The OMFIF Podcast

Chad Harper, global payments fellow of Visa Economic Empowerment Institute, joins Katie-Ann Wilson, managing director of OMFIF’s Digital Monetary Institute, to discuss the VEEI’s new research on the importance of choice and trade-offs when looking at digital remittances. They discuss key trends in the global costs of remittances as well as the progress that is being made towards the G20 targets. They also touch on the pandemic’s impact on remittances and what more the public and private sector can do to promote choice and transparency. The power of choice: Options and trade-offs for digital remittances Further reading from the Visa Economic Empowerment Institute: Let’s give a voice to end users: Cross-border payments, attributes, and use cases The economic empowerment of digital remittances: How to unlock the benefits of innovation and competition

In the last year, central banks across the world have been forced to navigate persistent inflation, suppressed growth and heightened geopolitical tensions. However, these forces have been most apparent for reserve managers in Africa. Compounded with the lingering effects of the pandemic, reserves saw the greatest decrease in international reserve levels in 2022 and urged many countries into seeking further multilateral support. This has raised concerns around the adequacy of reserves in the region and the capacity of countries to withstand further protracted shocks.   Nikhil Sanghani, managing director of research, and Edward Maling, research analyst, discuss how these challenges are influencing reserve managers’ long-term strategies. Delving into the regional findings from OMFIF’s Global Public Investor 2023 survey, they discuss how the uncertain outlook is affecting reserve managers’ asset allocation decisions, appetite for further diversification and will take stock of their progress towards environmental, social and governance integration.

The Hong Kong Monetary Authority has successfully completed an experimental green bond issuance through Goldman Sachs’ digital asset platform — the bank’s tokenisation system. While the bond successfully raised $800m for the green bond programme, it was more noteworthy as the first tokenised green bond issued by a government. Kenneth Hui, executive director, external, Hong Kong Monetary Authority, and Rosie Hampson, executive director, digital assets, Goldman Sachs, joined Digital Monetary Institute editor Lewis McLellan to discuss the benefits that tokenisation offers for the green bond market and the challenges they overcame in delivering the deal.

Oliver Berger, head of Middle East & Africa at State Street Corporation, joins Taylor Pearce, senior economist at OMFIF, to discuss the key findings of the ‘Central banks in the digital age: bringing data into focus’ report. They explore the macro factors driving IT transformations in central banks and how central banks are approaching this, the challenges and opportunities of big data for reserve management and technological and enterprise-wide solutions.

Simone Utermarck, director, sustainable finance, International Capital Market Association, joins Emma McGarthy, head, Sustainable Policy Institute, OMFIF, to discuss updated ICMA’s guidance on climate transition finance, transition bond issuances and greenwashing concerns linked to transition finance. They cover the role the ICMA is playing in driving transition finance, what issuers need to consider with transition bonds and other types of sustainable products and explore how we can strive for better transparency of the sustainable capital markets.

We have entered a new demographic paradigm. Birth rates have declined in many countries, while advancements in healthcare have led to longer life expectancies. As societies age, a range of economic dimensions are affected, from labour markets and productivity to public finances and social welfare systems. Join Nikhil Sanghani, managing director of research, and Taylor Pearce, senior economist at OMFIF, as they discuss some of the key findings from the Summer 2023 Bulletin.

Despite improvements in domestic payments, cross-border payments remain too slow and expensive for end users, particularly in emerging market economies. Daniel Nagy, business analyst, CBDC at Giesecke+Devrient, joins Lewis McLellan, editor of OMFIF’s Digital Monetary Institute, to discuss how central bank digital currencies might help address the challenges of the cross-border payments market. Daniel describes the workshops and discussions G+D has conducted with central banks on the challenges and opportunities of deploying a CBDC as a cross-border solution and explores some of the different approaches central banks are taking to the problem. He also sheds light on the potential macro-financial implications of cross-border CBDCs.

Joan Prats, lead financial specialist at the Inter-American Development Bank, joins Burhan Khadbai, head of content at OMFIF’s Sovereign Debt Institute, to examine Ecuador’s recent debt-for-nature swap. They cover the highlights of the transaction, including the new credit enhancement structure and record size, the important role the IADB played in the deal and the challenges this product faces.

Feeling the heat of high inflation and weakening global growth, central bank reserve managers are steering the investment world through stormy seas. Max Castelli, head of strategy and advice, global sovereign markets at UBS Asset Management, joins Taylor Pearce, senior economist at OMFIF, to discuss the investment landscape for reserve managers, currency and asset allocation strategies and the pressure to weave geopolitics, sustainability and other factors into investment decisions.

Technology is causing rapid changes in how we use money, with private and public solutions competing and catalysing each other’s developments. Editor of the Digital Monetary Institute, Lewis McLellan, is joined by Douglas Elliott, partner at Oliver Wyman, and Larissa de Lima, senior fellow at the Oliver Wyman Forum, to discuss their views on the evolving paradigm for the future of money.