A few weeks ago, Nandan Nilekani, the man who spearheaded the ideation and rollout of the game-changing Aadhaar, the 12- digit unique identity issued to 1.4 billion Indians, co-authored a fascinating paper for the Geneva-based Bank for International Settlements—the think tank for central banks.
It is on the next innovation—Financial Internet or Finternet— which will integrate global financial systems. At present they operate as silos within respective sovereign borders.
Nilekani is proposing they be interlinked by establishing a common protocol that will enable the mantra of interoperability—wherein it does not matter which financial system you or anyone else uses, all of them can talk to each other.
Imagine the power the user will wield in this system, including for cross-border transactions. To walk us through this game changing proposal StratNews Global spoke to Rahul Matthan on Capital Calculus. He is a partner at Trilegal and has worked closely with the idea of the Finternet.
