Emmanuel Daniel, a Singapore-based entrepreneur, global thought leader in finance, and the author of 'The Great Transition: the personalization of finance is here', was the guest in the latest episode of the Dinis Guarda YouTube Podcast. He explains the current and future framework of financial systems, the personalisation of finance and society, and the evolution of finance from traditional systems to decentralised protocols. The podcast is powered by openbusinesscouncil, citiesabc, and fashionabc.
In the early minutes of the interview, Dinis asked Emmanuel to summarise his latest book, 'The Great Transition'. Emmanuel told him that the book is focused on the concept of personalisation.
"The underlining theme of the book is the personalisation of society and not just finance. As finance is focussing on individuals and empowers them, I think society as a whole is going to organise itself in a similar manner", he said.
Dinis further asked him to relate the experiences and journey of writing the book. Emmanuel detailed for him that in the first part of the book, he built the framework. Drawing an analogy from the ice factories in the middle of the cities, Emmanuel established the concept of the creation of value for the financial systems in the world. "In the middle part, I talk about personalisation of the financial system, while in the last part, I draw the intellectual maps that can help us guide through all this."
Sharing his experiences of writing the book, he said:
"In the process, I learned a lot about what banking actually is. I kept asking myself what is the DNA of traditional banking, and which of its sustainable elements will be carried in the digital space. And then I found myself going through the journey of transition of the financial industry from traditional to current decentralised systems. This was, in some way, interesting to observe."
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The concept of 'personalisation'
Dinis asked Emmanuel to throw some light on the concept of personalisation. Emmanuel explained that
"People don't need digital finance, what they really need is Digital Access. They want to become a part of the digital economy. And to deny a person without resources this access is to curse that person's life to be poor forever."
With this, he laid down the essence of digitising the systems.
"When you digitise, financialise, leverage, you create a whole new dimension in how value is created and the economy is grown, and that we have to restate what an economy is. The economies that are able to export the debt digitally will continue to dominate the global economy", he said.
Speaking further about how societies and economies are transitioning towards personalisation, he said:
"We are now transitioning from platform economy to personalisation economies. Although the ace technology players are in denial of this transition, this is swiftly happening. As the mobile revolution evolved, many new players have come on board. While the lifespan of these players gets shorter and shorter, we are progressing towards more device-independent trends. This means that individuals have data and are interacting on multiple interfaces, which gives us a much more complicated picture of that person's lifestyle and economic needs."
The evolution of the finance industry into decentralised systems
Dinis asked Emmanuel to explain the progression of cryptocurrencies in the present and future times. He explained:
"Crypto, as a trading asset, is the security that belongs firmly in the market space of human social evolution. It goes up and down with the economy, inflation, rate of funds, and trade between different countries. We are slowly transitioning into the network phase of cryptocurrencies. When this network phase is fully developed, the true value of crypto will become so commonplace that we will not be talking about the price of crypto anymore, but its utility."
Dinis further asked him to explain how the traditional model of finance is going to change with the ingression of decentralised systems. Emmanuel described:
"I think that the whole intermediary game is evolving. The Holy Grail of intermediary is the intermediary of identities. And today, in order for me as a physical person to exist in the digital world, I need the help of an intermediary to validate me. Going into the future, I'm validated by the other participants in the network. So, the more visible I am in the network, the more validated I am. But, this brings its own set of issues and challenges, like the existence of multiple identities."
Speaking about decentralised finance, Emmanuel said:
"Today, everything that is happening in the DeFi space is being explained using traditional finance and banking terms. We need to start finding new terminology to define what is happening there. A lot of that is happening in DeFi space is actually to design and support the lifestyle needs of the individual, of the asset, or the user."
Emmanuel concluded the interview with a sneak-peek into the future of decentralised finance:
"It's not inconceivable that we will arrive at a day where I may be sitting in a restaurant and want to pay the bill, and want to borrow from the people around in the restaurant. And those people around will have the choice to do that. They will have to go through the process of validating my identity, verifying my credit profile, and telling me if they want to lend me. We are going to achieve that in the future, without the need for any intermediary".
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