Helping you make sense of going Cashless | Best-selling author of "Cashless" and "Innovation Lab Excellence" | Consultant | Speaker | Top media source on China's CBDC, the digital yuan | China AI and tech

As a best-selling author and consultant, I combine my passion for fintech, AI, and innovation with my extensive experience in the banking industry and the Asian market. I wrote two No. 1 international bestsellers, "Cashless: China's Digital Currency Revolution" and "Innovation Lab Excellence," that provide insights, strategies, and practical solutions for the digital transformation of the financial sector. I have also been a top media source and speaker on China's digital yuan and mobile payments, sharing my firsthand knowledge and analysis of the world's most advanced cashless society.

With over 25 years of experience in risk management, structured credit, and debt financing, I deeply understand fintech and AI's challenges and opportunities for the banking industry. I have worked with start-ups and established insurance and asset management players, helping them navigate the uncharted waters of the latest cognitive, AI, blockchain, and analytic technologies. I have also led and contributed to multiple innovation labs and projects across Asia, applying the latest IBM technologies to real-world problems our banking clients face. I am a tireless evangelist for using technology to democratize access to financial markets and to enhance customer experience and value.

Richard Turrin

Stablecoins’ $33T transaction volume grabs headlines, but the true battle isn’t volume — it’s who controls institutional flows, which is why banking licenses have become the new battleground in the stablecoin economy.

The new bank rush includes stablecoin issuers, asset managers, and even a Japanese multinational, all of whom are striving to crack the stablecoin economy by providing institutional access through a bank.

Despite the massive volume hype, stablecoins still lack a clear path to broad institutional adoption. 

Becoming a chartered bank offers a practical solution — normalizing their use by providing the oversight, trust, and infrastructure corporations expect. 

Consider how unlikely it is for large companies to run payroll, supplier payments, or treasury operations on tokens issued by lightly regulated entities and third-party exchanges.  

Becoming a regulated bank changes that equation.

👉Key trends:

↳ In the US, at least 15 applications have been submitted for banking charters overseen by the Office of the Comptroller of the Currency (OCC), 

↳ 11 of the 15 are from stablecoin issuers. 

↳ Payment companies like Stripe, Bridge, Ripple, and Connectia Trust NA, backed by Sony Financial Group.  

↳ Crypto native firms like Coinbase Global Inc. and National Digital Trust are both seeking banks.  

↳ Full-service bank Erebor and even the new US neobank, Brazil’s NuBank

↳ Master account access to Fedwire, ACH, and FedNow would transform issuance, redemption, and on-chain settlement

For incumbent banks, which are, for the most part, lagging with stablecoin adoption, the shift presents both a threat and an opportunity: 

↳ Threat: regulated stablecoin issuers could disintermediate thin-margin wholesale and cross-border payments

↳ Opportunity: partner or replicate to embed stablecoins in cash management, custody, and treasury services 

What is key is that the prize is not retail wallets but control over institutional payment flows.

The race is on. Who will win control of the massive flows associated with asset managers, broker-dealers, and market makers? 

♻️Repost to share this great read on the stablecoin bank rush!
#Fintech, #AI, and Tech at the speed of Asia and China.

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The Race Is On to Build a Stablecoin Bank and Cash-in!

Fintech and AI from a uniquely Asian and China-centric perspective | Best-selling author of “Cashless” and “Innovation Lab Excellence” | Consultant | Speaker | Top media source on China’s digital yuan |

Weekend Read:  Tokenized Money Explained: What You Need to Know in 2026 – Deposit tokens, CBDC, Stablecoins & More

This is a fabulous Weekend Read for fans of tokenized money and tokenization! 

While all of the document is a solid read, here are the chapters you simply can't miss:

🔹 Chapter 1  The Taxonomy
Learn how the different forms of digital money are classified based on: 

• the nature of the claim;
• the backing;
• the form in which it is represented on a ledger;
• and the access conditions guiding who can hold
and transfer it.

🔹Chapter 3  Interoperability and Programmability
Read this to learn why these are so important to EVERY form of digital money, and the 5 key challenges to scalability: 

• Cross-border efficiency
• Cross-platform connectivity
• Cross-asset connectivity
• Regulatory alignment
• Governance coordination

Read this, and you will be ready for the big changes coming to how we pay in 2026! 


♻️Repost to share this fabulous read on Tokenized Money! 
#Fintech, #AI, and Tech at the speed of Asia and China.

Tokenized Money: What you need to know! 

Harvard Business Review drops a bombshell by claiming that AI isn’t reducing anyone’s workload, but is actually intensifying it and increasing burnout.

The results of an eight-month study at a tech company with 200 employees may at first sound like every manager’s dream: 

“We found that employees worked at a faster pace, took on a broader scope of tasks, and extended work into more hours of the day, often without being asked to do so.”  

...and it gets better.... 

“Workers did more because AI made ‘doing more’ feel possible, accessible, and in many cases intrinsically rewarding.”

The problem for workers is burnout:

“Once the excitement of experimenting fades, workers can find that their workload has quietly grown and feel stretched from juggling everything that’s suddenly on their plate."

"That workload creep can in turn lead to cognitive fatigue, burnout, and weakened decision-making.”

The study found that companies will need to adopt an AI practice:

"a set of intentional norms and routines that structure how AI is used, when it is appropriate to stop, and how work should and should not expand in response to newfound capability."

Three creators of AI intensity:

↳ Task Expansion

AI automates routine work, but instead of reducing workload it expands the scope — leaving people to handle more complex, judgment-heavy tasks and exceptions at scale.

↳ Blurred Boundaries

AI enables constant availability and real-time monitoring, blurring the line between work and personal time — making it harder to disconnect and increasing burnout risk.

↳ Multitasking

AI speeds up task-switching and creates more simultaneous workflows, raising cognitive load — leading to fragmented attention, reduced deep focus, and higher error rates.


This isn’t to say that humans and AI won’t reach the critical balance allowing humans to work comfortably with AI.  

They most certainly will, but it will only come if companies have policies that help foster this balance.  

Companies need to be proactive in adopting an AI practice for employee well-being, just as they do with adopting AI  risk management and governance programs.

Expecting this balance to happen magically by itself is a fundamental error. 

Or will companies just accept employee burnout and make humans sacrificial?

♻️Repost to share how AI increases work intensity
#Fintech, #AI, and Tech at the speed of Asia and China.

Bombshell:  AI doesn't reduce work but fosters burnout

Harvard Business Review’s survey of 623 senior execs reveals the surreal state of hype for agentic AI, as a stunning 84% believe Agentic AI will transform their organization’s business.  

Yet backing this belief is the harsh reality that:

↳ Only 26% say that their organization is very effective at leveraging ANY type of AI 

↳ 66% say their organizations aren’t even using agentic AI, as they are in pilot or a lower level of activity. 

So execs are making big predictions on agentic AI’s transformative power with little success using AI and no direct experience. 

But then, as though we are entering a painting by Salvador Dali, most can’t even define what success is for their agentic systems: 

↳ Only 5% of respondents say that their organization has well-defined success metrics for agentic AI implementation

↳ 19% say their organization has some success metrics in place. 

↳ 55% say their organization is defining or planning such metrics 

↳ 17% say their organization has not considered success metrics 

So, exactly what is a successful agentic AI when most have no clue as to the metrics to measure success?! 

But wait, as if this isn’t surreal enough: 

↳ 72% fully expect that agentic AI will deliver a return on investment, but wait for it….

↳ 46% don’t even have an agentic AI roadmap or strategy!

You can’t make this stuff up! 

That execs are positive about agentic AI isn’t bad, and one may argue that they are making predictions about its future use.  

That may be true, but execs should be a bit more skeptical. 

"Transforming a business" is a high bar, and the gap between their reality and aspiration is too great.

If this isn’t a surrealist Salvador Dali painting, what is? 

♻️Repost to share how hyped agentic AI has become!
#Fintech, #AI, and Tech at the speed of Asia and China.

Hopium: The Huge Gap Between AI Hype and Reality 

🔥Weekend Read: McKinsey's "The State of Organizations 2026," should have been titled: "The AI 'Jobpocalypse' Begins and Block Shows Why."

McKinsey's nine strategic "shifts" are a great read, and yes, all will transform organizations. 

The problem is that McKinsey makes them all sound happy, when many will be very hard on employees! 

As Block's layoff of 40% of staff shows, the real "state of organizations in 2026" will not be as employee-friendly as McKinsey suggests.

