Finternet ： 面向来的金融系 （ 汉 ）

by Agustín Carstens and Nandan Nilekani Monetary and Economic Department April 2024 JEL classification: E42, F33, G21, G23. Keywords: payment systems, financial system, financialintermediaries, financial instruments, currency, digitalinnovation, unified ledgers, tokenisation. BIS Working Papers are written by members of the Monetary and Economic Department of the Bank forInternational Settlements, and from time to time by other economists, and are published by the Bank. Thepapers are on subjects of topical interest and are technical in character. The views expressed in them arethose of their authors and not necessarily the views of the BIS. This publication is available on the BIS website (www.bis.org). ©Bank for International Settlements 2024. All rights reserved. Brief excerpts may be reproduced ortranslated provided the source is stated. Finternet: the financial system for the future Agustín Carstens and Nandan Nilekani1, 2 Abstract This paper lays out a 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 oftheir financial lives. It advocates for a user-centric approach that lowers barriers between financial servicesand systems, thus promoting access for all. The envisioned system leverages innovative technologies suchas tokenisation and unified ledgers, underpinned by a robust economic and regulatory framework, todramatically expand the range and quality of financial services. This integration aims to foster greaterparticipation, offer more personalised services and improve speed and reliability, all while reducing costsfor end users. Most of the technology needed to achieve this vision exists and is fast improving, driven byefforts around the world. This paper provides a blueprint for how key technical characteristics likeinteroperability, verifiability, programmability, immutability, finality, evolvability, modularity, scalability,security and privacy can be incorporated, and how varied governance norms can be embedded. Deliveringthis vision requires proactive collaboration between public authorities and private sector institutions. Thepaper serves as a call for action for these entities to establish a strong foundation. This would pave theway for a user-centric, unified and universal financial ecosystem brought into the digital era that isinclusive, innovative, participatory, accessible and affordable, and leaves no one behind. Keywords: payment systems, financial system, financial intermediaries, financial instruments, currency,digital innovation, unified ledgers, tokenisation. JEL classification: E42, F33, G21, G23. Contents Finternet: the financial system for the future......................................................................................................................... 1Abstract ...................................................................................................................................................................................................i1.Introduction ...................................................................................................................................................................... 1Box A: Now is the right time for the Finternet....................................................................................................................... 32.A vision for a more technologically advanced financial system................................................................... 42.1 Shortcomings of the current financial system....................................................................................................... 4Speed: the financial system is too slow ................................................................................................................. 4Costs: the financial system is too costly................................................................................................................. 5Access and availability: the range of financial services and products is too limited............................ 52.2 Technology-driven opportunities............................................................................................................................... 7Box B: Fast payment systems: lessons for digital public infrastructure ....................................................................... 82.3 The Finternet: a vision for the future financial system.....................................................................................10Box C: Lessons from digital public infrastructure in India...............................................................................................113.From vision to reality...................................................................................................................................................123.1 Unified ledgers as a vehicle for an improved fina