
Finternet: the financial system for the future
The report outlines a vision of interconnected financial ecosystems powered by digital innovation. By leveraging technologies like tokenisation and unified ledgers, it aims to create a user-centric, inclusive financial system that lowers costs, improves access, and increases efficiency globally.
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OVERVIEW
Introduction
The report introduces the Finternet, a vision for a technologically advanced financial system focused on user-centric financial services. It aims to increase accessibility, reduce costs, and offer more personalised services by integrating tokenisation and unified ledgers. The system responds to modern financial systems’ key shortcomings, such as their slow speed, high costs, and limited reach.
A vision for a more technologically advanced financial system
The Finternet is designed to tackle three major challenges: speed, cost, and limited access. Technologies like tokenisation and unified ledgers are highlighted as solutions to these issues, as they can reduce transaction times, increase security, and provide wider access to financial services. Notable examples include Brazil’s Pix system, which saw rapid adoption due to its low-cost and real-time payment capabilities. AI and cryptographic technologies will play key roles in streamlining processes, such as fraud detection and identity verification, further improving the system’s efficiency and security.
From vision to reality
The report outlines that tokenisation and unified ledgers are key to realising the Finternet. Unified ledgers combine financial assets, ownership records, and transaction rules into one platform, allowing for secure and programmable transactions. This significantly reduces reliance on external verification processes and speeds up financial transactions. Unified ledgers are also designed to operate across different asset types, using APIs for interoperability. The modular nature of the system enables a phased rollout across different markets, with particular emphasis on improving financial access in emerging markets. The report notes that economies with poor financial inclusion could benefit the most from this innovation, enabling faster, cheaper, and more secure transactions.
Design principles
The report outlines eight key design principles for the Finternet:
- Users at the centre – The system is built to prioritise users, offering personalised, accessible, and affordable financial services.
- Interoperability – Unified ledgers must work seamlessly with existing financial systems.
- Evolvability – The system needs to evolve alongside technological advancements while maintaining backward compatibility.
- Modularity – A layered design allows for customisation and flexibility across jurisdictions.
- Scalability – The system must be able to grow while maintaining its security and functionality.
- Division of labour and competition – Public and private sectors should work together, with competition driving innovation.
- Inclusiveness and accessibility – The Finternet should ensure that financial services are affordable and accessible to all, particularly in underserved regions.
- Security and privacy – Strong security and privacy measures are essential, leveraging technologies such as cryptography for protection.
Conclusion
The report concludes that the Finternet represents a transformative opportunity to modernise global financial systems. The technology required to implement this vision already exists, but regulatory, legal, and institutional barriers remain significant. The report calls for proactive collaboration between public authorities and the private sector to overcome these obstacles. Special attention is given to emerging markets, where the Finternet could drastically reduce financial exclusion. Unified ledgers, with their ability to secure transactions through immutability and verifiability, provide a key foundation for this system.
The report also highlights that economies embracing fast payment systems have seen substantial benefits. For example, Brazil’s Pix system facilitated private sector innovation and improved access to financial services. Additionally, statistics show that financial inclusion could significantly improve through these advancements, particularly in emerging markets, where access to digital financial services remains limited.