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.

 

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:

  • Irina Chuchkina, Chief Marketing Officer, Volt.io

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