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Exploring UK’s New Era for Money at Money20/20 Europe

Exploring UK’s New Era for Money at Money20_20 Europe | Fintech Finance

Money20/20 Europe, taking place in Amsterdam on 7-9 June 2022, will be at the heart of one of the most heated debates in the payments industry: Central bank digital currencies (CBDCs).

CBDCs are quickly gaining traction across the globe. Currently, 89 countries (representing over 90 per cent of global GDP) are exploring a path toward a CBDC, while 9 countries have now fully launched a digital currency, among which are The Bahamas, Cambodia and Nigeria. Successful trials of an e-krona in Sweden are now also reaching fruition, with the pilot now entering into Phase 3, which will further investigate its technical solutions and legal framework.

In the UK, the Bank of England (BoE) launched a consultation in association with HM Treasury (HMT) to assess the advantages of developing a retail CBDC. Currently, the BoE’s intention is to launch a digital version of the pound sterling for both consumers and businesses to use for daily transactions.

In response, the private sector’s own ambitious CBDC pilot, Project New Era launched a paper, ‘A New Era for Money’, calling for greater collaboration between central banks, financial institutions and technology vendors. Led by the paywith.glass fintech platform, Project New Era aims to address card and bank transfer inefficiencies, lower costs and deliver near-instant settlements for cross-border payments, allow private organisations to transfer funds within closed ecosystems, and enable payment institutions to use UK’s first programmable money, dSterling.

To explore the UK’s new era for money, Money20/20 Europe will host two panels:

Thursday 9th June, 13:10: Introducing Project New Era, the UK’s first Digital Sterling pilot

Participants:

  • (Moderator) Lord Anthony St John of Bletso – House of Lords
  • Kunal Jhanji – MD, Partner & Global Lead for Networks and Market Infrastructure at Boston Consulting Group
  • Paul Sisnett – Co-founder & CEO at SMD Group / paywith.glass
  • Brunello Rosa – CEO and Head of Research at Rosa & Roubini
  • Dr Lisa Cameron MP – House of Commons
  • Nicole Sandler – Head of Digital Policy, Barclays

And ahead of the pilot’s launch in September:

Thursday 9th June, 14:40: What will the UK’s first Digital Sterling pilot look like?

Participants:

  • (Moderator) Dr Ruth Wandhofer – Payments Systems Regulator UK
  • Amit Sharma – Founder and & CEO at FinClusive Capital
  • Kaj Burchardi – BCG Platinion Managing Director
  • Oliver Irons – Partner, Simmons & Simmons
  • Anders Olofsson, Head of Payments, Finastra

“CBDCs are one of the most talked about subjects across payments right now,” said Scarlett Sieber, Chief Strategy & Growth Officer at Money20/20. “The progress made by so many of the world’s central banks is impressive, but what stands out with the UK’s CBDCs pilot is that it’s driven by the private sector. This initiative and level of cooperation and support between the public and the private sectors is a welcomed sight in the wider financial services sector and we’re looking forward to the panels in Amsterdam next week. The eyes of the world are on this collaboration and the conversation taking place centre stage of Money20/20 is one that is not to be missed.”

Paul Sisnett, CEO and co-founder of paywith.glass said: “Digital assets represent the final step in the full digital transformation of the global financial system and the biggest transformation the industry has faced in more than 300 years. So it is imperative we join the race to explore best practice.”

“The world is undergoing a financial revolution from which there is no turning back. With the advent of blockchain technology, digital assets are ushering in a new era for money, with transformative impacts on consumers, businesses, financial institutions and states,” said Kunal Jhanji, Partner and Managing Director in the Boston Consulting Group Financial Institution practice.

Kaj Burchardi – BCG Platinion Managing Director commented: “Near-instant, low-cost payment settlement and the enhanced automation of programmable payments will unlock vast commercial and societal benefits for all market participants. This real-time synchronisation of business and payment processes enable radical new business models and reimagined consumer experiences.”

Bringing together the most innovative people in payments, fintech, and the broader money ecosystem, Money20/20 Europe is a showcase for some of the industry’s fastest-growing and biggest household names. With over 6,500 people from over 2,000 companies attending, this year’s event at RAI Amsterdam promises to be bigger and better, with leading names already confirmed like HSBC, Morgan Stanley, JP Morgan, Visa, Mastercard, and Stripe.

Explore the Money20/20 Europe jam-packed agenda with unmatched content and more exciting speakers here.

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