The BIS Working Papers No. 1178 (PDF), authored by Agustín Carstens and Nandan Nilekani, introduces Finternet: the financial system for the future, which holds immense potential for the financial sector and promises a brighter future.
The paper outlines a way to unlock the potential within the financial sector by enabling an architecture that draws on the Internet, decentralization, and unbundling. Dhiway is one of the small core group of companies working on developing the concepts in the paper into a functioning system. With us on this journey are Silence Laboratories, JUSPAY, Rooba Finance, and the Solana Foundation.
At the outset there is an exposition about vision for the Finternet: multiple financial ecosystems interconnected with each other, much like the internet, designed to empower individuals and businesses by placing them at the centre of their financial lives. It advocates for a user-centric approach that lowers barriers between financial services and systems, thus promoting access for all.
The tokenization of real-world assets is an integral component of the finternet. With tokenization comes the need for a well-designed governance system built on regulatory frameworks with which the technology choices are compliant. If you still need to become familiar with asset tokenization, here is a primer written by Suraj Atreya, which is necessary reading material.
Blockchain technology is a key piece of the technology infrastructure, and it is where CORD, our Open Trust Infrastructure, fits in to enable the design of innovative applications and solutions.
The emergence of finternet is not just the blueprint for information technology architecture. It is conceptualised to unbundle the traditional, centralized financial systems using the values of innovation, transparency, enhanced security, cost efficiency and interoperability, all while being very user-centric.
Find more about the work underway at Finternetlab.io
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