Sunday, July 21, 2024

"Tokenisation, AI and quantum computing are best prospects for transforming finance: Ravi Menon"

From The Edge Singapore, July 2:

Whether tokenisation achieves its potential to transform finance depends on the underlying networks on which digital token operates, but existing digital networks are not fit-for-purpose as a global infrastructure for a tokenised financial system, says Ravi Menon, former managing director of the Monetary Authority of Singapore (MAS). 

Menon was delivering a plenary address at the Point Zero Forum in Switzerland on July 2, about the convergence of AI, quantum computing as drivers of innovation reshaping the finance landscape. The forum is a three-day policy-technology dialogue, convening central banks, regulators and industry leaders.

Instead, to realise the vision of seamless financial transactions globally, we need open and interoperable digital asset networks that are compliant with regulatory requirements, Menon continues. Already, there are a couple of promising efforts internationally, he says.

For one, the Bank of International Settlement has proposed the concept of “Finternet” as a vision for the future financial system in which multiple financial ecosystems are interconnected with one another through unified ledgers. 

The MAS, together with industry partners like BNY Mellon, Citi, Société Générale-Forge (SG Forge), JP Morgan and MUFG, has initiated the Global Layer One, or GL1, project.

A whitepaper that details the design principles, objectives, considerations and potential uses of GL1 was published last week....

....MUCH MORE