↳ Where McKinsey happily sees companies "reaching the next productivity frontier," Block's Jack Dorsey confirms that this frontier doesn't need as many humans: 

“We’re already seeing that the intelligence tools we’re creating and using, paired with smaller and flatter teams, are enabling a new way of working which fundamentally changes what it means to build and run a company.”

↳ While McKinsey sees humans and AI agents working together and collaborating, this isn't what happened at Block. 

40% of staff were let go, and none were deemed worthy of agent collaboration? Nearly half the company won't be happily collaborating with agents. 

↳ McKinsey wants companies to "Aim higher with a new performance edge."

Block's CEO, Jack Dorsey, agrees and says other companies will get the same "edge" soon: 

"I think most companies are late. Within the next year, I believe the majority of companies will reach the same conclusion and make similar structural changes.” 

McKinsey's 9 shifts transforming organizations all sound happy, but read between the lines for the outlook on jobs: 

 1. Unlocking the Al-enabled organization

2. Humans and Al agents: Building a new world of collaboration

3. Leveraging Al to rewrite the future of shared services

4. Finding value in a new geopolitical context

5. From structure to flow: Reaching the next productivity frontier

6. Focusing on the core: Doing the right thing with more intensity

7. Aiming higher with a new performance edge

8. Sharpening the focus on diversity and inclusion

9. Reinventing leadership: Leading from the inside out

The State of Organizations in 2026 may be fine; look how Block's stock went up on Friday. 

The state of employment, however, is very different, and I don't think employees or society is fully prepared. 

♻️Repost this great read that predicts the jobpocalypse.
hashtag#Fintech, hashtag#AI, and Tech at the speed of Asia and China.

The AI ‘Jobpocalypse’ Begins and Block Shows Why.

Neobanks are the new kings of banking. With almost 40% of the new banking relationships worldwide, 52% satisfied with their bank, and 72% of consumers now having two or more banks.

A few years ago, there was a serious debate about whether neobanks were just a passing trend or here to stay.

These numbers don’t lie with big neobank gains worldwide:

↳ 39% of new banking relationships
↳ 19% of all bank accounts
↳ 5% of revenue share

While the 5% revenue share figure above may raise eyebrows, don’t expect this low figure to last. 

There are clear signals of increased profitability, with revenue per customer jumping to USD 100 per account per year, up from USD 75 just 24 months ago.

Critics were correct in that initially, there were far too many neobanks, and the overall number of neobanks has declined.  

But the global leaders that remain are a real threat with rates and low fees that incumbents can’t match.

↳ Nubank + Revolut added 50+ million users in the past two years alone (the world's fastest growing banks)
↳ 20+ neobanks now exceed 10 million customers; ~100 have passed 1 million

The few areas where incumbents still lead are trust, fraud protection, and customer support. 

Trust was always neobank’s “Achilles heel,” but even this gap is shrinking. 

I’ll use myself as an example. I went from four primary incumbent banking relationships to seven, with three neobanks added in recent years. 

Yes, the incumbents have more of my money, but that is changing by the month. 

Can incumbents keep up?  

Don’t count on it.  

Hampered by legacy tech and mentality, they will have a hard time besting fast-moving neobanks with new products, gamification, low-fee monetization, and leveraging AI. 

This doesn’t mean incumbents are doomed, as they have deep societal connections that will keep them afloat for years.  

That said, we can expect them to have dwindling relevance, particularly to clients in their 30’s (or older ones like me!) who are comfortable with digital relationships. 

The new banking king?

Neobanks and their rise is unstoppable.

Who’s winning the banking battle for your money right now?

♻️Repost to share this great read on neobanks! 
#Fintech, #AI, and Tech at the speed of Asia and China

Neobanks the new kings of banking

Stanford’s Emerging Technology Review is out — and it’s a must-read “Top 10 List” for anyone tracking the tech reshaping our world.

For fintech followers: dive into the AI, Quantum, and Cryptography sections — these directly impact payments, security, and the future of digital finance.

For those wanting a break from fintech, the Neuroscience and Materials Science chapters offer a refreshing, eye-opening shift to completely different frontiers.

The report aims to secure US tech leadership, but don't let that scare you away.

It is a clear, insightful guide to tomorrow's breakthroughs, and is relevant no matter what country you live in or your focus.

Download it here and see what’s coming next. 

What section caught your eye?

👉The Ten Technologies:

01. Artificial Intelligence
02. Biotechnology and Synthetic Biology
03. Cryptography and Computer Security
04. Energy Technologies 
05. Materials Science
06. Neuroscience
07. Quantum Technologies
08. Robotics
09. Semiconductors
10. Space

Thank you to Walter Sepp Aigner for sharing this PDF with me!  

Got a fresh PDF report that you think our community would like?   
Send it over, I'm always on the lookout for good reads to share! 

⛷️Holiday post!  Back next week with longer reads. 
♻️Repost and share these future tech advances. 
#Fintech, #AI, and Tech at the speed of Asia and China.

uninterrupted innovation is key - even if too many hope to ignore innovation - I facilitate hands-on innovativeness with leading-edge champions in Europe as innovation facilitator and curator of (non-)knowledge inflows

The Top 10 Tech Emerging Technologies

The IMF has a MUST-READ report covering Southeast Asia’s (SEA’s) QR-based digital payment revolution that is transforming cross-border payments, promoting local currency usage, and boosting trade and inclusion.  

Humble QR payments, born in China back in 2014, are now changing all of SEA and especially Thailand, a local leader in digital payments, including CBDC.  

The IMF reports domestic QR payments are exploding throughout the region: 

↳ +300% growth in Thailand, 
↳ +550% in Malaysia, 
↳ +467% in the Philippines, all for 2023-24.

But what is happening now is even bolder as QR payments have just begun to go cross-border to reduce cost and time.

To do this, Asia is connecting QR payment systems to allow bilateral real-time transfers in a collaborative effort between governments and local private payment providers.  

The drive for these connections comes from tourism, with intra-ASEAN tourism accounting for 42% of all visits, and the region’s financial backbone, SME businesses.

SMEs benefit from cross-border QR payments in two ways: 

↳ Expansion of their market reach into new countries. 

↳ Establishment of a digital payment footprint that can be used to assess creditworthiness and bring greater inclusion.

Another key point is that these cross-border transactions use local currency and avoid the risk of using US dollars and currency shocks. 

A fact that USD stablecoin fans would do well to take note of. 

The IMF shows QR payments increase with: 

↳ Higher volatility of the local currency against the US dollar. 

↳ Substitution for traditional banking and credit card payments when they are difficult to access. 

↳ Increased tourism receipts.

↳ High cost and slow speed of traditional cross-border bank transfers. 

↳ The number of banks participating in the linkages.

Given the fame of SEA scam centers, it's no surprise that QR cross-border payments are not immune. 

Still, what we are seeing throughout the region is, as the IMF says, a real revolution!  

Now, without being too smug, aren’t you all impressed that I talked about this in my book Cashless 4 years ago?! 

♻️Repost to share SE Asias QR revolution! 
#Fintech, #AI, and Tech at the speed of Asia and China.

SE Asia's QR Digital Payment Revolution

Banks are stuck in AI “pilot purgatory,” and to escape, the author Oscilar proposes an “imitation is flattery” strategy that copies AI use cases that work elsewhere and runs them in parallel with legacy systems.

Copying the success of others isn’t a novel strategy, but in this case, it is very practical because banks don’t have time to waste.

It also saves banks from ripping and replacing legacy systems. 

Some see this as the best solution to AI pilot purgatory, but it will only make banks fall even further behind. 

Systems replacement also doesn’t solve other problems that cause the gap between AI enthusiasm and action:

↳ Long procurement procedures, 

↳ Lack of real-time continuous AI governance, 

↳ The inability to surrender control of their business to AI vendors/providers.   

The strategy is for banks to simply “wedge” AI infrastructure alongside legacy systems without requiring wholesale replacement.

The authors, of course, give this a fancy name.

They call it a “tractable wedge,” which is an “execution pattern observed in live deployments that allows banks to progress toward the AI Bank of the Future incrementally.”

Sounds like copying to me.  

Proposed Wedges:

↳ Shadow mode:  Run a new AI decisioning engine in parallel with legacy

↳ Analyst-assist agents: agents to perform the data gathering and preliminary analysis.

↳ Greenfield products: Build an AI-native risk stack specifically for new product lines. 

↳ Natural language to rule generation: Allow non-technical users to create and test rules. 

