The OMFIF Podcast

Part 2: Fintech, payments, and CBDC in China

Bhavin Patel, head of fintech at OMFIF, speaks with Douglas Arner, Kerry Holdings Professor in Law and director of the Asian Institute of International Law at the University of Hong Kong, and Charles Chang, deputy dean of academics, professor of finance and director of the fintech research centre at Fanhai International School of Finance, Fudan University.

In this two-part series they discuss the Chinese fintech space, focussing on payments, regulations and the Chinese central bank digital currency project. In the second part of their discussions, they discuss China’s digital currency/electronic payment. They look at how effective it may be, how it will integrate with a market dominated by the private sector, its possible disintermediation impact on incumbents, as well as how it can become a cross-border central bank digital currency.

Is the world facing a new burst of inflation?

Charles Goodhart, emeritus professor of banking and finance at the London School of Economics and Political Science, and Manoj Pradhan, founder of Talking Heads Macro, a research firm, discuss their book The Great Demographic Reversal: Ageing Societies, Waning Inequality, and an Inflation Revival.

The discussion, led by David Marsh, OMFIF chairman, centres on the effects of demography on price levels as relatively wealthy retirees stoke up global demand for goods produced by a shrinking labour force, leading to product scarcity and bottlenecks. Goodhart’s and Pradhan’s thesis, which they maintain could lead to sharp falls in bond prices from 2022 onwards as portfolios adjust to higher inflation prospects, has become a major talking point among international policy-makers.

Part 1: Fintech, payments, and CBDC in China

Bhavin Patel, head of fintech at OMFIF, speaks with Douglas Arner, Kerry Holdings Professor in Law and director of the Asian Institute of International Law at the University of Hong Kong, and Charles Chang, deputy dean of academics, professor of finance and director of the fintech research centre at Fanhai International School of Finance, Fudan University.

In this two-part series they discuss the Chinese fintech space, focussing on payments, regulations and the Chinese central bank digital currency project. In this first part they discuss China’s fintech growth, how it became a global leader, the country’s approach to fintech regulation and newer entrants, and the likely effectiveness of the DC/EP in a private sector dominated market.

Remote working and Covid-19: impact on businesses, people and governments

Susan Lund, partner at McKinsey & Company and leader of the McKinsey Global Institute, and Carl Benedikt Frey, Oxford Martin Citi fellow at the University of Oxford, and author of The Technology Trap, join Ellie Groves, deputy head of programming and Europe manager at OMFIF, to discuss the impact of Covid-19 in accelerating the shift to remote working, the barriers encountered by governments and businesses, as well as potential solutions for an easier transition.

Boston Fed’s CBDC project

In August 2020, the Federal Reserve Bank of Boston, in collaboration with the Massachusetts Institute of Technology, announced that it would research and test leading technologies to determine design requirements for a US-based central bank digital currency. Jim Cunha, senior vice-president, secure payments and fintech, at the Federal Reserve Bank of Boston, discusses this initiative as well as the wider impact of distributed ledger technology on the financial system. The meeting also covers national efforts to increase security and reduce payment fraud in the US.

Financial stability in Europe 2021

Dimitri Demekas, visiting senior fellow at the Institute of Global Affairs at the London School of Economics and special adviser to the Bank of England, and Ludger Schuknecht, former chief economist of the German ministry of finance and deputy secretary-general at the Organisation of Economic Co-operation and Development, join Danae Kyriakopoulou, chief economist and director of research at OMFIF, to discuss European financial stability. They explore the need for high public spending because of Covid-19 and what comes next, the intricate relationship between the real economy and financial markets, the risks faced by central banks in the current crisis and more. Ludger Schuknecht also discusses his latest book, Public Spending and the Role of the State - History, Performance, Risk and Remedies.

Germany’s political transformation and role in Europe

With a shifting geopolitical landscape, due to the Covid-19 response, US elections and rise of China, the upcoming election in Germany comes at an interesting time for European politics. Josef Joffe, publisher-editor of Die Zeit, joins David Marsh, OMFIF chairman, to discuss his new book Der gute Deutsche (The Good German). Presenting the case that Germany has gone through a cultural shift, both internally and in the eyes of external actors, the country’s leaders see European stability and unity as priorities. He explains his thinking behind the argument that whoever becomes the new German Chancellor will not change this and challenge the EU status quo.

Music: https://www.bensound.com/royalty-free-music

Renminbi between digitalisation and internationalisation

Michael Sung, professor in the fintech research centre at Fudan University’s Fanhai International School of Finance, joins Pierre Ortlieb, economist at OMFIF, to discuss the People’s Bank of China’s digital currency project, the broader central bank digital currency ecosystem and China’s efforts to internationalise its currency. They delve into the mechanics of the PBoC’s digital currency/electronic payment and how it would operate with other CBDC projects.

Music: https://www.bensound.com/royalty-free-music

Year in review

Join Ellie Groves, deputy head of programming and Europe manager and Danae Kyriakopoulou, chief economist and director of research at OMFIF on the last podcast of 2020. The discussion touches on key topics from the year, among which include the impact of COVID-19 and the actions taken by central banks, the European Union, and finance ministries. The speakers cover future challenges, be that technological innovation and the growth of the green finance agenda, to geopolitical shifts caused by the change in the US administration and Brexit. 

Music: https://www.bensound.com/royalty-free-music

Renewable energy as asset class

Raul Rosales, senior executive fellow at the centre for climate finance and investment at Imperial College Business School, joins Danae Kyriakopoulou, chief economist and director of research at OMFIF, to discuss Covid-19’s effects on the renewable energy landscape. Opportunities for investment in infrastructure and renewable energy in Spain, UK and beyond are discussed as well. The podcast also explores the impact of the pandemic in terms of policy response, the importance of a risk-based approach and cautions against overburdening climate change regulation.

Music: https://www.bensound.com/royalty-free-music