Mo Shaikh of Aptos Labs and Nicole Valentine from the Milken Institute see Web3 and open finance as big changes for the better. They’re all about making money matters fair for people everywhere.

Today’s banking and money systems are old and don’t help everyone. This leaves billions without important money services. Shaikh and Valentine see Web3 as a bright light for those left out.

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• Mo Shaikh and Nicole Valentine believe Web3 and open finance can make finance fair for all.
• Old money systems are outdated. They suggest stablecoins and open banking as cheaper, easier options.
• U.K.’s open banking success shows tech can create a more inclusive financial world.

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Web3 and Open Finance: Changing Money for Everyone

They point out the high fees for workers sending money home. These workers send about $656 billion back every year but lose a lot to fees. Even in tech-rich places like the U.S., many don’t have basic banking, costing them more for simple tasks.

The solution? Shaikh and Valentine suggest open finance and new digital money, like stablecoins. Some of the most commonly mentioned use cases are cross-border money transfer, borderless which allows getting rid of old ways of money sending in commercial banks.

In the U.K., people can now safely share bank info with third-party services.
As a result, it becomes much easier and productive way being done. One can only hope the US is to follow next.

Stablecoins could make international money transfers much cheaper. It’s not just the digital stable currency that is important; it’s the powerful change in the global money service that the currency provokes.

Moving to open financial systems starts with safe, easy-to-use networks. Amalgamation of old and new is Main Point. Blockchain and mobile technology have changed this world enabling for empowerment of customers and financial inclusion.

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