Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
Barclays Insights: Decoding Tomorrow’s Money Today
Report | Aug 27, 2023
Image: Barclays Rise Report Money in the Age of Tech
Decoding Tomorrow's Money Today
In an era where digital transformation shapes every facet of our lives, understanding the future of money becomes paramount. Barclays, a leading global financial institution, has delved deep into the evolving landscape of finance, shedding light on the nuances of Central Bank Digital Currencies (CBDCs), the surging importance of stablecoins, and the revolutionary impact of Web3. Their latest report, 'Money in the age of tech', is a goldmine of insights, statistics, and expert opinions that decipher the intricate web of tomorrow's financial systems.
10 Reasons to Read the Report
- Almost 120 countries, representing over 95% of global GDP, are exploring a Central Bank Digital Currency (CBDC) in some form.
- China’s CBDC pilot reaches 260 million people and is set to expand to most of the country in 2023.
- In 2022, Web3 technologies were identified as a game changer with the potential to revolutionize the financial sector, emphasizing their role in decentralizing and ensuring transparency in financial transactions.
- Research suggests that the tokenization of global illiquid assets could become a $16 trillion industry by 2030.
- In 2022, settlements using stablecoins (see PayPal's PYUSD) surpassed $7 trillion, compared to Mastercard's business transactions totaling $2.2 trillion.
- Tether (USDT), a popular stablecoin, reported record profits of $1.48 billion in Q1 2023.
- While the world is rapidly digitizing, many, including the elderly, still lack access to digital payment technology, posing challenges to a complete shift.
- The Bank of England has entered the design phase for the 'digital pound' in early 2023, with a decision on its implementation expected by the end of 2025.
- The Reserve Bank Of India is piloting both retail and wholesale CBDCs, with participation from over 100,000 customers and 13 banks.
- Nubank, a Brazilian fintech, offers a token-based loyalty program (Nucoin) to its 70 million customers.
Select Quotes
These quotes underscore the magnitude of the ongoing digital transformation in the financial sector and hint at the exciting possibilities the future holds.
Ravikant Agrawal, Director of Growth, Polygon Labs:
As digital assets mature, they become less speculative and gain more utility. Tether (USDT), a popular stablecoin, reported record profits of $1.48 billion in Q1 2023 and demonstrates the surge in demand in this area.
See: More Fintech Research and Reports
Utpal Chakraborty, Founder & CTO, Inteltie Technologies:
The Reserve Bank Of India (RBI) is currently piloting both retail and wholesale CBDCs, with a participation of over 100,000 customers and 13 banks. Obviously, security and regulatory compliance are critical.
Dr. Terence Tse, Co-Founder and Executive Director, Nexus FrontierTech
As the rest of the world tracks the developments in the Nordic region and learns from their experience, it’s likely that we will see more countries transition towards digital money in the coming years.
Professor Jamiel Sheikh, Adjunct Professor, Columbia School of Business and Zicklin School of Business
If we’re spending more time in the metaverse than in the real world, it stands to reason that we may be transacting and trading more there as well. The digitisation of currencies and the virtualisation of reality will together force the whole financial services industry to reconsider how to best capitalise on this opportunity.
The Future of Money in the Age of Financial Technologies
As the contours of our financial landscape shift, embracing the promise of tomorrow's money is more than a mere choice—it's a necessity and the onus is on fintechs and financial institutions to lead the charge. The convergence of technology and finance has unlocked doors we once thought impenetrable.
Read: Vass Bednar: Canada’s Glaring Banking Protections Gap and Implications for Consumers and Fintechs
Yet, as opportunities arise, so do challenges. It's crucial for innovators to remain agile, adaptive, and ever-aware of the evolving needs of consumers. By harnessing the full potential of digital advancements, we can sculpt a future where finance is more inclusive, efficient, and resonant with the needs of the global community.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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