In this session, we will explore the future of cross-border money transfers by examining a paradigm shift away from traditional banking models that rely on prefunding. With innovations in blockchain and decentralised financial infrastructure, we can now facilitate real-time, low-cost global payments without the need for prefunded accounts. This new model promises to enhance liquidity, reduce friction, and create faster, more efficient financial systems.

In today's hyper-connected internet era, it still costs more than 6% on average to send money as remittance across borders - this can reach as high as 52% across certain global corridors. In this light, it is no surprise that, G20 has made a priority to make payments faster, cheaper, more transparent and more accessible. Additionally, new functionalities such as programmability and tokenization are being added to various forms of digital money (like CBDCs, Tokenized Deposits and Stablecoins). This panel session will focus on the key actions needed to make the global payment system more resilient and aligned with the G20 goals..