
• Beyond 2027: Focus should extend to cyber resilience, maintaining financial inclusion, and addressing inclusion at the 'bottom of the pyramid.

Need for collaborations:

• The collective effort from governments, banks, fintechs, and other stakeholders is essential to achieve the G20 goals.
• Realistic approaches include making steady progress and embracing both top-down regulations and bottom-up innovations.

Conclusion

This discussion underscores the complexity of meeting the G20 goals but also highlights the ongoing efforts and collaboration required to overcome existing barriers.

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Speakers:

• Anouska Ladds, Executive Vice President, Commercial & New Payment Flows, Asia Pacific, Mastercard
• Arif Khan, Chief Innovation officer, Razorpay
• Gajia Parsons, VP, Liquidity Partnerships, Circle
• Hassan Ahmed, Country Director, Singapore, Coinbase
• Milind Sanghavi, Founder & Chief Executive Officer, XWeave.io

Moderator: