Fun podcast with Dr. Oriol Caudevilla who studies fintech, lives in Hong Kong and gets China!
We had a very natural and flowing conversation that really was fun! I know you’ll enjoy it, I did!
Note: audio quality gets better a few minutes in.
1:50 Why is Cashless your book relevant to someone in the West?
If you want to know the future of fintech in the West, look at China. China is about 10 years ahead. Don’t believe me? Look at WhatsApp and Novi its a copy of WeChat!
3:55 Someone would argue that you can’t copy China because of the economic system?
Sure the brands and names will change but the relationship to money will be similar to the relationship we have with money in China today.
5:48 Why is China so cashless, compared with other Asian countries?
Easy, it’s a great example of what can happen if big tech goes into payment. Both WeChat and Alipay got banking licenses and they radically changed the payment.
7:28 What happened with the Ant IPO and what’s going on with regulation?
China is not destroying or breaking its tech industry. China is fundamentally changing the relationship that big tech has with society and promoting innovation.
13:07 What is amazing is how little regulation China had. Look at shadowbanking as an example.
The wild west days are over. What was hard for the China was getting regulated so quickly. Watch how the regulation brings innovation!
18:00 Why is China going so digital?
You need to go back a bit before 2012 to see how the gov’t thought that the only way that they could reach 1.4bn people is through digital. It is a national strategy like the space race.
20:30 People from Hong Kong visiting the mainland notice how cashless China is immediately.
This leads us into CBDC and how going cashless brought digital innovation in society. WeChat and Alipay helped bring digital innovation more deeply into society. CBDC will bring it even deeper.
23:20 Internationalization of the yuan through the CBDC?
CHINA’S CBDC IS NOT DESIGNED TO KILL OFF WECHAT AND ALIPAY. I apologize for using all caps. CBDC is designed to go places where WeChat and Alipay could never go!
28:50 Why didn’t the West react more quickly to CBDC?
Do you think the US Fed would ever do anything that would actually cost the banks, even if it benefited society?
32:50 What can the West learn from China, where should they collaborate?
IoT is one area where China is really miles ahead of the West and there’s room for sharing.
Hope you enjoy the podcast!
🎧 Apple Podcasts- https://lnkd.in/eAirU-7m
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🎧 Google Podcasts- Episode available soon. https://lnkd.in/eBqtjfj5