No CBDC, No Web3: fiat will have the last laugh on crypto! SE Asia turns to QR Wallets and ditches cards while consultants polishing fintech strategies is putting lipstick on a pig.🐷
Making AI more human.
Artwork of the day: “Definitely” by Yue MinJun, 2022
Yue Minjun confirmed his irreplaceable position in Chinese contemporary art with his unique character and style at the beginning of the 1990s. The "self-image" of exaggerated smile and body language mocks and ironizes the cultural reality, and in a way, suggests the universality of social reality and daily life. Therefore, he has been considered one of the representatives of cynical realism by critics.
This week, I lead with the story of SE Asia’s adoption of QR-based digital wallets and how the region has skipped over credit cards. They never had them and couldn't care less if they ever use them in the future. QR has made cards somewhat irrelevant in the region, and card companies don’t like it one bit!
This brings us to KPMG, which looks at fintech’s future and wants to put lipstick on a pig! Harsh? You decide. KPMG looks at ailing fintechs and thinks a little consulting can fix them. The problem is that for many fintechs, money and time are running out.
No CBDC, no Web3! That's why today's cynical artwork is aimed specifically at Web3 creators who preach that we will only pay for things on Web3 with crypto! The pointed finger and cynical laugh in today's art are aimed at them! Read why Web3 needs CBDC more than they realize.
At this point, we all understand that GenAI may provide good answers, but it's anything but human. If we feed AI with real human responses, can we get it to be more human? Marketing people think so, and it could become a useful marketing tool.
Check out the quantum computing explainer in the link near the bottom!
Enjoy!
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SE Asia Turns to QR Digital Wallets, Ditches Cash, and Cares Less About Cards
Southeast Asia is transitioning, with digital wallets taking over from cash payments at an alarming rate! (see below). What makes this transition so interesting is that SE Asia is leaving cards, favored by the West, out in the cold. Watch as the world is divided between card payments in the West and QR digital wallets in Asia!
The Future of Fintech: You Can't Put Lipstick on a Pig
KPMG takes a look at fintech’s future and delivers a way forward for fintechs who have the luxury of time! I quite like KPMG’s 5 “Signals of Change“ and 5 “Strategic Imperatives.” The problem is that many fintechs don’t have time. According to SVB bank, “53% of fintechs will be cash out by Q3 2024 if they don’t raise or exit.”
Web3 isn't just for crypto, but MUST use CBDC if it practices the "inclusion" it preaches.
Web3 reminds me of the movie “Revenge of the Nerds." You can only be in the Web3 cool club if you use crypto. As a kid who was a nerd, I have news for Web3 cool kids: There will be no Web3 unless it includes CBDC. Web3 preaches being inclusion, right? Only around 10% of the EU owns crypto. What will Web3 do with the other 90% who use fiat?
Making AI More Human!
I’ve read hundreds of AI reports, and this is the first that strives to make AI more human! It’s about time! AI is so good it may fool you, but it doesn’t understand human wants or needs. This is because AI training data sets don’t convey the human experience. Take X’s Grok for example, trained on X data. It will be totally anti-social!
Two more reads that will not disappoint:
Where will you be in 2035, and what will your bank look like?
AWS and Cognizant take us on a trip to 2035 and walk us through what emerging tech will make banking look like. It’s an important read because it focuses on the prize we aim for without dwelling on the hurdles we must overcome!
One error on the author’s part. They envision a crypto based future not one with CBDC! How silly!
Quantum computing, explained by the Financial Times
This HTML-enabled quantum tutorial is superb! I loved it, and with all the talk about quantum computing, it is timely.
Now exactly when quantum computing will be commercialized is anyone’s guess. It’s always “just around the corner,” along with my other favorite tech, nuclear fusion.
Link to the Financial Times’ quantum computing tutorial: HERE
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