Today the BIS published a vision paper – the Finternet – that provides the North Star for its concept of a Unified Ledger based on tokenization. It notes that while digital identity, mobile and payment systems have brought enormous benefits, there are too few of these innovations in the financial sector.
“Large swathes of the financial system are stuck in the past,” say the authors Agustín Carstens and Nandan Nilekani. Mr. Carstens is the Head of the BIS, and Mr. Nilekani co-founded Infosys and led the government body that oversees India’s digital identity framework, Aadhar.
Last November Mr. Carstens issued a rallying cry to the public and private sectors to embrace innovation and Unified Ledger. The Finternet document complements that speech.
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