Next-Generation Payments 2024

Registration

Welcome and Introduction
An introduction to the conference sessions and discussions covering card payments, mobile wallets and digital banks, real-time payments, and digital currencies.
Greg Pote, Chairman, APSCA

Keynote address from Payments Network Malaysia
PayNet reviews current trends and advancements in Asia Pacific payments, highlighting recent progress and future challenges. The keynote explores strategies to accelerate development, focusing on innovative business and technology approaches, and the need for stakeholder collaboration to build trust and ensure inclusivity.
Farhan Ahmad, CEO, PayNet

Innovations in Card Payments and Digital Wallets
Credit, debit and prepaid cards in circulation worldwide are projected to reach 29.99 billion by December 31, 2028, up from 26.71 billion at year-end 2023. Cards as a direct payment method are losing share globally but absolute transaction values continue to rise. Card payments are also moving to pass-through and staged digital wallets. Contactless is now the de facto payment method at POS. Session 1 explores latest developments in card payments, how and why card payments continue to grow, and characteristics of Asia’s card payments business.

• Amid the rapid rise of mobile-based alternative payments and local payment methods across Asia, how are card payments continuing to maintain their relevance for customers and merchants?
• In Asia, payment cards are losing market share to mobile e-wallet payments and mobile real-time payments (RTP), although absolute card payments transaction values are still rising - will this continue?
• At the same time the global footprint of payment card acceptance, particularly contactless, continues to grow as smaller merchants are onboarded. Why is the viability of payment card acceptance improving?
• There is increasing adoption of contactless/NFC card payments to pay public transport fares. What are the benefits for passengers, for transport operators, and for the card payments industry?
• Cards are the most profitable payments segment for banks. Will lower acceptance costs for alternative payments and regulatory pressures impact the long-term sustainability of the card payments business?
• Mobile e-wallets and real-time payments in Asia now developing cross-border capabilities. Is this likely to threaten or boost the success of the global interoperability and acceptance of card payments?
• Payment card tokenisation continues to grow the card payments business while also transforming the security and convenience at POS and online. Will all card payments eventually be tokenised?

Viewpoint 1: Abhishek Pandey, Marketing Working Group Chair, White Label Alliance (WLA) and Product Marketing, IDEMIA [15min]
Viewpoint 2: Yen Ping Teh, Strategic Partnerships, Google Payments, APAC [15min]

Refreshments, Networking and Expo Viewing

Accepting Digital Payments and Combatting Fraud
Today, digital payments make up over half of all transactions in Southeast Asia with the SEA digital payments market expected to hit US$2.1 trillion transaction value by 2030. Less than half of digital payments are now made directly from cards, with over 50% from A2A and e-wallets. In 2023, global losses to online, e-commerce and remote payments fraud were almost $50 billion (over 20% from APAC), largely from card-not-present (CNP) transactions. This session highlights digital payments acceptance trends and how to combat fraud categories prevalent in Asia.

• With the rapidly changing landscape of digital payments in Asia and the need to bring MSMEs into the digital economy, how are card and mobile payments acceptance expected to evolve?
• What lower cost, secure and convenient acceptance solutions, for cards, mobile e-wallets and mobile real-time payments, are available for onboarding MSMEs into the digital payments ecosystem?
• What are the prevalent types of online payment fraud in Asia-Pacific today? What are the best strategies to secure online card and mobile payments while protecting consumers and merchants from fraud?
• How are tokenisation, passkeys, biometrics and other security and authentication techniques being deployed to secure card-not-present payments? Are they effective in reducing CNP fraud?
• Are 3DS2 solutions delivering on the promise of higher transaction approval rates, with less e-commerce fraud and greater confidence for customers that their transactions will not be falsely declined?
• There are a “one-click” digital wallets that allow customers to manage and access their payment cards across multiple merchants. What are the benefits forr merchants, and for customers?
• Regulators in a some countries are unwilling to support RBA, for various reasons. Some countries in Asia challenge 100%. A few countries in Europe challenge as low as 5%.? Why the difference?

Viewpoint 3: Eric Wong, Director of Business Development, Soft Space [15min]
Viewpoint 4: James Daniels, SVP Asia Pacific, Fime [15min]

Discussion D1: The Outlook for Card Payments
Card transaction values for physical and virtual cards combined are at an all-time high and continue to rise. Payment cards in circulation worldwide will reach almost 30Bn by YE2028 and account for around half of all global POS transaction value. Domestic-only cards (over 90 brands worldwide) are projected to reach 2.31 billion worldwide by YE2028, up from 1.94 billion at YE2023. Forecasts that the payments industry would reach “peak card” and card payments would be replaced by instant payments, open payments, account-to-account payments, have not yet come to pass.

