Transcript

Crypto. DeFi. Contactless payments. We've seen countless technologies promising to change finance as we know it – and in many cases, they have. But with regulation lagging behind innovation, is widespread adoption and acceleration a red flag for the finance world? Can we understand this seemingly unprecedented tech explosion within the context of finance history? In this episode, hear from future of finance expert Ronit Ghose, of Citi Institutional Clients Group, and Sarah Hammer, Managing Director of the Stevens Center for Innovation in Finance at the Wharton School, about why we should be excited for what our financial future holds, and some of the current projects and technologies that stand to equalize access, improve user experiences, and solve our most difficult problems. The views expressed herein are those of the speakers and do not necessarily reflect the views of Citigroup Global Markets Inc. or its affiliates. All opinions are subject to change without notice. Neither the information provided nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. The expressions of opinion are not intended to be a forecast of future events or a guarantee of future results. Citibank N.A. and Wharton School of the University of Pennsylvania are not affiliated and are independent companies. The speakers views are their own and may not necessarily reflect the views of Citi or any of its affiliates.

<h2>Crypto. DeFi. Contactless payments. We've seen countless technologies promising to change finance as we know it &ndash; and in many cases, they have. But with regulation lagging behind innovation, is widespread adoption and acceleration a red flag for the finance world? Can we understand this seemingly unprecedented tech explosion within the context of finance history?</h2>
<h2>In this episode, hear from future of finance expert Ronit Ghose, of Citi Institutional Clients Group, and Sarah Hammer, Managing Director of the Stevens Center for Innovation in Finance at the Wharton School, about why we should be excited for what our financial future holds, and some of the current projects and technologies that stand to equalize access, improve user experiences, and solve our most difficult problems.</h2>
&nbsp;
The views expressed herein are those of the speakers and&nbsp;do not&nbsp;necessarily reflect the&nbsp;views of Citigroup Global Markets Inc. or its affiliates. All opinions are subject to change&nbsp;without notice. Neither the information&nbsp;provided&nbsp;nor any opinion expressed constitutes&nbsp;a solicitation for the purchase or sale of any security. The expressions of opinion&nbsp;are not&nbsp;intended to be a forecast of future events or a guarantee of future results.
&nbsp;
Citibank N.A. and Wharton School of the University of Pennsylvania are not affiliated and are independent companies. The speakers views are their own and may not necessarily reflect the views of Citi or any of its affiliates.

Bio: Ronit Ghose, Global Head of Citi's Future of Finance, Citi Global Insights  Ronit Ghose is Global Head of Citi’s Future of Finance team. Ronit’s current areas of focus include Digital Assets, the Metaverse, Web3 and the broader interaction of the future of technology, money and finance. The Future of Finance team is part of Citi Global Insights, the bank’s thought leadership unit, which provides analysis/advice to Citi’s clients and the bank’s leadership. Ronit’s reports on fintech and Web3 are among the most read reports Citi has ever published.

Ronit is an Advisory Board member at the Centre for Financial Technology at Imperial College Business School and at a several tech and VC firms based in Cape Town, Dubai and London. Prior to joining Citi ~25 years ago, Ronit worked in the policy world, including being a bag carrier for a former UK Prime Minister. Ronit is currently based in Dubai. He is a graduate of the University of Oxford, London & is a (lapsed) Chartered Financial Analyst.


Ronit Ghose is Global Head of Citi’s Future of Finance team. Ronit’s current areas of focus include Digital Assets, the Metaverse, Web3 and the broader interaction of the future of technology, money and finance. The Future of Finance team is part of Citi Global Insights, the bank’s thought leadership unit, which provides analysis/advice to Citi’s clients and the bank’s leadership. Ronit’s reports on fintech and Web3 are among the most read reports Citi has ever published.

Ronit is an Advisory Board member at the Centre for Financial Technology at Imperial College Business School and at a several tech and VC firms based in Cape Town, Dubai and London. Prior to joining Citi ~25 years ago, Ronit worked in the policy world, including being a bag carrier for a former UK Prime Minister. Ronit is currently based in Dubai. He is a graduate of the University of Oxford, London & is a (lapsed) Chartered Financial Analyst.