↳ AML False Positive Reduction: Deploy an AI “overlay” that performs secondary scoring

Some may critique this strategy as not using AI to its fullest as with a system rip and replace. 

They are correct, but Oscilar estimates that these installations can capture 70-80% of AI’s potential value.

That is more than good enough if copying can actually deliver AI into actual production!  

The problem isn't optimizing AI, but not falling behind.

Banks should jump on this paper.

This is a down-and-dirty AI strategy for laggard banks that makes perfect sense.

(Even if it's just copying with a new name.)  


♻️Repost to share this practical AI strategy: copy others!
#Fintech, #AI, and Tech at the speed of Asia and China.

Banks Need To Get Out of "Pilot Pugatory!"

The AI commoditization crisis is here — this powerful new read explains why, with almost every company using the same AI tools, true differentiation is slipping away unless they build in "intelligence capital."

The author Simon Torrance is on the front lines implementing AI Agents with his company AI Risk, and I received his permission to reprint this article.

How many customer chatbots have you used lately? 

They felt novel a few years ago. Now they’re table stakes — no real edge, no differentiation.

Why? 

Banks and finserv firms rely on the same three or four LLMs, the same consultants with McKinsey and Accenture, and have the same use cases. 

The outcome: AI that automates, but is dull and can’t create a competitive edge.

Enterprise leaders should be asking: 

“Is my AI investment building something a competitor cannot replicate by simply buying the same tech six months later?”

Simon answers that the answer is: No, unless they shift from AI that doesn’t just automate but accumulates. 

The goal of AI isn’t just faster processes; it’s "Intelligence Capital." 

↳ Intelligence Capital: institutional knowledge that compounds with every decision, persists beyond individuals, and can’t be copied by purchasing the next vendor release.

↳ AI agents that provide intelligence capital provide true differentiation as “your competitors can’t build them.”

↳ To generate intelligence capital with AI, we need to use agentic teams that deliberate over data to turn it into a decision.  

Make no mistake, this is advanced agentic use at a time when many think chatbots are cool.  

It is intelligence capital that will differentiate companies' AI usage and provide real value. 

The interesting part is that this use of agents mirrors a human committee rather than an assembly line.  

It also opens the door to using AI digital twins of employees to access their decision-making abilities.

In a world where AI assistants are already a commodity, the winners won’t be the ones who automate fastest.

They’ll be the ones who accumulate Intelligence Capital that no one else can replicate.

Thanks again to Simon Torrance for sharing this article!

♻️Repost to share how Agents can provide a real edge!
#Fintech, #AI, and Tech at the speed of Asia and China.

Expert on Strategy & Innovation | Agentic AI | CEO, AI Risk | Founder, Embedded Finance & Insurance Strategies | Guest lecturer, Singularity University | Keynote speaker

AI Risk

AI is Now a Commodity:  Build a Real Edge

Weekend Read: AI’s Impact on Jobs: What the Data Actually Shows (Spoiler Alert: It’s Not What You Think)

A fresh study cuts through the AI job-loss panic fueled by headlines like Block’s 40% staff cuts.

The real numbers paint a more nuanced picture.

AI disruption is coming, but it’s not hitting hard yet, at least not as fast as the fear-mongering suggests.

Key takeaways:

↳ Limited evidence so far that AI is driving broader unemployment — top 25% most exposed workers show similar unemployment trends to those with zero exposure

↳ Limited evidence that AI is playing a role in the broader labor market today.

↳ Limited evidence that AI has increased unemployment to date.

↳ Hiring of younger workers (22–25) in high-exposure roles is down 14% — they may be staying in existing jobs, shifting roles, or returning to school.  25+ shows no impact.

↳ Actual AI usage is far below theoretical capability. The “observed exposure” (what people really do with tools like Claude) is much lower than models can handle

↳ Top-exposed workers earn 47% more on average, have higher education, and skew white-collar

↳ Demographics of the most exposed: Female (+16%), White (+11%), Married (+10%), Asian (+4%)

↳ Highest exposure roles: Programmers (75%, observed exposure), Customer Service Reps (70%), Data Entry Keyers (67%)

↳ Lowest exposure: Physical/manual jobs like Cooks, Mechanics, Lifeguards, Bartenders, Dishwashers (~30% of workers have zero observed exposure)

There is no doubt that AI is reshaping work, but it’s not the mass job-killer just yet.

With low "observed exposures," however, we're just at the start of the disruption. 

It’s hitting higher-paid, white-collar roles first, while physical jobs remain largely untouched.

-Are you seeing AI change roles around you? 

-Are the claims of AI job loss, like Block's, a way of claiming dubious AI advances rather than admitting poor performance?

♻️Repost to share the latest on AI's impact on employment
#Fintech, #AI, and Tech at the speed of Asia and China.

AI job losses aren't hitting just yet....but they will

Money20/20 Asia’s annual survey confirms what I’ve been saying for years: Asia is the world’s leading fintech capital, driving global innovation with unmatched momentum.

Key highlights from the report:

↳ 90.6% of executives say financial inclusion and social good are now embedded in core business strategy — not vague CSR, but a commercial imperative for long-term success

↳ 22.9% identify SEA as their primary growth target, solidifying its role as the global growth engine, beating all other global regions.

↳ 61.2% of organizations have already adopted AI or machine learning at scale

↳ 63.5% rank fraud prevention as their top operational priority

↳ 72.9% see SME-tailored fintech solutions as critical to regional economic growth

↳ 66% see hyperlocalisation as key for launching across new Asian markets.   APAC is definitely not homogeneous! 

The region is shifting from experimentation to full-scale deployment across AI, digital assets, QR payments, superapps, cross-border linkages, tokenization, and stablecoins.

And unlike the West, regulators are actively backing disruption, not protecting incumbents.

No technology is off-limits in the pursuit of inclusion and real GDP growth.

Asia isn’t copying the West, it’s redefining the future of finance.

♻️Repost this important read on fintech in APAC! 
#Fintech, #AI, and Tech at the speed of Asia and China.

SEA Fintech: "A Primary Driver of Global Innovation"

Identity fraud is a global $58B problem, and this year’s top trend is that it is changing from “low-effort” high-volume schemes to “sophisticated fraud” using deepfakes and social engineering, up 180% YoY.  

The days of an email asking you to unlock your account sent from a hopelessly wrong email address are gone, and for that, we owe thanks to AI.  

But the AI knife cuts both ways. 

“Sophisticated fraud” is an attack that combines multiple coordinated techniques such as AI-generated identities, social engineering, device or telemetry tampering, and cross-channel manipulation. 

Unlike phishing or other more simple attempts, these multi-step schemes require AI, planning, automation, and adaptability, making them far harder to detect and contain.

They are also larger, with a longer-term impact for victims and institutions, as they require greater preparation and higher costs.

The top trends for this year:

↳ The Sophistication Shift: Less sloppy and low effort fraud, but more advanced attempts.

↳ AI industrializes Fraud: AI is evolving into a sophisticated fraud production ecosystem.

↳ AI Fraud Agents: Autonomous systems that combine generative content, scripting, and behavioral mimicry to execute full verification attempts end-to-end.

↳ Telemetry tampering becomes the new evasion: fraudsters are increasingly targeting the data pipelines themselves rather than the identity artifacts alone.  API attacks!

In banking and finserv synthetic identities are hot, making static online onboarding problematic and increasing the need for behavioral biometrics. 

Synthetic identities can slowly build credibility before executing large cash-outs and chargeback abuse. 

And since regular readers might ask: What about APAC? 

APAC has the dubious distinction of leading, as it is one of the most active fraud environments in the world. 

AI is at the core of both committing and defending against fraud; which do you think will prevail in the end?

👉How to read:  Don't be afraid of the long length.  Read the first 30 pages 

♻️Repost to share this great read on Identity Fraud
#Fintech, #AI, and Tech at the speed of Asia and China.

Identity Fraud's $58B Nightmare Continues as AI fights AI!

Plaid's fintech trends for 2026 are a great read, and wake up call as four out of ten are fraud-related.

This shouldn't come as a surprise when the US alone lost $12.3 billion to fraud in 2023, with GenAI potentially pushing losses up to $40 billion by 2027. 

Unless the industry gets better control of fraud, which is exploding due to GenAI, the losses will be simply unsustainable. 

The irony, of course, is that GenAI is used by both fraudsters and financial services, with fraudsters having the edge on innovation.  

