Recent reports suggest that health technology (healthtech) – from implants to apps which predict oncoming illness before you even have symptoms – might be having unintended consequences for our health and might be better news for private sector health providers than for patients. Much the same has been said of so-called advertising technology (adtech) where personal data has become a commodity and where unaccountable private sector companies decide which bits of our history to keep and which to delete.
In the same vein, could it be possible that financial technology (fintech) is having unintended consequences on digital Money in physical form such as banknotes and coins. transfers for societies in crisis?
To discuss this, Cash Essentials convened a panel of experts from the Management and control of cash in circulation. industry, academia and the non-governmental community on 20th November 2020 to debate some of the pro’s and con’s of electronic transfers, digital payments and mobile From the Latin word moneta, nickname that was given by Romans to the goddess Juno because there was a minting workshop next to her temple. Money is any item that is generally accepted as payment for g... More in humanitarian action.
After a short introduction which reminded everyone that the subject was not about cash OR digital, but the complementarity of cash AND digital, panelists were invited to discuss this topic from their own perspective and then engage in a moderated discussion with questions from the floor. They were:
The presentations can be downloaded at the bottom of this page. The panel was joined by 79 online attendees from various UN agencies, USAID, international NGOs and a range of commercial and central bankers.
Themes, datapoints and questions to pursue included:
After a fascinating discussion – including taking over twenty questions from the floor – it became clear that each topic warranted further unpacking in recognition of the fact that the digital and analogue financial ecosystem is evolving fast. By the end, all agreed with Simon Levine’s closing comment that “Digital transfers don’t have to mean cash-less.”