“To defeat the international payment card schemes, each a network connected to 1000s of banks worldwide, you must overcome the combined investment of every single party that is integrated to them. Their economic model, and the combined infrastructure supporting their network is almost insurmountable” - Tom Noyes, https://blog.starpointllp.com/?p=5099 

In this discussion a group of experts discuss the resilience of the card payments business, its future development, potential for new innovations, opportunities to partner with other payment methods, how to improve card payment security and customer protection, and how to reduce fraud for merchants while improving convenience and reducing friction at check out.
Abhishek Pandey, WLA and IDEMIA
Eric Wong, Soft Space
Yen Ping Teh, Google Payments APAC
James Daniels, Fime
Greg Pote, APSCA

Lunch

The ESG Elements In Digital Payments
The drive towards environmental, social and governance (ESG) objectives is fuelled by a combination of consumer and investor demands, regulatory pressure, technological innovation, and a broader commitment to addressing the Sustainable Development Goals (SDGs) in digital payments. Is there a ‘ready-made’ solution to meet these demands? How do cash and digital payments compare in terms of environmental impact, carbon footprint, and global warming potential? Should this be more of a compliance/regulatory drive or a strategic imperative? In this focus session, ESG experts share insights on various payment methods, their carbon footprints and ESG impacts - good and bad and why, what and how does the payments ecosystem including payment switches, regulated financial institutions and payments industry solutions providers, contribute to furthering ESG goals.

• How can we further reduce the environmental footprint of the various rapidly growing digital payments methods? Are there technologies or processes we could adopt to minimize energy consumption?
• For payments methods that include a physical component, including tokens and devices, is it their production, transportation, usage or disposal that has the greatest environmental impact?
• Most ESG assessments of payments are Europe-focused, covering cash, crypto, cards, and cheques. Is there data to evaluate ESG impacts of (card-less) mobile e-wallet and real-time payments?
• How can we balance sustainability goals with the growing demand for real-time payments? Will RTP infrastructures be scalable and eco-friendly as transaction volumes increase?
• What more can we do to drive ESG compliance among merchants and payment partners? How do we influence the entire payments ecosystem and value chain to adopt greener practices?
• Is physical cash usage still sustainable in its current form? What is the long-term environmental cost of cash production, distribution, and use? Would regulated digital money have a reduced impact?
• What innovations could help us recycle or reuse electronic payment devices to reduce waste? Are there opportunities in the circular economy that we are not yet tapping into?
• Lifecycle analysis of payments instruments can be useful in quantifying their environmental impacts but what approaches work best for measuring the social and governance impacts of payments?
• In many Asian markets, digital payments drive social inclusion and development. A less-cash strategy may marginalize those reliant on traditional, "less green" methods. How can we balance these goals?
• How can payment platforms contribute more to financial inclusion and social equity? Are our products accessible to underserved populations, and do they promote social sustainability?
• What should our ESG roadmap look like to comply with future regulations? Are we preparing for stricter sustainability mandates from regulators, and how will these impact our business model?
• There is no regional CSR mandate for payments companies to report on ESG performance without greenwashing. Should the industry create its own ESG reporting framework and guidelines?
• How might the UN Sustainable Development Goals act as guidelines for setting, measuring and achieving environmental, social and governance objectives for the payments ecosystem?

Fireside Chat with:
Viewpoint 1: Azleena Idris, Senior Director, Head of Strategy & ESG Office, PayNet
Viewpoint 2: Carrie Suen, Senior Advisor of Global Affairs and Sustainability Strategies & Head of Public Policy, Ant International
Facilitated by: Greg Pote, Chairman, APSCA

Digital Platforms and Digital Payments
Mobile wallets are the fastest growing payment method5. Asia is the global leader with wallets representing 50% of spend. Asia’s rapid digital payments adoption is driven largely by non-bank e-money issuers (EMIs). These mobile e-wallets are transforming economies by creating digital platforms that offer payments, financial and lifestyle services. They are where many unbanked customers make their first digital payment transaction. In this session mobile e-wallets discuss latest developments, achievements and business challenges.