Of course, AI ranks the No 1 in the list due to its use in fintech apps, where chat will become the "default front door for consumer finance."

Still, the sad reality is that while everyone is excited about AI's impact on the front door, the back door is wide open. 

Meanwhile, concrete anti-fraud measures like digital ID don't get a reference in the paper.   

We are left hoping that finserv can use GenAI to control fraud at least as well as fraudsters.     

Now that should be a wake-up call. 

👉Plaid's Top 10 for 2026

Trend #1: Fintech apps are becoming a financial co-pilot 
Trend #2: Fraudsters are getting smarter 
Trend #3: Fraud prevention has become a team sport 
Trend #4: Alternative payment types reaching mainstream acceptance 
Trend #5: Lenders are moving beyond all-purpose credit scores 
Trend #6: Open banking is a baseline expectation 
Trend #7: Al shifts from novelty to consumer necessity 
Trend #8: Neobanks are launching on stablecoin rails 
Trend #9: Al is the front line in the fight against fraud 
Trend #10: Fraud moves upstream in the transaction process

⛷️Short holiday post!  
♻️Repost to share this honest read with others
#Fintech, #AI, and Tech at the speed of Asia and China.

Fintech Predications 2026:  Fraud Dominates the List

With the NYSE and the NASDAQ creating new markets for tokenized stocks, we'll all soon be deciding whether we want to buy our shares "on-chain" or through traditional methods. 

But buyer beware, not all tokenized stocks are created equal.

Tokenization promises direct, verifiable ownership, faster settlement, lower reconciliation risk, and 24/7 asset movement.  

These are compelling and very real efficiency gains that we should all look forward to!

Still, to profit from tokenization, we all need to understand the three types of tokenized stocks in the market:

• Direct Tokenization: A method that directly tokenizes stock ownership (e.g., Securitize, Superstate). This corresponds to Issuer - Sponsored Tokenized Securities in the SEC’s classification framework.

• Entitlement Tokenization: A method that tokenizes stock-related rights within existing infrastructure (e.g., DTCC). This corresponds to Tokenized Security Entitlement in the
SEC’s classification framework.

• Indirect Tokenization: A method where a company buys and holds stocks on behalf of users and tokenizes the beneficial interest in them (e.g., Robinhood, Backed, Ondo, Dinari). This corresponds to Security - Based Swap in the SEC’s classification framework.

Synthetic/indirect models offer exposure but often strip shareholder rights, introduce counterparty risk, and create fragmented liquidity (platform-dependent, not interoperable).

Are synthetic or "indirect tokenizations" bad?  

NO!  

They can be a great way for investors to gain access to stocks, but know before you buy what form you're getting. 

Remember, liquidity is everything when you want to sell, and it is not interoperable across different indirect tokenization platforms!

How to read: Go to page 18 and read the three mechanisms currently available, and then page 30 for an analysis of the major tokenization platforms!  

Are you excited about tokenized stocks and looking forward to your first purchase or sticking with traditional shares for now?

♻️Repost this as a public service to help others understand the "buyer beware" nature of tokenized stocks.
#Fintech, #AI, and Tech at the speed of Asia and China.

Tokenized Stocks Are Here – But Not All Are Created Equal

Citi's "Ten Global Insights for Leaders" Is Required Reading for Everyone — Not Just Leaders

Citi’s latest report is a must-read for anyone trying to navigate our chaotic world, not just the C-suite. 

Calling it “for leaders” feels a bit tone-deaf — these insights matter to all of us.

While AI and stablecoins unsurprisingly top the list, Citi also spotlights a rising Asia as a defining force:

Asia Pacific Economic Cooperation (APEC) countries now account for 61% of global GDP and 60%+ of FDI (up from 55% and 40% two decades ago)

Chapter 5 on geopolitics is essential — and not just because bombs and missiles are now sadly flying. 

Every major tech and fintech trend, stablecoins, payments, and AI now carries a geopolitical layer we can’t ignore.  

AI above all is full of geopolitical landmines: chips, data sovereignty, open-source LLMs, and more.

This is a great macro overview that isn't just for "leaders" but for everyone trying to make sense of a chaotic world.  

The four interconnected themes:

1️⃣  AI transformation:  
While Al is starting to drive productivity gains, it is also creating new fraud risks, as deepfake incidents surged 47x since 2022.

2️⃣  Geopolitical realignment: 
Rising geopolitical tensions are redirecting capital flows, with family offices citing trade disputes as their top concern, and defense spending now exceeding development aid by 2:1.

3️⃣  The evolution of financial markets: 
Financial infrastructure is undergoing radical change through private market democratization, 24/7 settlement cycles and European market harmonization.

4️⃣  The impact of digital assets: 
Stablecoins and bank tokens are transitioning from
crypto novelty to core financial infrastructure, with the
market projected to reach $1.9 trillion by 2030.


👉The Ten Themes/Chapters:
1.  Al: The Information Era's Apex Technology
2. Al in Investment Management: Beyond Efficiency Gains
3. Al Deepfakes: When Seeing and Hearing Can't Be Trusted
4. Private Markets: Access, Innovation and New Pathways to Progress
5. Global Family Offices Navigate a Changing World Order
6. Public Sector Perspectives: Financing National Security Priorities
7. APEC: The New Connections Driving Trade
8. The Future of Post-Trade: Custody and Settlement in an Always-On World
9. Reimagining European Capital Markets: From Fragmentation to Harmonization
10. Stablecoins 2030: Web3 to Wall Street


⛷️ This is a short holiday post!
♻️Repost to these Ten Insights everyone needs now! 
#Fintech, #AI, and Tech at the speed of Asia and China.

10 Global insights NOT just for "leaders" but EVERYONE

The most comprehensive survey yet of AI use reveals the disparity between expectations and reality, with 70% using AI and 80% report no impact on company productivity or employment.

AI is everywhere, with billions invested in implementing it with the goal of increasing worker productivity and cutting employment costs. 

The National Bureau of Economic Research (NBER) surveyed 6000 executives in the US, UK, Germany, and Australia to show that while AI benefits may be coming soon, for now, they are still nowhere to be seen.

The survey found:

↳ “First, around 70% of firms actively use AI, particularly younger, more productive firms.

↳ “Second, while over two-thirds of top executives regularly use AI, their average use is only 1.5 hours a week, with one-quarter reporting no AI use.

↳ 🔥“Third, firms report little impact of AI over the last three years, with over 80% of firms reporting no impact on either employment or productivity.

↳ “Fourth, firms predict sizable impacts over the next three years, forecasting [that] AI will boost productivity by 1.4%, increase output by 0.8% and cut employment by 0.7%.”

↳ This contrasts with individual employees, who predicted “a 0.5% increase in employment in the next three years as a result of AI.” ‼️

There remains a huge gap between executive use in AI, with 25% of executives not using AI at all!

A third of executives surveyed reported using AI in the workplace, but the usage amounted to only 1.5 hours per week on average. 

So we have a system where executives who have little direct experience using AI are being asked to manage AI rollouts. 

If that isn’t a recipe for failure, what is? 

Another factor is also at play, and that is Solow’s productivity paradox. 

Economist Robert Solow famously observed in 1987: “You can see the computer age everywhere but in the productivity statistics.” 

He was highlighting how massive investments in IT failed to deliver measurable economic gains despite widespread adoption due to "information overload." 

It is likely we are facing a similar delay in realizing AI productivity gains. 

What the survey shows is that AI is now the “new normal” in business and that while productivity gains may be delayed, they are likely coming. 

The big question is, will they result in the predicted 1.75 million fewer jobs by 2028 at these firms?


♻️Repost to share this important survey on AI productivity
#Fintech, #AI, and Tech at the speed of Asia and China.

80% of Companies Report No Productivity Gain from AI

Kudos to the DTCC, Clearstream, Euroclear, and BCG for working on bringing DLT interoperability to securities because, until they, or the NYSE, set the standards, market fragmentation is a real risk.

My first article on DLT securities interoperability dates back to April 2024, and I’m frustrated because we still haven’t tackled DLT interoperability. 

All the hype around tokenized/digital securities — 24/7 trading, lower costs, instant settlement — remains just that: hype.

This is so basic it’s shocking that no one has tackled interoperability at scale. 

Interoperability in capital markets can be defined as “the ability to exchange assets across ledgers – DLT and traditional – while preserving the asset’s integrity, ownership rights and lifecycle, with full legal and regulatory compliance.”

