Digital Money: Programmable Compliance
The panel featured experts discussing the complexities and innovations in digital money, particularly focusing on programmable compliance and blockchain technology.
Key highlights
- Programmable Compliance:
- The panel discussed integrating compliance into the fabric of financial systems, particularly enabled by smart contracts.
- Maha El Dimachki, Centre Head, BIS Innovation Hub, highlighted the potential for experimentation with programmable compliance and its benefits to the ecosystem.
- Business Perspectives on Compliance:
- Liu Tianwei of StraitsX and Humphrey Valenbreder of Partior underscored reducing operational costs and innovating ahead of competitors as crucial aspects of programmable compliance.
- The technology allows for more efficient onboarding processes and reduces manual intervention by automating compliance tasks.
- Project Mandala and Purpose Bound Money:
- Maha explained Project Mandala's success in automating compliance processes and the role of privacy-enhancing technologies.
- Tianwei illustrated the use of purpose-bound money in real-world applications like market transactions using stablecoins.
- Future Prospects:
- The panel concluded with reflections on the ongoing journey to make digital money faster, better, and cheaper, while integrating compliance into the innovation framework.
- They emphasised the need for clear regulatory outcomes and continuous experimentation with new technologies.
In conclusion, the session highlighted the potential of programmable compliance to streamline processes, reduce costs, and foster trust in digital payment systems, while also acknowledging the challenges and the collaborative effort required to integrate these technologies effectively.
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Speakers:
- Humphrey Valenbreder, Chief Executive Officer, Partior
- Liu Tianwei, Co-founder & Chief Executive Officer, StraitsX
- Maha El Dimachki, Centre Head, BIS Innovation Hub - Singapore Centre
Moderator:
- Angela Ang, Senior Policy Advisor, TRM Labs