Bio: Ronit Ghose, Global Head of Citi's Future of Finance, Citi Global Insights 

Bio: Sarah Hammer, Managing Director of the Stevens Center for Innovation in Finance and Senior Director of the Harris Alternative Investments Program, Wharton School, University of Pennsylvania Sarah Hammer is Managing Director of the Stevens Center for Innovation in Finance and Senior Director of the Harris Alternative Investments Program at the Wharton School of the University of Pennsylvania. In these roles, she focuses her efforts on private capital investments and financial technology. Ms. Hammer is also an Adjunct Professor of Law at the University of Pennsylvania Law School, teaching an upper level juris doctor course on financial regulation.
Previously, Ms. Hammer was Acting Deputy Assistant Secretary for Financial Institutions and Director of the Office of Financial Institutions Policy at the United States Department of the Treasury. In this role, she led and directed the Department’s policy responsibilities involving financial institutions, as well as oversaw the Federal Insurance Office and the Office of Critical Infrastructure Protection and Compliance Policy (cybersecurity).
Ms. Hammer also served on the board of the Securities Investor Protection Corporation (SIPC) and assisted the U.S. Treasury Secretary in fulfilling responsibilities on the board of the Pension Benefit Guaranty Corporation (PBGC). Ms. Hammer also served as cross functional team lead for a full review and report by the U.S. Treasury on the U.S. financial regulatory framework.
Ms. Hammer has held various leadership positions throughout financial services in general management, portfolio management, trading, marketing, research, and analytics at the Vanguard Group, PIMCO, JP Morgan Chase, BlackRock, and Tudor Investments.
Ms. Hammer is also a board member of the Independent Management Advisory Committee of the International Telecommunications Union at the United Nations (ITU).  The ITU is the UN specialized agency responsible for all matters related to information and communication technology, including broadband internet, wireless technology, satellite, and television.
Ms. Hammer earned a J.D. from the University of Pennsylvania Law School, an M.B.A. from the Wharton School of the University of Pennsylvania, and a Master of Studies from Oxford University.  She is a Harry S.Truman Scholar and a Member of the American Law Institute.

Sarah Hammer is Managing Director of the Stevens Center for Innovation in Finance and Senior Director of the Harris Alternative Investments Program at the Wharton School of the University of Pennsylvania. In these roles, she focuses her efforts on private capital investments and financial technology. Ms. Hammer is also an Adjunct Professor of Law at the University of Pennsylvania Law School, teaching an upper level juris doctor course on financial regulation.
Previously, Ms. Hammer was Acting Deputy Assistant Secretary for Financial Institutions and Director of the Office of Financial Institutions Policy at the United States Department of the Treasury. In this role, she led and directed the Department’s policy responsibilities involving financial institutions, as well as oversaw the Federal Insurance Office and the Office of Critical Infrastructure Protection and Compliance Policy (cybersecurity).
Ms. Hammer also served on the board of the Securities Investor Protection Corporation (SIPC) and assisted the U.S. Treasury Secretary in fulfilling responsibilities on the board of the Pension Benefit Guaranty Corporation (PBGC). Ms. Hammer also served as cross functional team lead for a full review and report by the U.S. Treasury on the U.S. financial regulatory framework.
Ms. Hammer has held various leadership positions throughout financial services in general management, portfolio management, trading, marketing, research, and analytics at the Vanguard Group, PIMCO, JP Morgan Chase, BlackRock, and Tudor Investments.
Ms. Hammer is also a board member of the Independent Management Advisory Committee of the International Telecommunications Union at the United Nations (ITU).  The ITU is the UN specialized agency responsible for all matters related to information and communication technology, including broadband internet, wireless technology, satellite, and television.
Ms. Hammer earned a J.D. from the University of Pennsylvania Law School, an M.B.A. from the Wharton School of the University of Pennsylvania, and a Master of Studies from Oxford University.  She is a Harry S.Truman Scholar and a Member of the American Law Institute.

Bio: Sarah Hammer, Managing Director of the Stevens Center for Innovation in Finance and Senior Director of the Harris Alternative Investments Program, Wharton School, University of Pennsylvania