In other words: “same asset, same rights, same outcome” across both rails. 

One possibility, and I don’t think this is far-fetched, is that the NYSE and NASDAQ tokenization programs will end up defining/driving interoperability based on their standards. 

But here is the real problem: as ad-hoc DLT adoption surges in capital markets, NYSE and NASDAQ efforts included, there is a real risk of market fragmentation. 

Fragmentation traps assets in silos, inflating operational costs, fragmenting liquidity, and may lead to inefficiencies that are worse than traditional markets. 

So, how to move the market forward?  Brace for it, it's not rocket science:

1. Data standardization – creating common identifiers, taxonomies, and message standards, as financial markets did in the past with ISIN.

2. Process harmonization – ensuring minimum definition of core processes such as settlement, reconciliation, and corporate actions, replicating the efficiency gains achieved in traditional finance through SWIFT standardized protocols.

3. Consistent roles assignment – clearly defining responsibilities for critical functions (for example, custody, validation, oversight), as traditional finance achieved with custodians, CSDs, and clearing houses, to preserve accountability and trust.

Three years on from my first piece, we’re still at square one on scaling this.

Does this latest white paper give you confidence that DLT securities/tokenization are truly around the corner... or is it still mostly talk?

♻️Repost if you want interoperable securities tokens not hype.
#Fintech, #AI, and Tech at the speed of Asia and China.

Lack of DLT Interoperability Threatens Tokenization

FATF’s latest report lays it bare: P2P stablecoin transactions on unhosted wallets are now the go-to method for illicit finance.

↳ Criminal use of stablecoins now represent 84% of the USD $154B illicit virtual asset transaction volume in 2025.

↳ Stablecoins now beat Bitcoin as the dominant crypto asset for crooks.

↳ P2P stablecoins transactions on unhosted wallets are a feature, not a bug 

When the US decided to use stablecoins to digitize the dollar, it left a major loophole that criminals just love: P2P transactions. 

P2P stablecoin transactions through "unhosted wallets" are no different than passing a suitcase full of cash, as they occur directly between individuals or entities.

They are untraceable as they don't pass through a regulated intermediary Virtual Asset Service Provider (VASP) or financial institution. 

P2P transfers put AML responsibility on those ill-equipped to do it:
 
-Stablecoin issuers, who can't be bothered by small amounts.
-Intermediary VASPs, often in foreign domiciles, who don't care.
-Financial institutions, which are challenged to find the origin of the funds or don't want to know.

That AML is hard on stablecoins is a given, but it becomes nearly impossible with P2P where:  

-Stablecoins are used cross-chain to hide the transaction trail.
-Money mule networks are pressed into service. 

Now, if you think the FATF has a solution to this problem, you're dead wrong. 

↳ The FATF recommends only that nations put AML/CFT obligations on issuers, VASPS and banks.   

As we see above, that is simply not practical, but a scant few countries are making limited progress:

-Denying licenses to VASPs that allow self-hosted wallet transfers. (FATF doesn't say which country)
- Limiting customer transfer to first parties (Singapore)
- Enhanced due diligence. (Germany, Switzerland)
- Blockchain forensics (Germany, France, and Singapore)
 

↳ Next, the FATF recommends that nations require stablecoin issuers to be able to burn, freeze or withdraw stablecoins from secondary markets.

Stablecoin Tether is issued in El Salvador. How often will El Salvador request that it burn or freeze a coin, or how would they know how it is being used?  (Note: Tether complies when the US Treasury asks.) 

Stablecoins are incredibly convenient… and criminals know it.

Are we building the next-gen payment rail — or the next-gen laundering tool?

How to read:   Go to pages 11-18 for a good overview. 

♻️Repost to share the downside of stablecoins 
#Fintech, #AI, and Tech at the speed of Asia and China.

Unhosted wallets are like passing suitcases of cash.

HBR: AI Promised Less Work – Instead It Intensifies Workloads and Fuels Burnout...  Happy Year of the Horse!

As we gallop into the Year of the Horse, I want to take a moment to thank each of you for opening your inbox to me and your incredible support over the past year!

Today’s newsletter starts with a stunning study from Harvard Business Review showing that AI creates more work and potentially increases employee burnout! 

Well, isn’t that a surprise?  

Remember when the PC and spreadsheet promised to end the drudgery of ledgers and numbers?  

Excel has just become a new form of drudgery, and AI will likely have the same end result. 

We then dive into two pieces showing Asia leading the world in AI and stablecoin adoption.

In a brilliant strategy, most of Asia is profiting from the US-China AI rivalry by playing both sides off each other and, in doing so, gets the best of both ecosystems. 

Then, in the first-ever global survey of stablecoin users, Asia and Africa turn up on top as both can cut fees charged by banks for transfers by 40+%.   

While this sounds great, what of the societal costs of lost taxes and inequality? 

GenAI is powering today’s most dangerous fraud attacks, with fraudsters currently out-innovating banks.

But the report we cover shows how GenAI and agentic AI can give banks a real fighting chance.   

Now for the “chart of the day”, where, in the spirit of the New Year, we look at how, in a global survey on national optimism, Asian nations take the top five spots!

Finally, today’s “Bonus Read” is a masterpiece covering tokenized cash without the hype.  

I can’t recommend it highly enough!

♻️Repost to share this great read on AI, Asia and Stablecoins!
#Fintech, #AI, and Tech at the speed of Asia and China.

Thanks for reading the “Cashless” newsletter, an insider’s view on Asia’s fintech, CBDC, and AI for anyone striving to understand “the Asia Century.” 

HBR: AI Promised Less Work – Instead It Intensifies Workloads and Fuels Burnout

Helping FinTech & Banking teams launch, improve & scale digital products | Product & UX Expert | CIO | Digital Banking | Web3 & Blockchain | Payment | SSI | CBDC

I'm a FinTech & Banking Product and UX Expert with hands-on experience designing, building, and scaling digital solutions - from mobile banking apps to Web3 wallets.

As a CIO and product strategist, I help teams launch user-centered products that balance business goals with real customer needs. My approach combines product thinking, UX leadership, and agile execution to drive measurable outcomes and intuitive user experiences.

I’ve worked across the FinTech spectrum, including blockchain-based payments, CBDC initiatives, digital banking, and secure authentication platforms. Whether you're building from scratch or improving an existing product, I bring clarity, structure, and sharp user insight.

Core strengths:
- FinTech & blockchain product strategy
- UX/CX design leadership
- Digital banking & secure payments
- Product-market fit & MVP validation
- Agile teams & roadmap execution
- Data-driven decision making

Victor Yaromin

Looking at this picture, you realize how many times the world has reinvented the wallet.

In the early 2000s, everything was simple. PayPal became the online standard. Skrill, a Paysafe Experience, is the first #European e-wallet. It was all about e-commerce, paying online without revealing your card.

Then #Asia took off. Alipay, later WeChat Pay, and the wallet suddenly became part of everyday life. In Africa, M-PESA Africa demonstrated that a wallet could replace a bank.

The 2010s - the mobile era. Venmo made transfers “social.” Local solutions appeared in almost every country. Then Apple Pay and Google Pay arrived, and it became clear that Big Tech wanted to control the very moment of payment.

From 2015 to 2020, wallets began to spread everywhere. Revolut, Cash App, Klarna, Grab, GCash, Zelle®. Each has its own region, its own model, its own audience. The wallet has become more than just a payment method, but a gateway to an entire ecosystem.

After 2020, things will get even more interesting. National schemes, new European initiatives like #Wero, #SamsungWallet, built-in IDs, and government services. At the same time, crypto wallets, self-custody, and stablecoins.

And here's the question.

Hundreds of wallets have been launched over the past 25 years. But not a single one has become a "global standard."

Why?

Because a wallet is a reflection of a country. Regulation, banks, people's habits. It's almost always local.

I think the next stage won't be about launching new wallets. There are already too many of them. It will be about whether they can interact smoothly with each other.

If proper compatibility, a common identification layer, and proper payment systems emerge, then fragmentation will no longer be a problem, but a feature.

The frontend will remain diverse. The infrastructure will gradually converge.
And this is truly interesting to watch.

Thank you Flagship Advisory Partners
Resource: https://lnkd.in/gD5Ucwbe

#fintech #digitalwallets #payments

Looking at this picture, you realize how many times the world has reinvented the wallet.

In the early 2000s, everything was simple. PayPal became the online standard. Skrill, the first European e-wallets. It was all about e-commerce—paying online without revealing your card.

