Session Recap: To read the key takeaways from this session, please click here.
Where: Virtual event
When: January 25, 2022
Overview: In the tenth installment of DataTalk, an interactive monthly forum of the Institute of International Finance and knowledge partner the Oliver Wyman Forum, experts from IIF member firms, leading tech firms, and other partners and officials discussed how the financial industry can help shape a strategic framework for the digital economy.
The world economy is in the midst of a paradigm shift as the transition from an industrial economy to a digital-based economy drives new business models and engines of growth. The current global system and rulebook was built for trade and flow of physical goods and is proving ill-equipped to deal with new challenges while maintaining free and open flows of data with trust. Rather than waiting for a unified global framework, policymakers and financial institutions should work with each other and with various multilateral organizations to try to advance common ground wherever possible and lay the groundwork for an increasingly global solution. The financial industry can play a lead role thanks to its international nature and reach while operating under a tapestry of multinational agreements and regulatory bodies. Efforts should focus on developing skills needed for the digital economy and common standards for interoperability, and on building from bilateral agreements to more multilateral ones.
The series includes two leading global experts as co-chairs:
Douglas Elliott, Partner, Oliver Wyman, and co-head of the Oliver Wyman Forum's Future of Data initiative
Tom Wilson, Chief Executive Officer, Allianz Ayudhya