Crypto. DeFi. Contactless payments. We've seen countless technologies promising to change finance as we know it – and in many cases, they have. But with regulation lagging behind innovation, is widespread adoption and acceleration a red flag for the finance world? Can we understand this seemingly unprecedented tech explosion within the context of finance history? In this episode, hear from future of finance expert Ronit Ghose, of Citi Institutional Clients Group, and Sarah Hammer, Managing Director of the Stevens Center for Innovation in Finance at the Wharton School, about why we should be excited for what our financial future holds, and some of the current projects and technologies that stand to equalize access, improve user experiences, and solve our most difficult problems. The views expressed herein are those of the speakers and do not necessarily reflect the views of Citigroup Global Markets Inc. or its affiliates. All opinions are subject to change without notice. Neither the information provided nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. The expressions of opinion are not intended to be a forecast of future events or a guarantee of future results. Citibank N.A. and Wharton School of the University of Pennsylvania are not affiliated and are independent companies. The speakers views are their own and may not necessarily reflect the views of Citi or any of its affiliates. Bio: Ronit Ghose, Global Head of Citi's Future of Finance, Citi Global Insights  Ronit Ghose is Global Head of Citi’s Future of Finance team. Ronit’s current areas of focus include Digital Assets, the Metaverse, Web3 and the broader interaction of the future of technology, money and finance. The Future of Finance team is part of Citi Global Insights, the bank’s thought leadership unit, which provides analysis/advice to Citi’s clients and the bank’s leadership. Ronit’s reports on fintech and Web3 are among the most read reports Citi has ever published.

Ronit is an Advisory Board member at the Centre for Financial Technology at Imperial College Business School and at a several tech and VC firms based in Cape Town, Dubai and London. Prior to joining Citi ~25 years ago, Ronit worked in the policy world, including being a bag carrier for a former UK Prime Minister. Ronit is currently based in Dubai. He is a graduate of the University of Oxford, London & is a (lapsed) Chartered Financial Analyst.
 Bio: Sarah Hammer, Managing Director of the Stevens Center for Innovation in Finance and Senior Director of the Harris Alternative Investments Program, Wharton School, University of Pennsylvania Sarah Hammer is Managing Director of the Stevens Center for Innovation in Finance and Senior Director of the Harris Alternative Investments Program at the Wharton School of the University of Pennsylvania. In these roles, she focuses her efforts on private capital investments and financial technology. Ms. Hammer is also an Adjunct Professor of Law at the University of Pennsylvania Law School, teaching an upper level juris doctor course on financial regulation.
Previously, Ms. Hammer was Acting Deputy Assistant Secretary for Financial Institutions and Director of the Office of Financial Institutions Policy at the United States Department of the Treasury. In this role, she led and directed the Department’s policy responsibilities involving financial institutions, as well as oversaw the Federal Insurance Office and the Office of Critical Infrastructure Protection and Compliance Policy (cybersecurity).
Ms. Hammer also served on the board of the Securities Investor Protection Corporation (SIPC) and assisted the U.S. Treasury Secretary in fulfilling responsibilities on the board of the Pension Benefit Guaranty Corporation (PBGC). Ms. Hammer also served as cross functional team lead for a full review and report by the U.S. Treasury on the U.S. financial regulatory framework.
Ms. Hammer has held various leadership positions throughout financial services in general management, portfolio management, trading, marketing, research, and analytics at the Vanguard Group, PIMCO, JP Morgan Chase, BlackRock, and Tudor Investments.
Ms. Hammer is also a board member of the Independent Management Advisory Committee of the International Telecommunications Union at the United Nations (ITU).  The ITU is the UN specialized agency responsible for all matters related to information and communication technology, including broadband internet, wireless technology, satellite, and television.
Ms. Hammer earned a J.D. from the University of Pennsylvania Law School, an M.B.A. from the Wharton School of the University of Pennsylvania, and a Master of Studies from Oxford University.  She is a Harry S.Truman Scholar and a Member of the American Law Institute.

Season 2

Crypto. DeFi. Contactless payments. We've seen countless technologies promising to change finance as we know it – and in many cases, they have. But with regulation lagging behind innovation, is widespread adoption and acceleration a red flag for the finance world? Can we understand this seemingly unprecedented tech explosion within the context of finance history?

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Good Things Happen Episode 1: The Future of Finance