• How are non-bank mobile e-wallets in Asia navigating the challenges of building digital platform businesses that offer customer-centric payments with accessible digital financial services?
• How can they mitigate the problem of compressed QR payment margins and improve revenue streams to ensure long-term business viability of their important inclusive services?
• What additional financial products or services could non-bank mobile e-wallets introduce to continue advancing financial inclusion for the unbanked and underserved customers and businesses ?
• How are non-bank e-wallets differentiating their digital platforms from traditional bank offerings to maintain a unique and attractive value proposition for both consumers and small businesses?
• Some non-bank mobile e-wallets offer international payment cards to customers as an additional service, and to earn revenue. How else might they leverage the card payments business model?
• As non-bank mobile e-wallets grow their digital platforms how are they using opportunities offered by Asia’s increasingly mobile consumers to offer cross-border payments and services?

Viewpoint 1: Desmond Teoh, Chief Financial Services Officer, TNG Digital [15min]
Viewpoint 2: Ferdie Perez, VP, Product (Innovations), GCash [15min]
Viewpoint 3: Isaac Lee, Head of Digital - APAC, IDEMIA [15min]

Discussion D2: The Roadmap for Asia’s Digital Platform Economy
Mobile e-wallets in Asia are the cornerstone of an online-to-offline (O2O) platform economy that extends beyond payments, offering a growing range of services that transform customer interactions and economic activities. By partnering with and supporting underbanked MSMEs, these platforms are integrating more businesses into the digital economy. What strategies can mobile e-wallets use to build and maintain loyalty among customers and merchants, given the rise in competition from other mobile wallets, payments fintechs, and digital banks? What additional tools and services could mobile e-wallets provide to help small merchants optimize operations and grow their businesses within the digital economy? Mobile e-wallets in China pioneered comprehensive partner ecosystems, such as cloud-based mini programs (over 4 million in WeChat) - could a similar ecosystem further strengthen digital platform economies in Asian markets? In the longer term, will these strategies enable non-bank mobile e-wallets to achieve robust and sustainable business models - without needing to become digital banks to accept deposits and create lending businesses?
Desmond Teoh, TNG Digital
Ferdie Perez, GCash
Isaac Lee, IDEMIA
Greg Pote, APSCA

Refreshments, Networking and Expo Viewing

Digital Banking and Digital Payments
The digital bank sector is growing rapidly, driven by demand for mobile-first financial services among underserved customers and MSMEs. By YE2023, global licensed digital banks had reached 235 with over 45 in APAC. Digital banks in Asia are forecast to exceed US$1Tn in net interest income by 2029. Key players are transforming financial services through app-based banking, integrated ecosystems, and competitive rates, leading to increased customer adoption and reshaping the region's financial landscape.

• With successful digital banks now in both developed and emerging markets, inclusion is not always the priority. What are the objectives of digital banks and what customer segments do they aim to serve?
• Digital banking in Asia began later, but the region now has the highest number of digital banks - due to high mobile penetration, demand for inclusive financial services, or poorly performing incumbents?
• From a global perspective, the net interest income (NII) growth rate for digital banks is significantly higher5 than that of incumbent banks. Is this also true for digital banks in Asia-Pacific?
• What are the differences between newly established digital-native banks, and “transformed digital banks” that derive from traditional banks? Which of these are likely to be most successful and why?
• Most digital banks rely on resources within an existing ecosystem that enables access to large amounts of customer and business data. How are digital banks leveraging these ecosystems?
• Are transformed digital banks with resources from traditional banking ecosystems, or digital-native banks with data and resources from non-banking ecosystems, likely to be more successful?

Viewpoint 4: Ashish Gaurav, Head of Cards, GXBank [15min]

Discussion D3: Digital Payments and Digital Financial Services in Asia
The following 5 objectives, posited5 as themes for digital banks could equally apply to mobile e-wallets that operate digital platforms:

• Building a sustainable business model
• Leveraging unique ecosystem resources
• Having diversified revenue streams
• Establishing multi-market coverage
• Optimizing technology and data infrastructure

