The PetroYuan is Born as Saudi Arabia joins mBridge, Self Sovereign Digital IDs, Banks Face GenAI Risk & Don't Learn GenAI from Young People!
Wealth management for the "Asian Century."
Artwork of the day: Andy Mouse, Keith Haring 1986
Andy Mouse is the fusion between Disney’s Mickey Mouse, a favorite character of Haring’s from his childhood, and Andy Warhol, Haring’s close friend and a leading Pop Art artist. Each work is part of a series of four silkscreen prints on paper, all of which are signed by both Keith Haring and Andy Warhol. The images of cartoon-like Andy Mouse and the dollar bills depict the irony found in a money-driven capitalist society. The signatures of both artists mark a bridge between two different generations.
Why today’s stories matter:
This is a great week with many diverse stories! As a writer, I enjoy it when I change up the topics a bit!
This week's lead story is a long-form article about the “petroyuan” and how Saudi Arabia will accept RMB for oil purchases. That is what inspired my Keith Haring artwork selection tonight with a prominent dollar bill!
This is followed by a TV interview on Saudi Arabia’s mBridge membership that I hope you enjoy. This is a big topic with huge geopolitical implications. No, the dollar isn’t dead or dying, but it is like a car tire with a slow leak.
The Petroyuan is Born: Saudia Arabia Joins the mBridge CBDC Transfer System: Can there be a topic for fintech that matters more than CBDCs changing the monetary system? In my book “Cashless,” I predicted this would happen, and now it is.
CGTN Global Business interview: Do you believe in coincidences? I don’t know, but the timing of Saudi Arabia’s announcement to join mBridge was not an accident!
“Self-Sovereign Digital IDs: Not the Future, But the Urgent Present! 🚀: Sorry that I accidentally sent this to everyone on Monday! It is still an important subject that will also get caught up in the culture wars, just as CBDC has. Can you imagine the resistance to a US digital ID?
How Banks Can Avoid the Top 10 AI Risks: Banks take all the risks with GenAI. Remember, when something goes wrong with GenAI, the bank pays the fines and loses credibility, not the GenAI provider. This report shows some new risks many may never have considered.
Digital Wealth Management Fit For "The Asian Century”: Asia is digital first, and digital wealth systems that work in the West won’t fly in Asia. With digital platforms and wallets, Asia is a wealth market that banks will lose.
Thanks to all of you who are sharing my newsletter! I can’t thank you enough.
The Petroyuan is Born: Saudia Arabia Joins the mBridge CBDC Transfer System
The Central Bank Digital Currency (CBDC) revolution is beginning in earnest as Saudi Arabia becomes a full member of the mBridge project. Saudi Arabia joining the platform will give it access to immediate, low-cost, cross-border currency transactions, which it will use to sell oil to China, giving rise to the petroyuan.
I don't believe in coincidences: Saudi Arabia joins mBridge days after their US security pact lapses
So this is an interview I did with CGTN Global Business a few nights ago where we talked about Saudi Arabia joining mBridge.
The timing of Saudi Arabia’s mBridge announcement was amazing and not coincidental.
The US security package negotiated in 1974 that required Saudi Arabia to sell oil in dollars lapsed, and then miraculously, four days later, the announcement came that Saudi Arabia was joining mBridge.
Do you believe in coincidences? I don't!
It was a clear message to the US that the Kingdom would sell oil in whatever currency it wanted.
The catch is that US weapons are still top of list items that Saudi Arabia wants access to.
It will be interesting to see to what level Saudi Arabia can antagonize the US.
Enjoy!
“Self-Sovereign Digital IDs: Not the Future, But the Urgent Present!” 🚀
Banks have a key role in digital ID (DID). Digital currency, CBDC or other, will not fly effortlessly across borders, and the metaverse will be like a zoo without an improved digital ID system. Deutsche Bank does a great job explaining “self-sovereign identity” (SSI) and their POC. What is key is that with SSI, you own and manage your identity data, no…
How Banks Can Avoid the Top 10 AI Risks
Cognizant breaks new ground with this GenAI risk report, guaranteed to pique your interest! I credit them for coming up with new risk categories, such as “audacious overreach,” that you’ve never heard of before! The risks generative AI poses to banks and insurers are numerous, real, and potentially very costly.
Why Older Employees Shouldn’t Learn GenAI from Younger Tech Savvy Staff
There’s a common misconception that younger GenAI-friendly people will simply teach older professionals how to use GenAI on the job. This Harvard Business School paper shows that this is not only unlikely but also dangerous. While younger employees may embrace GenAI more readily than more senior professionals, that doesn’t mean that they know how to ma…
Digital Wealth Management Fit For "The Asian Century"
According to the IMF, Asia will drive approximately 60% of global GDP growth in 2024, which is why the 21st century will be “The Asian Century.” Along with this growth, Asians are becoming increasingly wealthy, which makes them both a target and a challenge for asset managers, as this report nicely shows.
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Will the 2 use cases of 1) settlement & 2) financing, of CBDCs be bifurcated (or regulated)? 🪓