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As a result, the way that companies and individuals pay and get paid via digital channels has become an essential priority to support the needs of businesses today and their future growth plans. In a recent article, Scott Damassa, Citi’s North America head of eCommerce & TCG Sales said, “Being able to access instant payment programs at scale and with a low cost-perpayment will be an important step toward a viable web3 microtransaction-supported model. This new model could enable many of our clients to imagine new products and use cases that take advantage of the increased speed and reduced cost of payments.” Latin America’s central banks, regulators, and clearing systems have taken steps to modernize existing payment infrastructures in recent years, but there is still a long journey ahead. While payments have become faster and more transparent, particularly for lower value payments, traditional payment systems were not designed for the digital economy. High costs of intermediation, processing cut-off times, the lack of interoperability — particularly cross-border — and the slow pace of innovation, mean that these systems might continue to lag in demands of the digital economy. Furthermore, despite important advancements, these systems are still mostly inaccessible to Latin America’s large unbanked population and small businesses. Consequently, while governments, banks, and businesses alike are keen to move away from the use of cash that is insecure and costly to produce, the entire financial ecosystem needs to continue to work to generate a robust and secure alternative to support and drive the digital economy. Leveraging the potential of the digital economy Latin America’s digital economy is surging, accelerated by the Covid-19 pandemic, despite depressed growth or recession in some markets. AMI1 forecasts that the digital economy in the region will grow by 25% between 2021-2025, reaching a value of US$700 billion, led by Brazil and Mexico.2 Much of this shift to digital is a replacement of traditional cash-based purchases, as opposed to consumers seeking to access international sellers. 86% of all e-commerce in the region is domestic,3 with most Latin American consumers more interested in buying items of local brands. Even when making online purchases, 14% of consumers in Latin America still pay in cash, either directly through cash payment on delivery, or indirectly, through vouchers purchased at convenience stores or banks.4 Unless digital alternatives exist that are universally accessible, this could dampen the potential of the digital economy through a lack of scalability, high costs, and low security. Payment’s innovation to drive Latin America’s digital economies Credit and debit cards are currently the most prevalent form of digital payments, estimated at 54% of total e-commerce transactions by 2025.5 However, excepting prepaid cards, these require a bank account. Consequently, other digital payments, including digital wallets, are emerging and will gain traction to support the digital economy, enabling wider participation. Given the large, digital-savvy population in Latin America, there is considerable appetite for these emerging digital payment methods. According to Mastercard New Payments Index, 83% of consumers in Latin America intend to use at least one emerging payment method in the coming years, including cryptocurrencies, biometric technologies, contactless payments, or QR codes. This consumer demand is already reflected in emerging instant payment innovations. The rapid development of 24/7 realtime payment schemes is evident alongside traditional batch/ real-time gross settlement (RTGS) systems in Latin America. In November 2020, the Brazilian Central Bank launched its instant payment scheme, Pix, and the country has already become one of the top 10 instant payment markets globally.6 One of the reasons for the success of instant payments in Brazil is that these payments are embedded into the digital economy. Instant payments are seamlessly integrated with the purchasing or invoice generation using QR codes, while the use of keys, such as cellphone numbers, makes it easy and convenient to make or receive payments, even without a bank account. This trend is replicated across Latin America, processing millions of transactions per month. Mexico’s CoDi (central bank digital payment system) is one of the world’s top 10 instant payment markets alongside Brazil,7 and one of Citi’s largest markets for instant payments globally. In addition to national instant payment schemes, the fintech population is growing rapidly, offering complementary digital wallets which increase accessibility to Latin America’s unbanked population, while increasing choice and convenience in the digital economy. This includes an expanding number of foreign companies seeking to leverage burgeoning opportunities in the region. All this growth will certainly drive further innovation and boost financial inclusion by enabling people across the region to participate in the digital economy while granting them easier access to goods and services, including financial and public services. “The Latin America Financial Market Infrastructure is changing drastically. A new modern clearing system driven by regulations around Instant Payments, Open Banking, Central Bank Digital Currencies is one of the many moves Central Banks are pushing as part of their digital policies to drive financial inclusion and promote wide access to the Digital Economy. From mid to large size corporations, businesses can harness the opportunity of the digital economy by integrating their commerce into new alternative payments methods, like eWallets with QR Codes, to digitize their cash collection and automate their payments reconciliation,” says Driss Temsamani, Citi Latam Digital Head. 1 Latin America E-Commerce Market Projections, 2021-2025, 2022, Americas Market Intelligence (https://americasmi.com/insights/latin-america-e-commercemarket-projections-2024/) 2 Latin America E-commerce Sales and Data 2021-2024 (americasmi.com) 3 Latin America E-commerce Sales and Data 2021-2024 (americasmi.com) 4 Latin America E-commerce Sales and Data 2021-2024 (americasmi.com) 5 World Payments Report, 2022, FIS Worldpay (https://worldpay. globalpaymentsreport.com/en) 6 ACI Worldwide: The Leader in Real-Time Payments, 2022, ACI Worldwide (https:// go.aciworldwide.com/rs/030-ROK-804/images/2021-Prime-Time-Report.pdf) 7 ACI Worldwide (https://go.aciworldwide.com/rs/030-ROK-804/images/2021-PrimeTime-Report.pdf)