The business model for QR-based mobile wallets remains challenging, especially for non-bank operators (in 2024, another two mobile e-wallet providers in different Asian markets discontinued payment services). Digital banks have the advantage of lending businesses, and payments focused on profitable card payments. Both digital banks and mobile wallets leverage unique ecosystem resources, and some of Asia’s leading digital banks are connected to mobile wallet ecosystems and digital platforms. Digital banks are expanding from net interest and service fee incomes to new diversified business lines, as non-bank mobile wallets continue to add new revenue streams. Both digital banks and non-bank mobile wallets are targeting new markets at home and also expanding cross-border. Is it likely that all or most of the successful non-bank mobile wallets will eventually graduate to digital banks?
Ferdie Perez, GCash
Isaac Lee, IDEMIA
Ashish Gaurav, GXBank
Greg Pote, APSCA

Close of Day 1

Introduction to day two
A recap of day 1 discussions and introduction to day 2 conference sessions and objectives.
Greg Pote, Chairman, APSCA

From Mobile QR to NFC Tap-to-Pay
Mobile payments stakeholders in Asia (and Europe) are beginning the long-talked-about transition from mobile QR payments to mobile NFC payments. NFC tap-to-pay offers customers faster and more convenient payment transactions at the retail POS and would be a game-changer in public transport. Transitioning to NFC also brings mobile e-wallets closer to future contactless/touchless technologies that are expected to be used in public transit and retail payments in the future, such as Bluetooth and UWB. This focus session will open with an overview of lessons and best practices developed by the NFC Forum and its members (Google, Apple, payment schemes and technology providers) over 20 years. The focus session will bring together mobile payments stakeholders, payments leaders and NFC technology experts in a discussion of key issues likely to arise in a transition from mobile QR payments to mobile NFC payments and propose solutions to those challenges.

• What are the business and technology factors driving mobile e-wallets and mobile real-time payments operators to consider transitioning from mobile QR to mobile contactless chip-based transactions?
• In what scenarios could NFC tap-to-pay offer enhanced transaction speed, user experience and customer convenience over mobile QR payments? In what situations would QR payments be more practical?
• What benefits could there be for merchants in accepting NFC tap-to-pay instead of mobile QR payments? What would be the impact on acceptance costs, including implementation and transaction fees?
• What architectures and implementation choices are possible when adding NFC tap-to-pay to an existing mobile QR payment scheme? Will open-loop and/or closed-loop approaches, or both, be required?
• Are different NFC tap-to-pay acceptance solutions required for different categories of merchants (e.g. retail vs public transport)? Will entry-level, low-cost acceptance approaches be required?
• The efficiency of NFC tap-to-pay depends on transmission/reading capabilities of a large variety of mobile handsets and reading devices. What is required to ensure and maintain conformance?
• What has been the experience of marketing NFC tap-to-pay solutions to customers and merchants? Particularly to those who, up until now, have only been familiar with QR-based mobile payments?
• What are likely to be some of the costs faced by mobile payments stakeholders when transitioning from mobile QR payments to NFC tap-to-pay? What factors can be used to offset these costs?
• Does a transition from mobile QR payments to NFC tap-to-pay offer opportunities for mobile payments stakeholders to create new revenue streams? Will these entail costs to their ecosystems?
• How will NFC tap-to-pay revenues/costs fit with public policy objectives of national payment systems, and mobile wallets business objectives, for financial inclusion and onboarding underserved merchants?
• Is a transition from mobile QR payments to NFC tap-to-pay likely to entail a shift from push payments to pull payments? How might this impact payments authentication and risk management?
• A key driver for transitioning from mobile QR to NFC tap to pay is the public transport opportunity. How much do mobile e-wallets need to know about first ride risk, deny lists, the need for AUTH, etc?

Roundtable Discussants:
Mike McCamon, Executive Director, NFC Forum
Greg Pote, Chairman, APSCA
Kevin Chia, Chief Engineer, NXP Semiconductors
Bruno Batut, Head of Secure Smartcards, STMicroelectronics
Ferdie Perez, VP, Product (Innovations), GCash
James Daniels, SVP Asia Pacific, Fime
Wye-Shun Fong, Technical Director, Bangkok Payment Solutions
Rohaila Abdul Latiff, Senior Manager, Product Consumer Service Enablement, PayNet
Mohamed Salim, General Secretary, White Label Alliance (WLA)

Real-Time A2A Consumer Payments
Real-time payments (RTP) are transforming digital payments for consumers, businesses and governments by delivering new levels of speed, innovation and efficiency to account-to-account (A2A) payments. Asia Pacific is a hotspot for RTP systems and infrastructures, particularly South and South-East Asia, with consumer and merchant adoption driven by low costs and QR-based mobile A2A and e-money wallets. Thailand's PromptPay has the highest number of RTP transactions per capita worldwide. This session explores how central banks and national payment systems can build a leading national real-time payments system, and how to address RTP fraud.

