As part of an IMF panel on Fintech, Ripple co-founder Chris Larsen has been speaking with the International Monetary Fund’s (IMF) Managing Director and Chairwoman, Christine Lagarde, on financial technology.
The high-level discussion involved 20 experts and leaders in finance and technology, including Circle CEO Jeremy Allaire, with the discussion focused on new technological innovations and their applications in finance.
No details have been released on the specifics of the discussion.
At the Paris FinTech Forum in January, Lagarde spoke of the need for banks to adapt to emerging technologies:
I think in the banking system at large in many, many countries, the difference will not be between those who are disrupted and those who survive. The difference will b e between those who are cannibalized because they’re not seeing it coming, and they’re not embracing it, and those who self-induce that cannibalization.
And I’m using cannibalization on purpose because it’s a bit of a striking, horrible word. But it’s really what it means. You’re going to disrupt your business model. You’re going to change it. You’re going to reduce your costs. You’re going to expedite your transactions, and you’re going to inspire confidence because you will build out on the basis of an existing backbone, which is your bank and the confidence, relationship you’ve established with your customers.
So that’s where I see changes happening now. If you think of Circle, and Ripple and all those – that’s where they are active and helpful.
The latest meeting focused on cyber security and data governance. The full panel can be viewed on the IMF website.