As a result, the way that companies and individuals pay and get paid via digital channels has become an essential priority to support the needs of businesses today and their future growth plans.
In a <a href="https://www.citigroup.com/global/insights/treasury-and-trade-solutions/the-evolving-internet-microtransactions-for-web3-president-">recent article</a>, Scott Damassa, Citi&rsquo;s North America head of eCommerce &amp; TCG Sales said, &ldquo;Being able to access instant payment programs at scale and with a low cost-perpayment will be an important step toward a viable web3 microtransaction-supported model. This new model could enable many of our clients to imagine new products and use cases that take advantage of the increased speed and reduced cost of payments.&rdquo;
Latin America&rsquo;s central banks, regulators, and clearing systems have taken steps to modernize existing payment infrastructures in recent years, but there is still a long journey ahead. While payments have become faster and more transparent, particularly for lower value payments, traditional payment systems were not designed for the digital economy. High costs of intermediation, processing cut-off times, the lack of interoperability &mdash; particularly cross-border &mdash; and the slow pace of innovation, mean that these systems might continue to lag in demands of the digital economy. Furthermore, despite important advancements, these systems are still mostly inaccessible to Latin America&rsquo;s large unbanked population and small businesses. Consequently, while governments, banks, and businesses alike are keen to move away from the use of cash that is insecure and costly to produce, the entire financial ecosystem needs to continue to work to generate a robust and secure alternative to support and drive the digital economy.
Leveraging the potential of the digital economy
Latin America&rsquo;s digital economy is surging, accelerated by the Covid-19 pandemic, despite depressed growth or recession in some markets. AMI1 forecasts that the digital economy in the region will grow by 25% between 2021-2025, reaching a value of US$700 billion, led by Brazil and Mexico.2 Much of this shift to digital is a replacement of traditional cash-based purchases, as opposed to consumers seeking to access international sellers. 86% of all e-commerce in the region is domestic,3 with most Latin American consumers more interested in buying items of local brands.
Even when making online purchases, 14% of consumers in Latin America still pay in cash, either directly through cash payment on delivery, or indirectly, through vouchers purchased at convenience stores or banks.4 Unless digital alternatives exist that are universally accessible, this could dampen the potential of the digital economy through a lack of scalability, high costs, and low security.
Payment&rsquo;s innovation to drive Latin America&rsquo;s digital economies
Credit and debit cards are currently the most prevalent form of digital payments, estimated at 54% of total e-commerce transactions by 2025.5 However, excepting prepaid cards, these require a bank account. Consequently, other digital payments, including digital wallets, are emerging and will gain traction to support the digital economy, enabling wider participation. Given the large, digital-savvy population in Latin America, there is considerable appetite for these emerging digital payment methods. According to Mastercard New Payments Index, 83% of consumers in Latin America intend to use at least one emerging payment method in the coming years, including cryptocurrencies, biometric technologies, contactless payments, or QR codes.
This consumer demand is already reflected in emerging instant payment innovations. The rapid development of 24/7 realtime payment schemes is evident alongside traditional batch/ real-time gross settlement (RTGS) systems in Latin America. In November 2020, the Brazilian Central Bank launched its instant payment scheme, Pix, and the country has already become one of the top 10 instant payment markets globally.6
One of the reasons for the success of instant payments in Brazil is that these payments are embedded into the digital economy. Instant payments are seamlessly integrated with the purchasing or invoice generation using QR codes, while the use of keys, such as cellphone numbers, makes it easy and convenient to make or receive payments, even without a bank account.
This trend is replicated across Latin America, processing millions of transactions per month. Mexico&rsquo;s CoDi (central bank digital payment system) is one of the world&rsquo;s top 10 instant payment markets alongside Brazil,7 and one of Citi&rsquo;s largest markets for instant payments globally. In addition to national instant payment schemes, the fintech population is growing rapidly, offering complementary digital wallets which increase accessibility to Latin America&rsquo;s unbanked population, while increasing choice and convenience in the digital economy. This includes an expanding number of foreign companies seeking to leverage burgeoning opportunities in the region. All this growth will certainly drive further innovation and boost financial inclusion by enabling people across the region to participate in the digital economy while granting them easier access to goods and services, including financial and public services.
&ldquo;The Latin America Financial Market Infrastructure is changing drastically. A new modern clearing system driven by regulations around Instant Payments, Open Banking, Central Bank Digital Currencies is one of the many moves Central Banks are pushing as part of their digital policies to drive financial inclusion and promote wide access to the Digital Economy. From mid to large size corporations, businesses can harness the opportunity of the digital economy by integrating their commerce into new alternative payments methods, like eWallets with QR Codes, to digitize their cash collection and automate their payments reconciliation,&rdquo; says Driss Temsamani, Citi Latam Digital Head.
&nbsp;
1 Latin America E-Commerce Market Projections, 2021-2025, 2022, Americas Market Intelligence (<a href="https://americasmi.com/insights/latin-america-e-commercemarket-projections-2024/)" target="_blank" rel="noopener">https://americasmi.com/insights/latin-america-e-commercemarket-projections-2024/)</a> 
2 Latin America E-commerce Sales and Data 2021-2024 (americasmi.com)
3 Latin America E-commerce Sales and Data 2021-2024 (americasmi.com)
4 Latin America E-commerce Sales and Data 2021-2024 (americasmi.com)
5 World Payments Report, 2022, FIS Worldpay (<a href="https://worldpay" target="_blank" rel="noopener">https://worldpay</a>. globalpaymentsreport.com/en)
6 ACI Worldwide: The Leader in Real-Time Payments, 2022, ACI Worldwide (https:// go.aciworldwide.com/rs/030-ROK-804/images/2021-Prime-Time-Report.pdf)
7 ACI Worldwide (<a href="https://go.aciworldwide.com/rs/030-ROK-804/images/2021-PrimeTime-Report.pdf)" target="_blank" rel="noopener">https://go.aciworldwide.com/rs/030-ROK-804/images/2021-PrimeTime-Report.pdf)</a>

