The Symbolism of Digital Wallets, UPI, GenAI and Embedded Lending
And a podcast that will definitely keep your attention!
Artwork of the day: Klimt - Wasserschlangen II (Freundinnen), 1904
Klimt (1862-1918) was one of the founders of European modernism and one of the best-known Austrian symbolists. The art of symbolism was tightly bound to mysticism and occult philosophy and practices when artists searched for new themes and symbols in art.
This context influenced Klimt's art. Looking at his paintings, one feels something mystical. Mysteriously smiling women or abstract golden backgrounds are not what they seem to be; something transcendental can be felt through them. Klimt's works are imbued with profound mysticism and rich symbolism, offering a mesmerizing glimpse into the artist's spiritual world.
Klimt still dazzles us with his mystical and beautiful masterpieces. But what secrets are hidden under the smiles of the pale women and golden ornaments he depicted?
Why these stories matter
Symbolism matters. As with the Klimt above, symbolism will provide the thread that interconnects all of today’s stories. Artists searched for new themes and symbols, and frankly, so is fintech!
Digital wallets are coming for credit cards: The Visa and Mastercard logos are probably among the world’s most recognized symbols. What is the symbolism for this duopoly as digital wallets take over?
India’s UPI is a beacon: India’s UPI payment system stands as a symbol of financial inclusion and the need for “digital public infrastructure.” UPI is what all payment systems should look like and is a disruptive force for good.
Banks aren’t rushing into GenAI: GenAI hype is pervasive and symbolic of our love for all new transformative tech. But there is now a growing gap between hype and reality as banks take GenAI at their own slower pace. Is it a good thing?
GenAI employment fears are “probably” overblown: If the word “probably” in that sentence unsettles you, it should. Google research is once again symbolic of GenAI hype. I don’t believe it when management consultants tout GenAI’s cost savings through job reduction.
Embedded lending is broken: When you learn that its number one use is buying groceries, what symbology do you ascribe to embedded lending? Does the serpent come to mind?
My best podcast title ever: “Frankly, I don’t give a damn!” This one was a lot of fun! Symbolism? I’ll let you decide! Enjoy!
My best podcast title ever: “I don’t give a damn”
And on Amazon podcasts: here
Great podcast with Elaine Pringle Schwitter, who gave this podcast the best title EVER and is a FABULOUS host!
Why the title? Elaine told me that we could edit out anything I didn’t like. I replied that as I no longer work for a big company, I say what I want and “don’t give a damn.”
So this episode had tons of truth bombs, with lots about innovation and China!
👉Topics and “Truthbombs” 💣:
🔹 Chinese Focus and Innovation
💣6:01 China is a decade ahead in payments and fintech and a crystal ball for the West
🔹 WeChat Pay, Ping An, Financial Platforms and the innovation scene in China
💣 11:35 China is the pioneer in superapps and fintech and does not get the credit it deserves.
💣 12:20 The Western banks aren’t anywhere near building a superapp. The West should be copying China!
💣 13:50 Many in the West still think China only copies, this is a big error. The tech innovation over my 14 years in China
eclipses anything in the West. Look at the Chip ban, the supposition is that China can’t innovate chips.
🔹 Space Race of the 60s is the Digital Race of Today
💣 20:30 China used the same formula as the US used during the US space race the US invented what China is doing with tech.
💣 21:55 Culture of Individual Geniuses Vs Coordinated Team Excellence A distinctive distinction between US and China innovation!
🔹 CBDCs: Dispelling Misconceptions and Contrasting with Cryptocurrencies
💣31:40 Crypto is a zombie, it has KYC, AML and many of the same systems as banking. What is decentralized about crypto today?
💣35:20 On CBDCs: The gov’t won’t know what you spend because they don’t know who is doing the spending. This holds for all CBDCs under development.
💣36:55 Progammability of CBDC is the bogeyman and coming for your children at night! We already have programmability!
🔹 From Russia with CDBCs
46:50 The ground zero for CBDC development is Asia
🔹 De-dollarisation and the Implications
💣 47:50 This is not the death of the dollar
💣 49:20 The dollar has a monopoly; a competitor, even an underdog, can have a great impact.
🔹 Global Uncertainties and CBDC Rush Amidst Contemporary Challenges
💣 52:30 CBDC is more than a way to buy coffee!
💣 55:00 The CBDC Geopolitical event of the year occurred in late 2023 when the digital yuan was used to purchase oil.
🔹 Preview of Richard's latest Book
So far the draft title is:
"Fractured: The Dollar's Digital Currency Disruption"
Hope you enjoy this podcast!
Thoughts?