Fintech’s future is increasingly tied to innovative ways to move money around the global. Whether this is offering an alternative to SWIFT payments for international wire transfers or facilitating easier, faster, cheaper payments, Fintech companies will have a significant role to play in the global economy.

In a virtual setting Kristalina Georgieva, Managing Director of the International Monetary Fund delivered remarks at the Singapore Fintech Festival on reimagining payments for the digital era before the holidays.

“This is a story about human drive and ingenuity, a story about the revolution in payments that erases physical distance, that generates data which is the new gold and hence often the new collateral. It is about payments that are cheap and widely accessible, that are seamlessly integrated in our digital lives,” said Georgieva.

Georgieva shed a light in her speech on the future of payment innovations, how it is changing, and how it can alter the ways in which transactions can be made across borders.

“As the way we make payments changes, our world changes. We can provide access to financial services for 1.7 billion adults who are still unbanked and help many more vulnerable people who are currently paying high fees. Also, the banking and financial industry is being reshaped by data automation and real time analytics. And finally, payment innovations can change the international monetary system, the ways in which we transact across borders, access foreign assets, exchange currencies and price goods,” said Georgieva

She also stressed on putting users’ needs first as digital payments, in her words, have “huge implications” for the whole world.

“Digital payments are not just for the tech savvy; they have huge implications for the whole world. So, we must tread courageously and carefully. We must ensure that payments evolve to meet user needs while remaining safe and resilient. And that’s at the micro level. At the macro level, we need to foster a financial sector and international monetary system that are efficient and trusted, equitable and inclusive and still dynamic,” said Georgieva.