SPECIAL EDITION DIGITAL PUBLIC INFRASTRUCTURE— Transforming Payments and Empowering Society
Companies ignore AI Governance at their own peril
Thanks for reading the “Cashless” newsletter, an insider’s view on Asia’s fintech, CBDC, and AI for anyone striving to understand “the Asia Century.” I’m Rich Turrin, and these are my hard-hitting insights designed to educate and inform. Subscribe to get these emerging trends directly in your inbox every Sunday. Every week, I scan thousands of articles to find only the best and most valuable for you. Subscribe to get my expertly curated news straight to your inbox each week. Free is good but paid is better.
Topics:
(Part 1 of 2) India's UPI Revolution: DPI is the Future of Inclusion
(Part 2 of 2): DPI: Transforming Lives, Not Just Payments
Banks Must Govern AI Now, or It Will Govern Them
The State Of AI 2025: Capturing Value, Overlooking Responsibility
Bonus Read and Public Service Announcement: AI Literacy: The Must-Have Skill to Thrive in a Digital World
Welcome, spring is here!
Spring has sprung in Shanghai, and I’m delighted that the weather has turned and the flowers are just starting to bloom.
In the spirit of spring's renewal, today I present a two-part special edition on digital public infrastructure (DPI), exploring its transformative potential for a fresh digital beginning.
DPI is based on the idea that the government can provide digital infrastructure to serve national interests just as it does with physical infrastructure like bridges and roads. It is built around the notion of “inclusion first” so that no one is left behind.
1️⃣ DPI is an idea whose time has come. The first part shows how DPI has changed payments in India, Brazil, and China. It is a fabulous read and shows the power of DPI to transform national payments into free and fast ones. And because you were wondering, CBDCs are a form of DPI.
2️⃣ The second part is a fabulous report by the World Bank that explains DPI and how it can help accelerate national digital transformation. It also shows that DPI isn’t just for developing nations; the West, too, uses it and perhaps should use it more often.
While DPI is closely associated with payments, it can do far more, encompassing digital ID, social payments, loans, taxes, government services, and even building marketplaces.
3️⃣ We follow up on AI in banking and the reality that banks should adopt AI governance now as they start their AI journey, not later. If they delay, the AI will be running the bank, not vice versa.
Now you ask what responsible C-level executive wouldn’t have an AI governance policy?
4️⃣ McKinsey's report on the “State of AI” can answer that. Their latest survey showed that 72% of organizations using AI report that their CEO is not responsible for overseeing AI governance and that 83% of boards do NOT oversee AI governance.
If CEOs and the board aren’t responsible for AI, who the heck is?
Interestingly the McKinsey report shows these number but doesn’t call it out as a problem as they are too vested in hyping AI. Sigh…
5️⃣ Think AI is popular, and everybody loves it? Not so fast. Take a look at the latest surveys from the “Edelman Trust Barometer” that show how developing economies love AI while developed economies fear it. It’s a fun read.
Finally, today’s “Bonus Read” is actually a public service announcement. AI literacy is a must-have skill for survival in our new digital world. While many readers may be advanced AI users, this concept of AI literacy is CRITICAL for colleagues, friends, and family. So please take a look.
Thanks once again for reading. I appreciate each and every one of you opening your inbox for me!
Rich
PS
Thanks for sharing with your friends! It’s a great way to say thanks.
(Part 1 of 2) India's UPI Revolution: DPI is the Future of Inclusion
This is one of the best reports I’ve ever seen on financial inclusion. It compares India’s success with that of China and Brazil and asks what more can be done.
Read more to see great comparisons of India, Brazil and China’s payment systems: HERE
(Part 2 of 2): DPI: Transforming Lives, Not Just Payments
The World Bank loves digital public infrastructure (DPI) and sees it as a means for rapidly developing and deploying trusted, inclusive digital services that can catalyze innovation and accelerate a country’s digital transformation journey.
Read on to see exactly what qualifies as DPI: HERE
Banks Must Govern AI Now, or It Will Govern Them
This is a great read on how financial institutions should govern GenAI with easy-to-digest “best practices” to help hammer in the message and make it easy to digest.
You know there’s a governance problem when a Mckinsey survey boldly proclaims that 72% of organizations using AI report that their CEO is not responsible for overseeing AI governance and that 83% of boards do NOT oversee AI governance.
Read why AI governance is a real problem that AI hype won’t solve: HERE
The State Of AI 2025: Capturing Value, Overlooking Responsibility
McKinsey’s Quantum Black AI is out with its annual “State of AI” report, which shows a tremendous focus on capturing value and relative blindness on making AI responsible.
See why all of the AI hype in the world won’t solve governance issues: HERE
The AI Trust Gap: Developing World Trusts, Developed Fears
Edelman’s Trust Barometer Report is a fun read and gives us great insights into how much people trust big tech and AI. However, it’s not all good news.
Let’s start with the biggest shocker: only 44% of people globally feel comfortable with businesses using AI.
Read why trust is so different between developed and developing economies: HERE
Bonus Read and Public Service Announcement: AI Literacy: The Must-Have Skill to Thrive in a Digital World
This great paper by the CFTE should be widely disseminated as a "PUBLIC SERVICE ANNOUNCEMENT," as it humanizes AI literacy.
It also points out the dangerous and sad reality that AI is growing faster than humans who know how to use it.
This paper may seem an odd selection to regular readers, many of whom are AI experts. To whom I reply that while you may be an expert, are your colleagues? How about family members?
More importantly, how will AI illiterate users impact our collective AI future?
This paper introduces a practical framework for implementing AI literacy and even goes as far as to suggest "minimum criteria for AI literacy."
While this may sound amusing, try sharing these criteria with colleagues and family. You'll be surprised how many will not pass!
That's why I feel this "Weekend Read" is both a public service announcement and a great read.
In the end, AI users will help shape our new AI future, and the more literate they are, the better that future will be.
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