• Are RTP rails becoming the backbone of national integrated digital payments infrastructures to which all payments instruments, including mobile wallets and eventually even card payments, are connected?
• How can a real-time payments scheme support a healthy (i.e. profitable) ecosystem for stakeholders while also ensuring that small and micro businesses benefit from cost-efficient payment services?
• How can banks benefit from real-time payments? How do they offer opportunities, in developing and developed markets, to engage with new customers and MSMEs for new revenue streams?
• What are some of the new use cases, or overlays, that can be added onto real-time payments system and what benefits and added value do they offer to consumers, merchants and government?
• Authorised push payment (APP) fraud is increasing in line with the growth of real-time consumer payments systems. How can regulators, national payment systems and banks address this?
• How can latest innovations and AI technology help to intercept suspected fraudulent A2A transactions in real-time, stopping APP scams before the money ever leaves the victim’s bank account?

Viewpoint 1: Sirirat Junwongsasin, Deputy Director, Payment Systems and Financial Technology Policy Department, Bank of Thailand [15min]
Viewpoint 2: Chatchai Dusadenoad, Managing Director, National ITMX [15min]
Viewpoint 3: Lauren Bayley, Head of Risk & Data Solutions, Visa Asia Pacific [15min]

Refreshments, Networking and Expo Viewing

Cross-Border Mobile Payments in Asia
Card payments through international payment systems still dominate cross-border consumer payments online and at POS but there are changes on the horizon. Asia’s central banks are linking national payments systems to create interoperability between real-time payment systems and mobile e-wallets, enabling cross-border real-time payments. Fintechs are also building schemes to allow cross-border mobile e-wallet payments and acceptance. This session highlights how mobile wallets, RTP and digital money are enabling local payment methods to go global.

• How can real-time payments connectivity facilitate seamless payments for consumers and businesses and support regional economic growth through connected digital economies?
• What is the status of ASEAN’s Regional Payment Connectivity (RPC) cooperation and policy framework to integrate payment systems across Southeast Asia and enhance cross-border digital payments?
• How effective has the RPC initiative been in connecting markets through mobile QR payment cross-border linkages? Has this resulted in growth in real-time payments usage and adoption?
• The RPC initiative connected the RTP networks of Singapore, Malaysia, Thailand, Indonesia and Philippines, later expanding to Vietnam, Brunei, and Laos. Will it be extended beyond ASEAN?
• In most Asian markets, customers and merchants connect to RTP through local mobile e-wallets. How important have single QR schemes been in creating interoperability for wallets and RTP systems?
• What other initiatives are connecting mobile e-wallets and local payment methods to provide convenience for travelling customers and new business opportunities for smaller merchants?

Viewpoint 4: Abraham J. Adriaansz, Deputy President Director, Rintis [15min]
Viewpoint 5: Ashish Chouksey, Senior Director- Business Development - APAC, ACI Worldwide [15min]

Discussion D4: Growing Real-Time Payments Adoption
Real-time payments are more widely adopted and frequently used in some markets than in others. What innovative applications and best practices are driving RTP success in some jurisdictions? Public sector policies play a crucial role, and there is strong correlation between RTP growth and non-bank mobile e-wallet adoption; in many ASEAN markets, consumers make most of their RTP transactions through their mobile e-wallets. Developing new use cases is key. In many markets today the majority of RTP transactions are P2P, with less than 10% in-store. Expanding merchant acceptance and customer usage at POS will require tailored, market-specific strategies. APP fraud losses are forecast to reach $6.8 billion by 2027 across just 6 leading RTP markets8. In 2022 in the UK, a mature RTP market, APP fraud losses came close to the level of card fraud losses.This session explores how to grow RTP usage and adoption while combatting fraud.
Chatchai Dusadenoad, National ITMX
Lauren Bayley, Visa Asia Pacific
Abraham J. Adriaansz, Rintis
Ashish Chouksey, ACI Worldwide
Gary Yeoh, Chief Marketing Officer, PayNet
Greg Pote, APSCA

Lunch

Regulated Digital Money: Trends
A recent Bank for International Settlements (BIS) survey of 86 central banks reveals that while most are exploring both retail and wholesale central bank digital currencies (CBDCs), the focus is increasingly shifting towards wholesale CBDCs, with a greater likelihood of issuance in the medium term. Just a year ago, the emphasis was more on retail CBDCs. Beyond CBDCs, other forms of regulated digital money are also poised to shape the future of payments and settlement. This session delves into the latest developments and emerging perspectives in this evolving landscape.