The internet has transformed our lives for the past two decades, becoming an integral part of the way we live, work, shop, and connect with each other. Companies have rapidly adopted new business models to use the internet as a channel to engage, cut the middleman, and sell directly to customers.

Driving Latin America’s Digital Economies

For consumers, money needs to move instantaneously. Making payments – and getting paid on time – has been streamlined down to a science, with 4 in 5 Americans routinely using digital payments. But what goes into making sure every transaction happens as seamlessly as customers have come to expect? Hint: a huge amount of work in scaling, development, and technology. Hear from two digital payments specialists - Shahmir Khaliq, Citi’s Global Head of Treasury and Trade Solutions, and David Nicholls, who specializes in Business Development and Global Payments at Uber – on the major changes that digital payments have brought to commerce, and the innovations still being made so that transactions meet both consumer and business needs worldwide. The views expressed herein are those of the speakers and do not necessarily reflect the views of Citigroup Global Markets Inc. or its affiliates. All opinions are subject to change without notice. Neither the information provided nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. The expressions of opinion are not intended to be a forecast of future events or a guarantee of future results. Citibank N.A. and Uber are not affiliated and are independent companies. Citibank has onboarded Uber as a client for payment solutions. The speaker’s views are their own and are not associated or may not necessarily reflect the views of Citi or any of its affiliates.

For consumers, money needs to move instantaneously. Making payments &ndash; and getting paid on time &ndash; has been streamlined down to a science, with 4 in 5 Americans routinely using digital payments. But what goes into making sure every transaction happens as seamlessly as customers have come to expect? Hint: a huge amount of work in scaling, development, and technology.
&nbsp;
Hear from two digital payments specialists - Shahmir Khaliq, Citi&rsquo;s Global Head of Treasury and Trade Solutions, and David Nicholls, who specializes in Business Development and Global Payments at Uber &ndash; on the major changes that digital payments have brought to commerce, and the innovations still being made so that transactions meet both consumer and business needs worldwide.
&nbsp;
The views expressed herein are those of the speakers and&nbsp;do not&nbsp;necessarily reflect the&nbsp;views of Citigroup Global Markets Inc. or its affiliates. All opinions are subject to change&nbsp;without notice. Neither the information&nbsp;provided&nbsp;nor any opinion expressed constitutes&nbsp;a solicitation for the purchase or sale of any security. The expressions of opinion&nbsp;are not&nbsp;intended to be a forecast of future events or a guarantee of future results.
&nbsp;
Citibank N.A. and Uber are not affiliated and are independent companies. Citibank has onboarded Uber as a client for payment solutions.&nbsp; The speaker&rsquo;s views are their own and are not associated or may not necessarily reflect the views of Citi or any of its affiliates.

