CTO at NetraDigital, Adviser at Tilebase
Denis Nwanshi is an experienced technology delivery executive, fintech innovator and expert in distributed ledger architecture. Specializing in data management, blockchain, cybersecurity, cloud and the API economy, his track record includes leading the design and implementation of enterprise-grade solutions for the banking, global payments, regtech, e-government, retail/ecommerce, insurance, and telecom sectors.
Session: Blockchain, cryptocurrencies & CBDCs: Catalysts for Open Finance Innovation
As regulators and government agencies determine the future of cryptocurrencies, stable coins and central bank digital currencies (CBDC), advances in blockchain technology continue to create exciting new opportunities to transform inefficient business functions and deliver on the promise of democratizing access to financial resources.
Perhaps the most potent representation of this shift is Open Finance – a trend whereby fintechs merge blockchain technology and API-first integration with existing banking products and services to empower consumers to make better financial decisions through enhanced transparency. Built on the principles of Open Banking and Open Data, Open Finance is set to create new experiences for consumers by enabling third parties from other sectors to access a broader set of data on financial products and services, and thereby drive competition on product quality, price and financial innovation.
One of the challenges posed by Open Finance is that the API stack is primarily constructed on existing fiat currency and legacy centralized infrastructure, unlike fully decentralized applications (DeFi) which reside on blockchain and uses cryptocurrency and smart contracts to deliver customer value. The use of APIs in Open Finance to connect banks and third parties also present other challenges and risks such as data security, data privacy, increased financial exclusion, cross-platform friction, platform monopolies, all this on top of the regulatory uncertainty.
Cross-industry stakeholders are looking closely into how best to prepare for this new open banking/open finance ecosystem, while also positioning the business to adapt to future regulation on cryptocurrencies and central bank digital currencies (CBDCs). With Open Finance set to enter the mainstream, cryptocurrency payment volumes increasing and CBDC planning discussions gaining momentum, an integrated and adaptable strategy that can support fiat payments infrastructure in parallel with cryptocurrency represents the safest target state.
This session will outline some key considerations for cross-industry stakeholders and propose a framework for driving sustainable innovation.
Additional information and programme of International Conference on Crypto Finance & Blockchain Technologies – here