Agustín Carstens and Nandan Nilekani argue that the global financial system is overdue for a fundamental upgrade — one comparable to the revolution that communications experienced with the internet and smartphones. Despite decades of technological progress broadly in society, many core financial operations remain stuck in legacy systems: slow, fragmented, paper-dependent, and reliant on multiple intermediaries. In their paper, the authors — a senior economist from the Bank for International Settlements (BIS) and technologist Nandan Nilekani — propose a bold reimagining of finance: a globally unified, digital-first architecture they call the Finternet.
In this vision, the Finternet would knit together disparate financial ecosystems — banks, payment systems, asset markets, property registries, and more — into a seamless and interoperable network, much like how the internet connects different websites and services. Financial assets of all kinds — from deposits and bonds to real estate, art, or other physical goods — would be “tokenised,” meaning represented digitally on shared, programmable ledgers. These unified ledgers let users transfer, settle, and manage assets almost instantly, with greater security and efficiency. What currently takes days of processing across different institutions and systems could one day happen with the same ease as sending a text message or booking a hotel.
The promise of the Finternet extends beyond speed. By lowering structural barriers between different financial products and asset classes, it could dramatically broaden access — allowing individuals and businesses around the world to hold, trade, or finance a wider variety of assets. This could foster financial inclusion, unlock liquidity for otherwise “locked” assets such as property or art, and enable new financial services tailored to individual needs.
Nevertheless, the authors emphasize that technology alone is not enough. For the Finternet to become reality, it must be built on a strong foundation combining sound economic design, appropriate regulation and legal frameworks, and trusted institutions. Governance, compliance, privacy and security cannot be afterthoughts: they must be embedded from the start. As such, realizing this vision will require close collaboration between public authorities, central banks, private financial institutions, and technology providers.
The call to action is clear: the financial world has the tools to build something much better — more efficient, inclusive, and future-proof — but making it happen will demand bold thinking, coordinated effort, and a willingness to rearchitect the system from the ground up. For readers of WWSG, the Finternet represents a potential paradigm shift — one that could reshape how people and institutions store, move, and use money and assets globally. Read the original article here.
Agustín Carstens brings unparalleled global economic leadership to the stage, offering audiences clear, actionable insights shaped by decades at the BIS, IMF, and the highest levels of government. His deep experience navigating financial crises, monetary policy, and global coordination makes him an exceptional choice for organizations seeking perspective on today’s most pressing economic challenges. Event planners can count on him to deliver a sophisticated, authoritative keynote that resonates with decision-makers across industries.
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