Finternet is the future of financing systems: Nandan Nilekani at GFF 2024

Nandan Nelkani at GFF 2024: Infosys co-founder and chairman Nandan Nelkani recently gave a glimpse in the future of financial systems in India and across the globe. While speaking at the Global Fintech Fest or GFF Nelkani said that 'Finternet' will be the future of financial systems in India and across the globe.

What is Finternet?

Explaining the concept, Nelkani said that Finternet will be 'user-centric, unified and universal' and that it will combine the 'best of the regulated world' with the best tokenisation that technology can offer.

"It uses the basic construct of tokens and then enables universal interoperability and composability," Nelkani explained.

Elaborating on the concept, the Infosys chairman said that 'Finternet' will bring all sorts of assets, which including land, property, financial investments, bonds, art and paintings' under one umbrella, where they can be tokenised and controlled easily.

“We want to have something that allows everyone to participate and control all kinds of assets. User-controlled assets, user content, NFTs (non-fungible tokens), adjusted assets which are certified by somebody, registered assets like land, or regulated assets like financial products,” Nelkani added.

How will Finternet benefit users?

Furthermore, Nelkani said that Finternet will use advanced cryptographic techniques powered by advanced technologies such as blockchain. This will make all the assets safe and secure and increase privacy.

When will Finternet arrive?

As far as availability is concerned, the Infosys co-founder says that Finternet has moved beyond the conception stage and that 'it is getting implemented as we speak'.

For the unversed, the Global Fintech Fest is being hosted by the National Payments Corporation of India (NPCI) between August 28 and August 30 in Mumbai. At the event, NPCI made several major announcements including introducing FASTAG payments using mobile numbers. Besides this, NPCI MD & CEO, Dilip Asbe, also launched the UPI Lite Auto Top-Up feature at GFF 2024. Additionally, Patrick Branco Ruivo, CEO of Eiffel Tower, announced that tourists can now book Eiffel Tower tours using UPI.