Chris Larsen, the co-founder of Ripple, is all set to join the high-level discussions with the International Monetary Fund. This discussion will involve Fintech and the future of finance. An excerpt from the press release of IMF release on 1st march states as-
“Realizing the full potential of Fin- Tech while minimizing its risks requires coming to grips with issues related to data governance and cybersecurity – and this is what the advisory group focused its attention on during our meeting in Singapore,”
stated the MAS Managing Director Menon in his opening remarks.
“The Bali FinTech agenda sets out a useful roadmap, and MAS is happy to work closely with the IMF to advance the growth of Fintech while maintaining financial stability and public confidence.”
International Monetary Fund panel had its first meeting in June last year. This meeting focused on the importance of the cross border consensus as well as on the way the distributed ledger technologies, mobile computing and artificial intelligence can help in the Fin- Tech sector’s further growth. The meeting also discussed the importance of striking and maintaining financial stability as well as on enhancing the overall confidence in the financial ecosystem on the international level.
By far two meetings have been addressed by the IMF director Christine Lagarde. These meetings involved a panel of nineteen world-renowned names from the finance and the technology sectors. These meeting discussed the extent of impact the latest technological innovations had on the financial services. The focus of these meetings was on how innovative technologies such as the blockchain technology can contribute and enhance the information and data sector, and the cyber security sector. As per the reports obtained from the ‘dailyhodl.com,’ Chris Larsen joins eminent pioneers of the blockchain industry. The who’s who include- Blockchain.com president Marco Santori, Circle CEO Jeremy Allaire, Chain CEO Adam Ludwin, and Digital Asset board member Blythe Masters.
The IMF high-level advisory group held a meeting in Singapore on 1st March. Along with Larsen, this meeting was also chaired by Ravi Menon and Managing Director of MAS.
The clips that are recorded from the meeting will soon surface. The International Monetary Fund is aware of the impact on the financial sphere by the various crypto startups and the eminent digital assets such as Bitcoin BTC, Ethereum ETH, and Ripple XRP. Back in January this year, Lagarde was found underlining the importance of the need to adapt by the banks. At the Paris Fin-tech Forum, he emphasized on the importance of the banks to act upon the new and innovative technologies to provide better services to its users. He based his warning on the effect that Ripple XRP and the Goldman supported crypto startup- Circle had. He said-
“I think in the banking system at large in many, many countries; the difference will not be between those who are disrupted and those who survive. The difference will be between those who are cannibalized because they are not seeing it coming, and they are not embracing it, and those who self induce that cannibalization. […] And I am using cannibalization on purpose because it is a bit of a striking, horrible word. But it is really what it means. You are going to disrupt your business model. You are going to change it. You are going to reduce your costs. You are going to expedite your transactions, and you are going to inspire confidence because you will build out by an existing backbone, which is your bank and the confidence, the relationship you have established with your customers. […] So that is where I see changes happening now. If you think of Circle, and Ripple and all those – that is where they are active and helpful.”
The other members of the high level advisory group include Dr. Long Chen, President, Alibaba Digital Economy Institute, Robert Garrison, Managing Director and Chief Information Officer, Depository Trust and Clearing Corporation, Sharon Yang, Deputy Assistant Secretary, International Financial Markets, US Treasury, Klaus M. Löber, Head of Oversight Division, Directorate General Market Infrastructure and Payments, European Central Bank, Patrick Murck, Fellow at the Harvard Berkman Klein Center, Bradley J. Wiskirchen, Chief Executive Officer, Kount, Nasir Zubairi, Chief Executive Officer, Luxembourg House of Financial Technology, Mu Changchun, Deputy Director-General of the Payment and Settlement Department, People’s Bank of China among others.