Sankaet Pathak, CEO of Synapse, wrote a by-line published in Global Banking & Finance Review citing a significant shift to digital and online for financial services, yet calling out that the Internet was not designed to meet the current demand for reliable digital banking services effectively.
Addressing the gap in how and what the Internet can do, Sankaet quoted The World Bank’s Global Findex Database, a global measure of financial services use, saying that the share of adults in developing economies who make or receive digital payments was 57% in 2021, while in the U.S. it was 92.9%. Then he questioned that when those stores of value get embedded in the Internet will only people in the U.S. get access?
Explaining that to serve the entire world without disparities in access to these services, Sankaet argues, we must seek to establish one store of value that transcends borders, and that is within the U.S. regulatory regime and structure.
He goes on to list proof points that the dollar is secure including the size and strength of the U.S. economy, its openness to trade and capital flows, strong property rights, and the size and stability of its stock market firmly support the safety and security of the USD, which is already overwhelmingly the number one global store of value.
With all of these consumer behavior changes in how we store, use, and consume value, he concludes that there is a tangible need for a global financial services infrastructure in this new world, and it should live in the U.S.
