Multiple financial ecosystems interconnected with each other is called Finternet, much like the internet.
- The Finternet system has been proposed by Carstens, who is the general manager of the Bank for International Settlements (BIS), and Nilekani through a recent working paper of BIS.
- The building blocks for the Finternet combine technological advances with sound governance.
- Finternet advocates for a user-centric approach that lowers barriers between financial services and systems, thus promoting access for all.
- The proposed system uses technologies such as tokenisation and unified ledgers, with an underlying economic and regulatory framework, to expand the range and quality of financial services.
