Thursday, Oct 16, 2025 | 03:00 PM - 03:50 PM
Location: Meeting Halls A&B HQ1-3-430A&B
This event will be live streamed on this page. Refresh page at start of event to load video player.
OVERVIEW
Digital payments are reshaping everyday transactions—from shopping to accessing financial services and making cross-border payments—while also opening the door to broader benefits like stronger commerce, lower crime, greater formalization, as well as more efficient and transparent government revenue collection and spending mobilization.
Many countries are eager to capture these benefits but face a common design dilemma: how to encourage choice and competition without fragmenting the system. If too many users cluster on a handful of dominant platforms, choice can narrow, and costs may rise. Yet if too many platforms remain disconnected, markets can splinter, undermining the benefits of scale. This dilemma is relevant for both domestic and cross-border payments.
By allowing people to pay seamlessly across different platforms, interoperability combines the reach of a unified network with the freedom to choose among providers—giving users the best of both worlds.
This session will bring together researchers, policymakers, and private sector leaders to discuss how interoperability can deliver on its promise, what its limits may be, and what foundations are needed to make it succeed—both within countries and across borders
MODERATOR
Karen Tso
Co-Anchor CNBC’s ‘Squawk Box’ in EMEA.
Karen Tso Co-Anchors CNBC’s flagship show ‘Squawk Box’ in EMEA. The three-hour programme, which broadcasts worldwide five days a week, bookends the opening of European equity markets and is a must see for financial professionals, C-suite executives and investors. Tso often reports live on location from major international events, while moderating conversations and firesides with world leaders and CEOs at the World Economic Forum in Davos, IMF conferences, Asian Development Bank, Mobile World Congress, Web Summit, Women’s Forum, Cannes Lions and the Frankfurt Motor Show. In 2017 she covered both rounds of the French Presidential Election live from Paris. Tso has anchored across CNBC International, from London, New York, Singapore and Australia. Prior to the European edition of ‘Squawk Box’, Tso was based in Singapore and co-anchored the Asian edition of ‘Squawk Box’. Tso was recognized as ‘Highly Commended’ in the ‘Best News Anchor’ category at 15th Asian Television Awards. Before joining CNBC during the height of the financial crisis in 2008, Tso was a household name in business news in Australia, anchoring for Nine Network, Sky News and ABC. Tso holds a Bachelor of Commerce from Griffith University, Queensland. She also has studied for a Masters in Journalism at the University of Westminster, London and UTS, Sydney.
PANELIST
Kenneth Gay
Head of the FinTech and Innovation Group at the Monetary Authority of Singapore (MAS)
Kenneth heads the FinTech and Innovation Group at the Monetary Authority of Singapore (MAS). The Group is responsible for development strategies for technology and innovation, to strengthen competitiveness, manage risks and enhance the efficiency of the financial sector. Kenneth’s recent prior experience focused on digital transformation, enterprise GenAI and data governance. He previously headed the Enterprise Knowledge Department at MAS. Besides formulating data and knowledge strategies and governance policies, the department also pursues data transformation by architecting and developing platforms and applications that improve outcomes for financial supervision, central banking and other use cases. Kenneth also has experience in regulatory policy, having previously headed MAS’ Prudential Policy Department. The department develops capital and liquidity standards, including MAS’ approach on the implementation of Basel III as well as contributions to international policy forums. Prior to this, Kenneth headed the international financial relations and financial stability surveillance functions in MAS, and served in MAS’ reserves management and enforcement functions. Kenneth holds a BA in Economics and MA in International Relations from the University of Chicago. He enjoys experimenting with technology at work, and as a pastime
Ritesh Shukla
Managing Director & Chief Executive Officer of NPCI International Payments Limited (NIPL)
Ritesh Shukla is Managing Director & Chief Executive Officer of NPCI International Payments Limited (NIPL) & is responsible for formulating business strategies and leading business development by deploying NPCI's technology and solutions in International Markets. His responsibilities include engaging and collaborating with traditional as well non-traditional players in payment eco-system to drive business strategy and achieve growth. Mr. Shukla holds a Master’s Degree in Business Administration with specialization in International Business. He has over 20 years of work experience with expertise in areas of managing country business, leading business development and relationship management. Prior to joining NPCI, he was part of MasterCard’s business in Middle East and North Africa. During his 6 years with MasterCard, he has performed a wide array of roles in country management, business development functions, P/L functions to drive profitability and market share, a role in which he provided best-in-class financial services to top-tier multi-national corporations and financial institutions. His previous stints include working with Visa Inc. and leading financial institutions such as Axis Bank, HDFC Bank and SBI Cards in payments business
Divya Kirti
Senior Economist in the Research Department at the International Monetary Fund
Divya Kirti is a Senior Economist in the Research Department at the International Monetary Fund. His research focuses on financial intermediation and the relationship between finance and innovation. Divya’s work has been published in leading academic journals such as the Review of Financial Studies, Journal of Financial Intermediation, and Journal of Banking & Finance, and has been featured in major media outlets including The New York Times, Financial Times, and Bloomberg. Prior to his current role, Divya worked in the IMF’s Middle East and Central Asia Department. He holds a Ph.D. in Economics from Harvard University and a B.A. in Economics and Mathematics from Cornell University.
