AMRO首席经济学家何东：数字技术推动支付、交易体系变革，但金融创新不能忽视“基本面”

Core Insights - The rise of digital technology is profoundly reshaping the financial landscape, with the integration of technology and finance driving innovation and providing robust services to the real economy [1] - The dialogue series "Tech Finance Talk" aims to explore the real pathways and future possibilities of tech finance through discussions with financial executives and industry experts [1] - The chief economist of AMRO, He Dong, emphasizes the significant role of digital payments in promoting inclusive finance and enhancing economic development [1][10] Digital Payments and Financial Inclusion - Digital payments offer low-cost transactions through mobile platforms, significantly benefiting small and frequent payment scenarios, thus supporting inclusive finance [5][6] - Digital transactions create a digital trail, allowing financial institutions to build credit profiles for customers, enabling access to credit for low-income groups who lack traditional collateral [5][6] Cross-Border Payment Efficiency - In Southeast Asia, cross-border payment networks are evolving from traditional bilateral cooperation to multilateral systems, enhancing payment efficiency [2][6] - The Project Nexus initiative in Singapore aims to create a multilateral payment network to serve individuals and SMEs, addressing high costs and inefficiencies in cross-border transactions [6] - Stablecoins are emerging as a new tool for cross-border payments, but they also introduce regulatory challenges, particularly concerning anti-money laundering and customer identification [7][12] Variability in Digital Payment Development - The pace and model of mobile payment development vary significantly across Asian countries due to historical, regulatory, and consumer behavior factors [10] - Countries like Singapore have fewer unbanked individuals, while in lower-income nations, digital payments are crucial for remittances and financial access [8][10] Importance of Regulatory Frameworks - Financial innovation must be balanced with a robust regulatory framework to ensure the stability of the monetary system [12][13] - Historical lessons indicate that achieving currency stability requires long-term institutional development and strict regulation [13] - The regulatory environment plays a critical role in fostering competition and innovation within payment systems, as seen in China's experience [14]