At the Global Fintech Fest, we hosted a panel on "Driving Growth through Interoperable Innovations in Cross-Border Payments." #Interoperability is key to digital inclusion, and our discussion with central bankers, financial institutions, and innovators highlighted how public-private collaboration, cutting-edge technologies, and strong payment infrastructures can drive financial inclusion and economic growth, particularly for underserved communities.
Key takeaways:
🔗 Public-Private partnerships are essential:
"The involvement and bonding of the private sector is key and very important to ensure that we create value that is transmitted and propagated to the final users, especially those in need of efficient and cost-effective cross-border payments." - Mehdi Manaa, CEO of Buna (The Arab Regional Payments Clearing and Settlement Organization)
"It's crucial for the private sector to come together and lead the way. If the industry players align, it makes it much easier for central banks and governments to step in and support these initiatives." - Owureku Asare, Ecobank Transnational Incorporated
🔏 Innovation must go hand-in-hand with privacy:
"We are pushing the boundaries with privacy-enhancing technologies like multi-party computation and zero-knowledge proofs, ensuring that sensitive information remains secure within the banking environment while still allowing compliance checks to be completed efficiently." Sonja Davidovic, Bank for International Settlements – BIS Innovation Hub
👨💻 Unlocking potential with Digital Public Infrastructure:
"PIX has transformed instant payments in Brazil, not just by increasing the number of people with bank accounts but by enabling them to use digital payments for their everyday transactions, significantly impacting SMEs and underserved segments." Angelo Duarte, Banco Central do Brasil
"There’s a huge potential over the next few years to interconnect digital public infrastructures to promote cross-border trade, especially addressing the needs of underserved segments." Camilo Téllez, Deputy Managing Director, Better Than Cash Alliance
As global financial systems evolve, the role of interoperability in driving digital inclusion cannot be overstated. The G20 Leaders' Roadmap for enhancing cross-border payments, alongside initiatives like Project Nexus, Pan-African Payment & Settlement System - PAPSS, and BUNA, are paving the way for faster, more affordable, and transparent cross-border payment services.
Thanks to our panelists and the Global Fintech Fest for this excellent event.
Samer Bakeer Oswell Kahonde Nalongo L. Nshuti Mbabazi Prerna Saxena Gisela Davico Diego Mendiburu Fareeza Ibrahim Laura Eboa Songue Martin Volkmar Abhishek Srivastava Harsha Bhowmik Shruti Sharma