Then Asia took off. Alipay, later WeChat Pay—and the wallet suddenly became part of everyday life. In Africa, M-Pesa demonstrated that a wallet could replace a bank.

The 2010s—the mobile era. Venmo made transfers “social.” Local solutions appeared in almost every country. Then Apple Pay and Google Pay arrived, and it became clear that Big Tech wanted to control the very moment of payment.

From 2015 to 2020, wallets began to spread everywhere. Revolut, Cash App, Klarna, Grab, GCash, Zelle. Each has its own region, its own model, its own audience. The wallet has become more than just a payment method, but a gateway to an entire ecosystem.

After 2020, things will get even more interesting. National schemes, new E

Visa vs. Mastercard.
Two companies quietly dominate global payments.

If you look beyond the numbers in the infographic, the difference in emphasis is palpable.

What's interesting?

Visa - scale and efficiency.
More cards, higher profits, and almost 55% margin. It's a cash-generating machine.

Mastercard - higher revenue per card ($8.92 vs. $8.02).
That is, a smaller base, but deeper monetization.

Both companies operate with phenomenal profitability. They're not banks. They're infrastructure networks. They don't bear credit risk, they charge a fee for moving money.

Now, the main question is:

What's next?
1. Card growth will no longer be exponential. Penetration is close to peak.
2. Pressure from real-time payments (#Pix, #UPI, #FedNow).
3. Stablecoins and on-chain settlements are beginning to be discussed not as experiments, but as alternatives to cross-border payments.
4. Regulators are increasingly looking at interchange fees and commissions.

But there's a catch.

Visa and Mastercard have never lost to technological change.
They're not "card companies." They're network companies.

If payments become:
- tokenized
- based on stablecoins
- with instant FX
- embedded in B2B

They'll simply integrate into this layer.

The future is likely not "Visa vs. Mastercard." But "Visa & Mastercard + new rails." And then the battle won't be for a card in a wallet. But for control over money routing.

Infrastructure trumps interface.

#Visa #Mastercard #payments #fintech #stablecoins #digitalassets #financialinfrastructure

Visa vs. Mastercard.
Two companies quietly dominating global payments.

If you look beyond the numbers in the infographic, the difference in emphasis is palpable.

What's interesting?

Visa—scale and efficiency.
More cards, higher profits, almost 55% margin. It's a cash-generating machine.

Mastercard—higher revenue per card ($8.92 vs. $8.02).
That is, a smaller base, but deeper monetization.

Both companies operate with phenomenal profitability. They're not banks. They're infrastructure networks. They don't bear credit risk—they charge a fee for moving money.

Now, the main question is:

What's next?

Card growth will no longer be exponential. Penetration is close to peak.

Pressure from real-time payments (Pix, UPI, FedNow).

Stablecoins and on-chain settlements are beginning to be discussed not as experiments, but as alternatives to cross-border payments.

Regulators are increasingly looking at interchange fees and commissions.

But there's a catch.

Visa and Mastercard have never l

Stablecoins and the Future of FX: A New Era of Liquidity by Thunes × Circle, and it’s a strong case for stablecoins as FX infrastructure, not just digital dollars.

Official Link: https://lnkd.in/gJXPg7xP

A few takeaways:
- Stablecoins are moving from crypto trading tools → working capital rails.
- Cross-border fees dropping from ~6% to ~0.2% changes treasury math.
- $10T+ locked in pre-funded nostro accounts is the real liquidity inefficiency being targeted.
- On/off-ramps and regulatory clarity are now the critical scaling layer.

What’s compelling is the shift in framing: this isn’t about retail speculation. It’s about 24/7 FX, capital efficiency, and programmable settlement.

If stablecoins continue integrating with compliant banking rails, we’re not looking at “crypto disruption.”
We’re looking at the gradual redesign of global liquidity architecture.

Worth the read if you work in cross-border payments, treasury, or FX strategy.

Thank you Jeremy Allaire, Yam Ki Chan, Chloé Mayenobe, Kash Razzaghi, Elie Bertha, Astrid Huijssoon, Ruwan De Soyza

#stablecoins #FX #payments #crossborder #treasury #fintech #digitalassets #liquidity #blockchain

Stablecoins and the Future of FX Thunes x Circle

The Global Payment Infrastructure Playbook 2026 and it’s a sharp reminder that payments are no longer “checkout plumbing.” They’re a revenue lever.

Official Link: https://lnkd.in/gW8MgFmC

What stands out is how clearly the playbook reframes the problem. Approval rates, false declines ($440B+ lost globally), orchestration, AI-driven routing, and even stablecoins are positioned not as trends, but as performance infrastructure.

A few insights that resonated:
- 1% approval uplift = millions in revenue at scale
- 20-40% of failed payments can be recovered with intelligent retries
- Orchestration is shifting from simple routing → predictive AI control layer

The regional deep dives are particularly strong. They make it obvious that global expansion without localized payment strategy is just conversion leakage in disguise.

The bigger theme? Payments 3.0.
From static rules → to systems that learn, retry, recover, and optimize in real time.

If you operate across markets, this is worth the read. It’s less about adding providers and more about controlling the layer that connects them.

Thank you Yuno, Juan Pablo Ortega, Colette Lewis, Alicia Vasquez, Ricardo Guther, Walter Campos, Gustavo Tonti, Edison C., Shane Hughes, Simon Martinez

#payments #fintech #orchestration #digitalcommerce #globalpayments

The Global Payment Infrastructure Playbook

Amazon is quietly building one of the most interesting fintech ecosystems in India.

Most people still think of Amazon as an e-commerce giant. But if you look at what’s happening around Amazon Pay, it’s starting to look more like a full financial platform.

A few numbers that stood out to me:
- 110M+ potential users through UPI payments
- 70M+ users already using #AmazonPay balance
- 10M+ customers using Amazon Pay Later (short-term credit)
- 5M credit cards issued with #ICICIBank
- And a potential 21-25M users through #UPI Circle lending

This is more than just payments. It’s slowly becoming a financial services layer embedded into commerce.

What’s interesting is where this could go next.

If Amazon continues expanding this stack, we could easily see:
- deeper lending products for merchants and consumers
- savings and deposit products
- embedded insurance
- cross-border payments inside the Amazon ecosystem

India is the perfect testing ground: huge digital adoption, UPI infrastructure, and a massive e-commerce market.

In other words, Amazon isn’t just building a payment method. It’s building a financial ecosystem around shopping. And if this model works in India, it’s not hard to imagine it expanding globally.

#fintech #embeddedfinance #digitalpayments #amazonpay #India #digitalbanking

Amazon is quietly building one of the most interesting fintech ecosystems in India.

Most people still think of Amazon as an e-commerce giant. But if you look at what’s happening around Amazon Pay, it’s starting to look more like a full financial platform.

A few numbers that stood out to me:

• 110M+ potential users through UPI payments
• 70M+ users already using Amazon Pay balance
• 10M+ customers using Amazon Pay Later (short-term credit)
• 5M credit cards issued with ICICI Bank
• And a potential 21–25M users through UPI Circle lending

This is more than just payments. It’s slowly becoming a financial services layer embedded into commerce.

What’s interesting is where this could go next.

If Amazon continues expanding this stack, we could easily see:
– deeper lending products for merchants and consumers
– savings and deposit products
– embedded insurance
– cross-border payments inside the Amazon ecosystem

India is the perfect testing ground: huge digital adoption, UPI infrastructur

2026: The Year of Tokenized Stocks.

Official Link: https://lnkd.in/g7v4E7Zx

One idea stood out to me: tokenization isn’t really about turning stocks into “crypto assets.” It’s about upgrading the infrastructure of equity markets.

Today’s stock market still relies on multiple intermediaries, delayed settlement, and fragmented ownership records. Tokenization proposes a different model - direct ownership records, faster settlement, and potentially 24/7 trading environments. 

What I also found interesting is that the report breaks tokenized stocks into several models, from direct on-chain ownership to structures that simply provide synthetic exposure. Not all “tokenized stocks” are the same, and that distinction will matter as regulation evolves. 

The market is still very early, but the direction feels similar to what we’ve already seen with stablecoins and tokenized Treasuries.

Infrastructure first. Adoption later.

Thank you Four Pillars

#fintech #tokenization #digitalassets #blockchain #capitalmarkets #tokenizedstocks

2026: The year oftokenized stocks

We keep debating “Will banks adopt blockchain?”

The better question might be: Which future are we actually heading toward?