• What are typical policy objectives for governments launching retail CBDCs? How do they vary based on the local market (e.g. developing/developed economies)? Will this result in functionally different CBDCs?
• Some countries that conducted studies into a potential CBDC have concluded it is not warranted, for now. Is this because they compared CBDCs with existing FMIs based on electronic money?
• In a market with multiple consumer e-payment options, such as digital wallets and real-time payments, how will it be possible to promote widespread adoption of a CBDC as a new form of digital payment?
• Why are offline payments with digital money an important requirement and what are the technology, security and operational considerations for off-line payments that need to be planned and designed for?
• There is a popular belief that a CBDC would be operated on a Blockchain but there are cases of CBDCs operating on a distributed database - what are the reasons for selecting one over the other?
• Are CBDCs only relevant for specific objectives? Such as driving financial inclusion and digital payments for citizens who are unbanked? Or for reducing the cost of transporting cash?

Viewpoint 1: Polly Bäumler, Regional Director Business Development CBDC, Giesecke+Devrient [15min]

Digital Money, Ledgers, Networks and Tokenisation
Proposals for consolidated financial ledgers and networks aim to integrate tokenised assets, liabilities and various forms of regulated digital money onto unified platforms. An important aspect of most of these proposals is that they aim to be more inclusive with digitised representations of public money, regulated private money, and other regulated assets in a single layer. These initiatives seek to address challenges with legacy FMIs while introducing new capabilities such as simultaneous and instantaneous settlement. This session will compare tokenisation approaches, issues for practical implementation, and potential benefits.

• Based on most industry news and discussion, anyone might assume that the future of digital money is about CBDCs and stablecoins, but mostly about CBDCs. What about other forms of digital money?
• What is required to achieve interoperability between tokenised central bank digital currencies (CBDCs), commercial bank digital money, and e-money within a shared network?
• Beyond their original fiat-to-crypto bridge use case, what are the most important applications of stablecoins today? Is their rise due to their being the only digital currency that meets these use-cases?
• The UK is reluctantly continuing to develop a CBDC as they are concerned that commercial banks risk failing to keep up with crypto firms. Are commercial banks uninterested in digital money? If so, why?
• The Bank of England raised concerns that there is currently insufficient innovation in commercial bank money. Excluding stablecoins, is there ongoing innovation in regulated private money in Asia?
• Could blockchain-based deposit tokens become a more promising form of regulated digital money than stablecoins, replacing their functions of liquidity and value storage in blockchain environments?
• With adoption of tokenised forms of regulated currency on digital ledgers, will the existing retail payments status quo be maintained, with most digital money payments made in tokenised deposits?
• How can a consolidated financial ledger enable tokenised, programmable money to be interoperable across different regulated issuers, even in different jurisdictions?

Viewpoint 4: Kenny Siah, Country Head of Product, Global Payment Solutions, HSBC Bank Malaysia [15min]
Viewpoint 5: John Ho, Head, Legal, Financial Markets, Standard Chartered Bank [15min]
Viewpoint 6: Aaron Chua, Regional Head of Compliance, StraitsX [15min]

Discussion D5: Designing the Future of Digital Money
This session explores the future of the monetary system, emphasising the move from siloed ledgers within financial institutions to a consolidated shared ledger approach that includes different regulated issuers of digital money within an interoperable layer. This digital platform would integrate tokens representing claims, assets, and settlement methods, allowing messaging, reconciliation, and settlement in one streamlined process. This shift could enhance efficiency, risk management, and liquidity, while introducing new capabilities not possible with traditional FMIs. While CBDCs are a key focus, tokenized money from regulated private banks and non-banks should also be included and integral to settlements within these shared ledgers. However, as multiple DLT-based FMI initiatives arise, preventing fragmentation will be essential. Proprietary, non-interoperable systems could weaken the impact of regulated digital money innovations.
Sirirat Junwongsasin, Bank of Thailand
John Ho, Standard Chartered Bank
Polly Bäumler, Giesecke+Devrient
Aaron Chua, StraitsX
Kenny Siah, HSBC Bank Malaysia
Greg Pote, APSCA

Final remarks and thanks