The latest session of the IIF’s DataTalk focused on a strategic framework for the digital economy. This note provides a summary of the key themes that emerged, noting that the conversation was conducted under the Chatham House Rule, and comments are unattributed. For context, Data Talk is our community of practice, held in partnership with knowledge partner the Oliver Wyman Forum, to bring together data officers and experts for interactive sessions on key data topics in financial services.
The world economy is in the midst of a paradigm shift as the transition from an industrial economy to a digital-based economy drives new business models and engines of growth. The current global system and rulebook was built for trade and flow of physical goods and is proving ill-equipped to deal with new challenges while maintaining free and open flows of data with trust. Rather than waiting for a unified global framework, policymakers and financial institutions should work with each other and with various multilateral organizations to try to advance common ground wherever possible and lay the groundwork for an increasingly global solution. The financial industry itself can play a lead role thanks to its international nature and reach while operating under a tapestry of multinational agreements and regulatory bodies. Efforts should focus on developing skills needed for the digital economy and common standards for interoperability, and on building from bilateral agreements to more multilateral ones.
The DataTalk series continues in February when we will discuss central bank digital currencies (CBDCs) for cross-border payments.
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