This framework outlines 4 scenarios for the future of finance, and each one depends on two main forces:
1. How aggressively TradFi adopts DLT
2. How fast blockchain-native players expand

Plus external variables: liquidity cycles, regulatory readiness, and market sentiment.

Here’s how it could play out:

Scenario 1 - On-chain Bank of the Future (Convergence)
Banks embrace DLT deeply, rebuild their stack, but keep the customer interface.
Blockchain-native firms become infrastructure providers, the backend for financial institutions.
This is evolution, not disruption.

Scenario 2 - Open-Internet Money (Convergence via Disruption)
Banks move too slowly.
Blockchain-native firms set the new standard in financial services.
Disintermediation accelerates.
Money becomes native to the internet layer.

Scenario 3 - Two-Lane System (Coexistence)
Banks and blockchain-native players coexist.
Institutions and consumers use parallel rails.
“The singleness of money” breaks, different monetary systems operate side by side.

Scenario 4 - Marginal Change
Banks retain control.
DLT remains mostly internal or niche.
Crypto-native firms stay within DeFi.
Innovation slows, especially under tight liquidity and regulatory lag.

So what determines the outcome?

If liquidity remains loose and regulation advances → Scenarios 1-3 gain probability.
If liquidity tightens and regulatory clarity stalls → Scenario 4 becomes more likely.

My view?
A pure disruption narrative (Scenario 2) is less likely than people think.
A hybrid convergence or two-lane system feels more realistic over the next 5-10 years.

The real shift won’t be “crypto replacing banks.” It will be infrastructure quietly rewiring under familiar interfaces.

The question isn’t who wins. It’s who adapts fast enough to remain relevant.

Thank you Dfns and Boston Consulting Group (BCG)
Resource: https://lnkd.in/g3aYVfpC

#finance #blockchain #DLT #banking #digitalassets #futureoffinance

We keep debating “Will banks adopt blockchain?”

The better question might be: Which future are we actually heading toward?

This framework outlines 4 scenarios for the future of finance — and each one depends on two main forces:

How aggressively TradFi adopts DLT

How fast blockchain-native players expand

Plus external variables: liquidity cycles, regulatory readiness, and market sentiment.

Here’s how it could play out:

Scenario 1 – Onchain Bank of the Future (Convergence)
Banks embrace DLT deeply, rebuild their stack, but keep the customer interface.
Blockchain-native firms become infrastructure providers — the backend for financial institutions.
This is evolution, not disruption.

Scenario 2 – Open-Internet Money (Convergence via Disruption)
Banks move too slowly.
Blockchain-native firms set the new standard in financial services.
Disintermediation accelerates.
Money becomes native to the internet layer.

Scenario 3 – Two-Lane System (Coexistence)
Banks and blockchain-native pla

The new Financial Action Task Force (FATF) report on stablecoins and unhosted wallets and it’s actually a very interesting look at how regulators currently view the stablecoin ecosystem.

Official Link: https://lnkd.in/giQm7W6V

A few things stood out to me.

First, the scale. Stablecoins have grown rapidly - by mid-2025, there were more than 250 stablecoins in circulation with a total market cap above $300B. In many cases, their trading volumes already exceed Bitcoin.

Second, regulators are increasingly concerned about peer-to-peer transactions through unhosted wallets. When transfers happen directly between wallets without a regulated intermediary, traditional AML controls simply don’t apply, which creates obvious monitoring challenges.

The report also highlights how stablecoins are appearing more frequently in illicit finance typologies, from fraud and money laundering to sanctions evasion, largely because they combine price stability, liquidity, and easy cross-border transfers.

At the same time, the document makes it clear that stablecoins are becoming deeply embedded in the broader financial system. Banks, payment providers, and fintech companies are increasingly exploring how to integrate them into payment infrastructure.

My takeaway: the debate is no longer about whether stablecoins will matter, it’s about how the ecosystem will be governed as adoption continues to grow.

Definitely worth reading if you follow digital assets, payments, or financial regulation.

#fintech #stablecoins #crypto #digitalassets #regulation #payments

Targeted Report on Stablecoins and Unhosted Wallets

The CoinDesk Data & Indices - Stablecoins & Tokenized Assets Report (February 2026) is a solid snapshot of where the market actually stands, without the noise.

Official link: https://lnkd.in/gg9cgmQg

A few things stood out.

Stablecoin market cap is back on an upward trend, reaching $309B, with dominance rising to 13.3%. Interestingly, this growth occurs during broader crypto drawdowns, reinforcing the idea that stablecoins increasingly serve as liquidity infrastructure, not just trading tools.

USDC regained momentum (+6.39% to $74.5B), while USDT saw a slight contraction. Even more telling: USDC’s trading share hit an all-time high of 19.7%, partly driven by the sharp drop in FDUSD volumes. Competitive dynamics are shifting.

On the tokenization side, the numbers are even more important.

The total tokenized asset market hit a new ATH at $23.35B, up 22.9% MoM. Tokenized Treasuries crossed $10.5B, now representing 45% of the market. Commodities surged 27% to $6.6B, with gold-backed products dominating.

Tokenized equities remain smaller (~$804M), but structurally interesting, especially with Ondo pushing 24/7 on-chain exposure to major US stocks.

Overall takeaway:
This is no longer a “stablecoin narrative.” It’s a measurable capital reallocation into on-chain yield-bearing instruments. Infrastructure is compounding. Treasuries are scaling. Commodities are accelerating.

The plumbing of digital finance is being built quietly, and this report captures that transition well.

#stablecoins #tokenization #digitalassets #RWA #fintech

Stablecoins & Tokenized Assets Report

Stablecoins often look simple on the surface, a digital token pegged to a currency. But the mechanics behind issuance and redemption are what actually keep the system stable.

Looking at the lifecycle, two core processes power the entire model.

1. Issuance
When a user wants to obtain stablecoins, collateral is posted with a custodian.
The issuer or agent confirms receipt and updates the smart contract, which then allocates newly minted stablecoins to the user.

In some cases, the collateral may go directly into custody. In others, it may be transformed through the market before backing the issued tokens. This process ensures that new tokens only appear when assets are posted.

2. Redemption
The reverse process happens when a user redeems stablecoins.

The user sends tokens to a burn address, removing them from circulation.
The issuer verifies the burn via the smart contract, instructs the custodian, and the underlying funds are transferred back to the user.

In other words:
Mint → collateral posted
Burn → collateral returned

This simple mechanism is what keeps the peg credible. But the real story is what might happen next. We’re starting to see the stablecoin lifecycle evolve beyond this basic model.

In the future, we may see:
- tokenized treasury reserves replacing simple cash backing
- real-time on-chain attestations instead of periodic audits
- programmable redemption rules embedded directly into smart contracts
- deeper integration with payment networks and banking infrastructure

If that happens, stablecoins may shift from being a crypto product to becoming core financial infrastructure, sitting quietly underneath payments, treasury management, and global settlement.

And in that world, understanding the lifecycle of issuance and redemption becomes much more than a technical detail.

It becomes the foundation of digital money.

Thank you SoluLab LLC

#fintech #stablecoins #digitalassets #blockchain #payments #tokenization #web3finance

Stablecoins often look simple on the surface — a digital token pegged to a currency.

But the mechanics behind issuance and redemption are what actually keep the system stable.

Looking at the lifecycle, two core processes power the entire model.

1️⃣ Issuance

When a user wants to obtain stablecoins, collateral is posted with a custodian.
The issuer or agent confirms receipt and updates the smart contract, which then allocates newly minted stablecoins to the user.

In some cases, the collateral may go directly into custody. In others, it may be transformed through the market before backing the issued tokens.

This process ensures that new tokens only appear when assets are posted.

2️⃣ Redemption

The reverse process happens when a user redeems stablecoins.

The user sends tokens to a burn address, removing them from circulation.
The issuer verifies the burn via the smart contract, instructs the custodian, and the underlying funds are transferred back to the user.

In other words:

Mi

Just finished reading “A New Planet Called Pix - 5 Years” by W Fintechs, and I genuinely think this is one of the most engaging and well-structured deep dives on a payment infrastructure I’ve seen in a while.

Official Link: https://lnkd.in/gDiyAjfM

What makes this work stand out is not just the data (although the numbers are impressive - 63B transactions in 2024, BRL 26.4T moved, near-universal adoption), but the way the story is told. Framing Pix as a “planet” with its own laws, atmosphere, and gravitational pull is more than creative, it actually helps explain how a regulator-led system became a living financial ecosystem.

