IMF’s New Agenda, Improve Cross Border Remittances & Reduce Intermediary Layers
Ripple’s co-founder, Chris Larsen, has joined discussions at the International Monetary Fund (IMF) related to the fintech world and the future of finance. There are 19 leaders from the financial industry and technological world that held two meetings with the director of the IMF, Christine Lagarde.
The main intention behind these two meetings is to explore the impact of technological innovation in financial services. There are several other experts besides Mr. Larse that were present at these meetings. Some of them were Circle CEO Jeremy Allaire, Chain CEO Adam Ludwin, and Blockchain.com president Marco Santori, among others.
*Latest update from the IMF*
IMF High-Level Advisory Group Meets in Singapore to Deepen Discussions on Fintech
— Steven Bull From the Diep (@DiepSanh) March 4, 2019
The IMF and its director have been analyzing the impact of financial startups and digital assets in the market. Lagarde mentioned that banks and financial institutions have to adapt to these new technologies in order to offer better services to their customers.
On the matter, she commented:
“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 be 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.”
The first of these panels was held back in June. They clearly explained that there is a need to find consensus and focus on how distributed ledger technologies work and behave in the market.
Digital assets have been expanding all around the world, and XRP is one of them. Ripple is promoting the use of its technologies and services that allow banks and financial institutions to perform transactions in a fast and easy way.
Ripple’s co-founder participating in these meetings shows that the firm knows the future trends that are going to be affecting the market and how the largest financial institutions are trying to deal with it.