Bio: David Nicholls, Global Business Development and Global Payments at Uber David Nicholls manages Uber’s Global Business Development activities for payments. This spans oversight for all commercial work Uber is doing with partners across payment processing for spenders, funds disbursement to earners and card issuing across the Uber marketplace. Prior to joining Uber, over the last 20 years, David has held a variety of executive roles

David Nicholls manages Uber’s Global Business Development activities for payments. This spans oversight for all commercial work Uber is doing with partners across payment processing for spenders, funds disbursement to earners and card issuing across the Uber marketplace. Prior to joining Uber, over the last 20 years, David has held a variety of executive roles

Bio: David Nicholls, Global Business Development and Global Payments at Uber

Bio: Shahmir Khaliq, Global Head of Treasury and Trade Solutions at Citi Shahmir Khaliq is the Global Head of Treasury and Trade Solutions in Citi’s Institutional Clients Group and is responsible for managing Treasury and Trade Solutions globally.  This multi-billion dollar business is one of the largest global businesses within Citi’s Institutional Clients Group encompassing integrated working capital solutions serving public sector clients, corporates and financial institutions.
Citi Treasury and Trade Solutions (TTS) helps enable clients succeed by providing an integrated suite of innovative and tailored cash management and trade finance services to multinational corporations, financial institutions and public sector organizations across the globe. Based on the foundation of the industry's largest proprietary network with banking licenses in over 90 countries and globally integrated technology platforms, TTS continues to lead the way in offering a comprehensive range of digitally enabled treasury, trade and liquidity management solutions.
Shahmir joined Citibank in 1991 in Pakistan as a Management Associate in the Institutional Bank – he left the bank in 1993 to pursue his post graduate education in 1993 and rejoined Citi Pakistan (Banking) in 1995.
During his career at Citi, he has held leadership roles within Banking, Country Management (CCO), Markets & Securities Services, and Treasury services.
Previous to his appointment as the Global Head of TTS in 2021, he was Head of Operations and Technology for the Treasury and Trade Services (TTS) business. Prior to taking this role, Shahmir was the Global Head of Direct Custody & Clearing within Markets and Securities Services since 2017.
Previously, Shahmir led the North America Investor Services business, covering Prime Finance, Futures and the Securities Services franchise for four years (2014-2018). Post the financial crisis (2012-2013), he was the global business lead optimizing the ICG’s global client footprint. He has spent time in country and regional leadership roles – serving as Country (CCO) / Cluster Head for Citi’s Central European business based out of Prague / Bucharest from 2005 through 2012. Shahmir also ran the Energy and Metals Corporate Bank franchise for CEEMEA for almost three years (2003/2005) prior to taking on his CCO role.
Shahmir is a Senior Credit Officer (Business SCO Level 2) since 2004 for Citi - and has degrees in finance and economics from the London Business School (Msc) and London School of Economics in addition to an MBA from the University of Karachi.

Shahmir Khaliq is the Global Head of Treasury and Trade Solutions in Citi’s Institutional Clients Group and is responsible for managing Treasury and Trade Solutions globally.  This multi-billion dollar business is one of the largest global businesses within Citi’s Institutional Clients Group encompassing integrated working capital solutions serving public sector clients, corporates and financial institutions.
Citi Treasury and Trade Solutions (TTS) helps enable clients succeed by providing an integrated suite of innovative and tailored cash management and trade finance services to multinational corporations, financial institutions and public sector organizations across the globe. Based on the foundation of the industry's largest proprietary network with banking licenses in over 90 countries and globally integrated technology platforms, TTS continues to lead the way in offering a comprehensive range of digitally enabled treasury, trade and liquidity management solutions.
Shahmir joined Citibank in 1991 in Pakistan as a Management Associate in the Institutional Bank – he left the bank in 1993 to pursue his post graduate education in 1993 and rejoined Citi Pakistan (Banking) in 1995.
During his career at Citi, he has held leadership roles within Banking, Country Management (CCO), Markets & Securities Services, and Treasury services.
Previous to his appointment as the Global Head of TTS in 2021, he was Head of Operations and Technology for the Treasury and Trade Services (TTS) business. Prior to taking this role, Shahmir was the Global Head of Direct Custody & Clearing within Markets and Securities Services since 2017.
Previously, Shahmir led the North America Investor Services business, covering Prime Finance, Futures and the Securities Services franchise for four years (2014-2018). Post the financial crisis (2012-2013), he was the global business lead optimizing the ICG’s global client footprint. He has spent time in country and regional leadership roles – serving as Country (CCO) / Cluster Head for Citi’s Central European business based out of Prague / Bucharest from 2005 through 2012. Shahmir also ran the Energy and Metals Corporate Bank franchise for CEEMEA for almost three years (2003/2005) prior to taking on his CCO role.
Shahmir is a Senior Credit Officer (Business SCO Level 2) since 2004 for Citi - and has degrees in finance and economics from the London Business School (Msc) and London School of Economics in addition to an MBA from the University of Karachi.

