At Money20/20 Europe 2025, Naveen Mallela, Global Co-Head of Kinexys at J.P. Morgan, unveiled how digital money and universal ledgers are revolutionizing cross-border payments, settlements, and compliance.
The Digital Money Thesis
Naveen’s keynote argument: ‘Digital assets are reshaping the future of payments and remittances.’ As a leader at one of the world’s largest financial institutions, he highlighted why major banks are investing in next-gen infrastructure designed for:
- Speed: Near-instant settlements.
- Cost-efficiency: Lower fees compared to legacy systems.
- 24/7 Accessibility: No downtime constraints.
- Programmability: Smart contracts for automated workflows.
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Kinexys: The Unified Ledger Solution
‘Kinexys exists to transform the movement of money, data, and assets—unifying them in powerful new ways.’
Key Innovations:
Shared Programmable Ledger: Replaces fragmented architectures (e.g., multiple ledgers + SWIFT) with a single system enabling:
- Atomic debit-credit transactions.
- Instant settlement.
- Tokenized asset functionality for markets.
- Cross-Border Focus: Mirrors the seamless experience of domestic payments.
Early Adopters and Regional Trends
Who’s Leading the Charge?
- Fintechs: Businesses reliant on high-speed, continuous money movement (e.g., remittance platforms, neobanks).
- Asian Markets: Complex multi-currency environments driving rapid innovation.
Naveen’s Insight:
‘Fintechs are the eager adopters—their business is money.’
Stablecoins, CBDCs, and Tokenized Deposits: Coexistence
Naveen dismissed the "competition" narrative, emphasizing complementarity:
‘Tokenized deposits, CBDCs, and stablecoins will serve distinct use cases, much like today’s central bank money, commercial bank money, and e-money.’
Why Institutions Need a Digital-Money Roadmap
Critical Takeaways:
- Pain Points Addressed: High costs, slow settlements, and operational inefficiencies in cross-border flows.
- Real-Time Programmability: Unified ledgers enable conditional payments (e.g., payroll triggers upon project completion).
- Strategic Urgency: Delaying adoption risks losing competitive edge.
FAQs
1. What is a shared programmable ledger?
A single system replacing fragmented payment infrastructures, enabling instant settlements and smart contract functionality.
2. How do stablecoins differ from CBDCs?
Stablecoins are privately issued (e.g., USDT), while CBDCs are central bank-backed digital currencies. Both serve different regulatory and use-case needs.
3. Which regions are adopting digital money fastest?
Asia-Pacific, due to its complex currency landscape and strong fintech ecosystems.
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About Naveen Mallela & Kinexys
Naveen Mallela
As Global Co-Head of Kinexys by J.P. Morgan, Naveen pioneered:
- Kinexys Digital Payments (formerly JPM Coin).
- Partior: Multi-bank shared ledger infrastructure.
- Early advocacy for tokenized deposits as a foundational digital currency standard.
Kinexys by J.P. Morgan
Four pillars driving blockchain-based financial infrastructure:
- Digital Assets: Asset tokenization platform.
- Digital Payments: Deposit ledger/payment rail.
- Kiink: Peer-to-peer data sharing network.
- Labs: Cutting-edge blockchain research.
The future of money is programmable, unified, and borderless—and the transformation is already underway.