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Global Impact Week is an industry event featuring financial technology, policy, climate, healthcare and media innovation, which kicked off in Valencia, Spain from December 14th to 18th. Recent data shows that the attendance is 100,000, there are 500 speakers and 150 live meetings. Kristina Cornèr, the editor-in-chief of Cointelegraph, attended the event and hosted Control panel “Fireside talk: Fintech defines the future” with Liza Oakes, Executive Vice President of Market Development at Mastercard. This is what they have to say:
Christina Cornell: A generationNovember, MasterCard announced the launch of crypto-funded payment cards. How do you see the development of this opportunity in the next few months or years?
Liz Oakes: We started this service in fiat currency. You can first use MasterCard to purchase cryptocurrency with permission, and then redeem it into fiat currency again. This is the first step of development, to find a secure gateway from fiat to encrypted currency. The second stage is the subject of clearing and settlement for hundreds of possible cryptocurrencies. Looking to the future, we are studying CBDC, stablecoins and how to support their development.
KC: What other experiments on encryption is your company developing, such as NFT, payments in Metaverse, etc.?
it: Personally, I am fascinated by NFT, but I also recognize that there are huge security challenges. The answer, which is still under development, cannot be cashed to a non-connected physical location.
KC: How do you see the role of new developments in inclusive finance?
it: I think the statistics I read the other day are 1% to 2% of the whole [world population] Has participated in encryption. So there is a lot of money in it, but the proportion of people who think they can actually participate is very, very low. So there is still a long way to go, we have not got there yet.
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