Bio: Shahmir Khaliq, Global Head of Treasury and Trade Solutions at Citi

For consumers, money needs to move instantaneously. Making payments – and getting paid on time – has been streamlined down to a science, with 4 in 5 Americans routinely using digital payments. But what goes into making sure every transaction happens as seamlessly as customers have come to expect? Hint: a huge amount of work in scaling, development, and technology. Hear from two digital payments specialists - Shahmir Khaliq, Citi’s Global Head of Treasury and Trade Solutions, and David Nicholls, who specializes in Business Development and Global Payments at Uber – on the major changes that digital payments have brought to commerce, and the innovations still being made so that transactions meet both consumer and business needs worldwide. The views expressed herein are those of the speakers and do not necessarily reflect the views of Citigroup Global Markets Inc. or its affiliates. All opinions are subject to change without notice. Neither the information provided nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. The expressions of opinion are not intended to be a forecast of future events or a guarantee of future results. Citibank N.A. and Uber are not affiliated and are independent companies. Citibank has onboarded Uber as a client for payment solutions. The speaker’s views are their own and are not associated or may not necessarily reflect the views of Citi or any of its affiliates. Bio: David Nicholls, Global Business Development and Global Payments at Uber David Nicholls manages Uber’s Global Business Development activities for payments. This spans oversight for all commercial work Uber is doing with partners across payment processing for spenders, funds disbursement to earners and card issuing across the Uber marketplace. Prior to joining Uber, over the last 20 years, David has held a variety of executive roles Bio: Shahmir Khaliq, Global Head of Treasury and Trade Solutions at Citi Shahmir Khaliq is the Global Head of Treasury and Trade Solutions in Citi’s Institutional Clients Group and is responsible for managing Treasury and Trade Solutions globally.  This multi-billion dollar business is one of the largest global businesses within Citi’s Institutional Clients Group encompassing integrated working capital solutions serving public sector clients, corporates and financial institutions.
Citi Treasury and Trade Solutions (TTS) helps enable clients succeed by providing an integrated suite of innovative and tailored cash management and trade finance services to multinational corporations, financial institutions and public sector organizations across the globe. Based on the foundation of the industry's largest proprietary network with banking licenses in over 90 countries and globally integrated technology platforms, TTS continues to lead the way in offering a comprehensive range of digitally enabled treasury, trade and liquidity management solutions.
Shahmir joined Citibank in 1991 in Pakistan as a Management Associate in the Institutional Bank – he left the bank in 1993 to pursue his post graduate education in 1993 and rejoined Citi Pakistan (Banking) in 1995.
During his career at Citi, he has held leadership roles within Banking, Country Management (CCO), Markets & Securities Services, and Treasury services.
Previous to his appointment as the Global Head of TTS in 2021, he was Head of Operations and Technology for the Treasury and Trade Services (TTS) business. Prior to taking this role, Shahmir was the Global Head of Direct Custody & Clearing within Markets and Securities Services since 2017.
Previously, Shahmir led the North America Investor Services business, covering Prime Finance, Futures and the Securities Services franchise for four years (2014-2018). Post the financial crisis (2012-2013), he was the global business lead optimizing the ICG’s global client footprint. He has spent time in country and regional leadership roles – serving as Country (CCO) / Cluster Head for Citi’s Central European business based out of Prague / Bucharest from 2005 through 2012. Shahmir also ran the Energy and Metals Corporate Bank franchise for CEEMEA for almost three years (2003/2005) prior to taking on his CCO role.
Shahmir is a Senior Credit Officer (Business SCO Level 2) since 2004 for Citi - and has degrees in finance and economics from the London Business School (Msc) and London School of Economics in addition to an MBA from the University of Karachi.

For consumers, money needs to move instantaneously. Making payments – and getting paid on time – has been streamlined down to a science, with 4 in 5 Americans routinely using digital payments. But what goes into making sure every transaction happens as seamlessly as customers have come to expect? Hint: a huge amount of work in scaling, development, and technology.

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Good Things Happen Episode 4: Trends in Digital Payments

Fortune and Citi 

Innovative financial technologies are changing how the world thinks about payments.