The report doesn’t romanticize Pix. It breaks down governance, SPI/DICT architecture, settlement mechanics, fraud challenges, competition with cards and TED, and the evolution toward features like Automatic @Pix and Pix by Tap. It treats Pix not as a product, but as infrastructure, and that distinction matters.

Massive respect to the team behind this. Turning a complex, regulator-driven instant payment system into something both analytical and readable is not easy. The depth, clarity, and visual storytelling show how much work went into it.

Really impressive execution. 👏 Thank you so much, Walter Pereira, for sharing, and thank you to Leandro Piano, Matheus Rauber, Ana Carla Abrão Costa, Daniel Ruhman

Arthur Bedel 💳 ♻️ Arjun Vir Singh Akhil Rao Sam Boboev Sandra M. Tony Moroney Richard Turrin Marcel van Oost Prasanna Lohar Louis Tellier Nicolas Pinto

#Pix #Brazil #fintech #instantpayments #financialinfrastructure #openfinance

A new planet called PIX 5 years

Stablecoin Disintermediation by Michael Junho Lee and Donny T. , and it’s one of the most important empirical papers on stablecoins I’ve seen so far.

Official Link: https://lnkd.in/genRAb9R

The key contribution isn’t the usual “stablecoins replace deposits” narrative. The authors identify a liquidity transmission channel. Using matched on-chain issuance/redemption data and Fedwire interbank payments, they show that stablecoin activity directly increases payment demand, reserve volatility, and liquidity stress at partner banks.

Some striking findings:
- Treated banks saw a ~67% increase in daily interbank payment activity post-partnership.
- Intraday reserve volatility rises materially with stablecoin primary market activity.
- Partner banks hold significantly higher precautionary reserves (~$1.5B increase).
- Loan share of assets drops (~14pp relative to peers).

Even banks benefiting from stablecoin deposits end up operating more “narrowly” - holding more reserves and lending less.

This reframes the debate. Stablecoins don’t just compete for deposits. They reshape liquidity management and reserve demand, with implications for credit intermediation and monetary policy implementation.

If stablecoins scale meaningfully, this liquidity channel becomes a macro issue, not just a fintech story.

Highly recommended read.

#stablecoins #banking #monetarypolicy #fintech #digitalassets #payments #liquidity #federalreserve

Stablecoin Disintermediation

The 2026 Retail Banking Trends and Priorities report by Digital Banking Report and Q2 is one of the more honest industry analyses I’ve seen lately.

Official Link: https://hub.q2.com/

What stands out isn’t the technology. It’s the contradiction.

- 57% of institutions say digital experience is their top priority. Yet 42% are expanding branch networks.
- Advanced technologies jump to the #1 trend for 2026 (49%), but only 7% have actually completed their digital transformation goals.
- 41% still don’t support real-time payments, years after infrastructure became available.

The report makes a sharp point: this isn’t a capability gap. It’s an execution gap.

Banks know what to do - AI, data, partnerships, real-time rails. But most are still optimizing the past instead of redesigning the model.

The most telling stat for me?
AI is primarily deployed for fraud and cost reduction. Only 13% prioritize personalized recommendations. Efficiency over differentiation.

Overall takeaway:
2026 won’t be defined by who talks about digital transformation. It will be defined by who actually reallocates capital, simplifies infrastructure, and uses AI where customers can feel it.

Strong, data-backed work.

Thank you 💯 Jim Marous

#digitalbanking #retailbanking #fintech #AI #payments #bankingtransformation

2026 Retail Banking Trends and Priorities

The 11:FS Pulse Report 2026 is a really interesting look at how fintech product experiences are evolving. 

Official Link: https://lnkd.in/gzWkAkk3

What stood out to me is how the conversation is shifting from features to real user journeys. The report highlights strong examples across onboarding, credit, payments, AI, and fraud prevention - showing how design decisions directly shape financial behaviour.

A few themes feel especially important:
- AI moving from insights to action, agentic systems that actually execute tasks
- Trust and fraud protection becoming product features, not just backend controls
- Investing and wealth tools moving inside everyday banking apps
- Stablecoins quietly becoming financial infrastructure, rather than consumer products

The big takeaway: the next wave of fintech competition will likely happen at the experience layer, where #UX, AI, and infrastructure come together.

Worth a read for anyone building or analyzing digital financial products.

#fintech #digitalbanking #payments #AI #fintechtrends #productdesign #bankinginnovation

11:FS Pulse report 2026

When people say “on-chain payments are still niche,” I show them this.

The Onchain Payments Landscape 2026 isn’t a list of a few crypto startups. It’s a full-stack financial system.

Consumer banking.
B2B and P2P payments.
Merchant acceptance.
Card issuance.
Payroll.
Business banking.
On/off ramps.
Clearing & settlement.
Even machine-to-machine payments.

This isn’t experimentation anymore. It’s infrastructure formation.

A few things stand out:

First, aggregation & orchestration are becoming its own category. That’s a sign of maturity. When routing, liquidity, compliance, and treasury layers emerge, it means complexity is real, and someone needs to abstract it.

Second, on/off ramps remain one of the largest segments. Fiat connectivity is still the gateway. Despite all the “crypto-native” narratives, the bridge to traditional banking is where real scale happens.

Third, merchant acceptance and card issuance are exploding. That’s the shift from trading → spending. From speculation → utility.

And what’s next?

I expect consolidation.
Too many overlapping players across the stack. The next phase will likely be separate:
- Infrastructure providers (rails, settlement, compliance)
- Orchestration layers (routing, treasury, liquidity management)
- Embedded finance interfaces (cards, wallets, payroll, #B2B #UX)

Stablecoins will likely become the common denominator across many of these layers, especially for cross-border B2B, payroll, and machine payments.

The big shift isn’t “crypto adoption.”
It’s that programmable settlement is slowly integrating into real economic flows.

The question for 2026-2028 isn’t whether on-chain payments grow.

It’s who controls the control layer.

Thank you Dmitriy Berenzon
Resource: https://lnkd.in/gwS8jZ2h

#onchain #stablecoins #payments #fintech #digitalassets #web3

When people say “on-chain payments are still niche,” I show them this.

The Onchain Payments Landscape 2026 isn’t a list of a few crypto startups. It’s a full-stack financial system.

Consumer banking.
B2B and P2P payments.
Merchant acceptance.
Card issuance.
Payroll.
Business banking.
On/off ramps.
Clearing & settlement.
Even machine-to-machine payments.

This isn’t experimentation anymore. It’s infrastructure formation.

A few things stand out:

First, aggregation & orchestration are becoming its own category. That’s a sign of maturity. When routing, liquidity, compliance, and treasury layers emerge, it means complexity is real — and someone needs to abstract it.

Second, on/off ramps remain one of the largest segments. Fiat connectivity is still the gateway. Despite all the “crypto-native” narratives, the bridge to traditional banking is where real scale happens.

Third, merchant acceptance and card issuance are exploding. That’s the shift from trading → spending. From speculation →

Stablecoins: The Emergence of a New Payment Rail.

Official Link: https://lnkd.in/gqACkzAK

One takeaway is becoming hard to ignore: stablecoins are moving from crypto liquidity tools → real payment infrastructure.

Some numbers that stood out:
- Stablecoin supply reached $266B as of Feb 2026
- $11.6T in adjusted transfer volume in 2025
- $374B in actual payment volume across 1.1B transactions

But what’s even more interesting is how usage is changing.

The narrative used to be simple:
stablecoins = cross-border remittances.

The data tells a different story.

Today, 74% of stablecoin payment volume happens domestically, and 84% stays within the same region. That means stablecoins are increasingly used for local commerce, merchant payments, and business transactions, not just moving money across borders.

Another big signal: velocity.

Since early 2024:
- supply grew ~100%
- transaction volume grew ~317%
- velocity jumped from 2.6x to ~6x

In other words, the market is shifting from holding stablecoins → actively using them.

The infrastructure layer is also becoming clearly multi-chain:
- Ethereum → institutional settlement
- TRON DAO → global USDT retail flows
- Solana / BSC / Base → high-frequency payment activity

The real question now isn’t whether stablecoins will be used for payments.

It’s how quickly they integrate with the existing financial system - banks, card networks, and fintech platforms.

Worth reading for anyone working in payments or digital assets.

Thank you Allium

#fintech #stablecoins #payments #digitalassets #blockchain #financialinfrastructure

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