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Early Electronic Initiatives (late 1980s/early 1990s): Limited electronic fund transfers began to emerge, mainly within banks or for specific corporate clients, but were not widely interoperable. Its simplicity, interoperability, and low cost made it an instant success. For instance, CBDC could be programmed for specific uses (e.g.,
Developments include cross-border quick response (QR) payment linkages, connectivity between real-time national payment schemes, and the ongoing Singapore Response Code Scheme (SGQR+) project focusing on furthering QR code payment interoperability. These efforts follow the launch of the Rwanda Imbaraga SME Ecosystem (RISE) program in June.
Whether we will see these services gain traction is tied to what many believe to be a major hurdle–interoperability. FedNow may not interoperate with RTP, and it doesn't seem to be a priority for either. 100B/yr US alone – sticky, underserved, corporate/gov't load (no consumer).
They will discuss how the recently published white paper on "Faster Payments and Financial Inclusion" illustrates the pain points and barriers to financial inclusion, actions, and solutions to expand, requirements of the underserved, action and solutions for issues, and considerations for faster payment stakeholders.
Many nations within the region have recognised the transformative potential of extending financial services to underserved populations. The impact of CBDCs on payments, financial inclusion, and monetary policy remains an ongoing discussion. In APAC, financial inclusion has emerged as a driving force behind digital innovation.
Furthermore, stablecoins enhance financial inclusion by providing an accessible entry point for the unbanked and underserved populations in Asia, effectively digitizing local currencies. Finally, stablecoins face competition from CBDCs, as many governments prioritise CBDC development over private stablecoins.
Finalists in the corporate categories were evaluated based on impact, sustainability, practicality, interoperability, and creativity, while individual submissions were assessed on contributions to the Singapore fintech sector. Four finalists were shortlisted in each category.
. “Combined, these benefits would substantially improve cross-border payments in particularly underserved corridors, and enable a multitude of sophisticated use cases more generally through native composability or bundling of conditional transactions enabled through tokenisation. BIS Aurum) and interoperability solutions (e.g,
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