There has been tremendous innovation in financial services around the world—in payments, lending, cross-border transactions, data sharing, open banking, and more,” said Nandan Nilekani, Co-founder, Infosys, at the Global Fintech Fest (GFF) 2024.
He pointed to India's National Payments Corporation of India (NPCI) and the success of the Unified Payments Interface (UPI) as prime examples of this global trend.
Nilekani introduced the concept of the "Finternet," which aims to empower individuals to manage a wide range of assets, from user-controlled to regulated ones. He stated, “The convergence of technology can unlock exponential value,” emphasising the potential of integrating various technologies to enhance financial services.
He explained that the Finternet is characterised by three core principles: it is user-centric, unified, and universal. “The Finternet combines the best of the regulated world with the best that tokenization technology can offer us," added the Co-founder. This approach seeks to integrate various asset classes, enabling the tokenisation of everything from real estate to artworks, thereby creating a secure and regulated infrastructure for financial transactions.
Nilekani further illustrated the importance of this universal infrastructure by showcasing a demonstration of the Finternet architecture, which aims to unify financial services through advanced cryptography and tokenisation.
He emphasised that this innovation is not a distant vision but is already being implemented globally, with numerous labs working on the Finternet concept. As the conference progresses, attendees are eager to explore the implications of these advancements and how they can contribute to a more inclusive and resilient financial ecosystem.
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