Kredete 創辦人 Adeola Adedewe：全球南方不是例外，而是未來金融藍圖
The Global South Isn't the Edge Case. It's the Blueprint
- Adeola Adedewe Kredete 創辦人暨執行長
影片
影片與逐字稿來源：TOKEN2049
場次摘要
Kredete 創辦人 Adeola Adedewe 強調，全球南方（如非洲、印度、巴西等新興市場）才是未來金融基礎建設的藍圖。這些地區人口成長快、即時支付系統（如 M-Pesa、UPI、Pix）早已普及，反而是國際通匯銀行與美元取得才是主要摩擦。穩定幣和新型支付軌道正好補足這些需求，讓全球南方成為金融創新的領頭羊。
值得記下的 5 件事
- 新興市場經濟成長帶來金融基礎設施需求，全球南方可成為新支付模式的發展重心。
- 新興市場的主要支付摩擦在跨境通匯與美元取得，不一定在本地支付。
- M-Pesa、UPI 與 Pix 展示了本地即時支付可大規模普及的路徑。
- 穩定幣能提供新的跨境支付管道，銜接本地支付與國際資金流。
- 跨境美元支付網需要連接銀行、錢包與行動網路；Kredete 聚焦這些管道的整合。
逐字稿
未來金融的藍圖來自全球南方
大家午安。我想先從這裡開始。當人們談論貨幣的未來時，他們通常只會指向幾個相同的地方：紐約、倫敦、舊金山，也許還有新加坡。但今天我想指向另一個地方，而且我想談談基礎建設。不是應用程式，不是炒作，而是支撐全球經濟底層的軌道。那些真正決定資金流動速度、成本，以及誰能真正取得資金的系統。Good afternoon, everyone. I'd like to start with this. When people talk about the future of money, they usually point at the same few places: New York, London, San Francisco, maybe Singapore. But today I want to point at somewhere else, and I want to talk about infrastructure. Not apps, not hype, but the rails underneath the global economy. The systems that actually decide how fast money moves and how much it costs, and who really gets access to it at all.
但我想提出一個簡單的論點。那些支付正在流動的地方，特別是全球南方，其實可以被視為藍圖。但我們先從總體數字開始。根據國際貨幣基金組織（IMF）的數據，已開發經濟體今年的成長率為1.87%，明年預計成長1.8%。而開發中國家和新興經濟體今年的成長率為3.8%，明年則是4.5%。這其實是已開發國家的兩倍。那麼，成長到底代表什麼？成長其實代表薪資發放，代表你能夠即時花用你真正擁有的錢，更重要的是，代表你在需要的時候能夠取得這些資金的能力。But I want to make a simple argument. The places where, and the Global South, where payments are being moved can actually be seen as the blueprint. But let's start with the gross numbers. According to the IMF, advanced economies grew 1.87% this year and will grow 1.8% next year. While developing economies and emerging economies will grow 3.8% this year and 4.5% next year. This is actually twice as fast. What does growth really mean? Growth really means payroll. It means the ability to spend the money that you actually have in real time, and most importantly, the ability to access it when it's needed.
在進入整個簡報之前，我想請大家自問一個簡單的問題：當這些成長最快的經濟體擁有同樣的金融優勢時，會發生什麼事？我說的是世界級的科技、全球金融基礎建設，以及可靠的美元取得管道。我要給大家一個思考框架。舉例來說，如果你住在新興經濟體，像是奈及利亞、巴西、布宜諾斯艾利斯、印度，你在支付系統中遇到的摩擦，其實來自於通匯銀行網路，而不是本地的支付軌道。因為當你觀察這些經濟體時，你會發現他們早就有能力跳躍式發展，建立屬於自己的支付系統，也就是他們的即時支付系統。But to go through the entire presentation, I wanted everyone to ask themselves this simple question. What happens when the fastest-growing economies had the same financial advantages? I'm talking about world-class technologies, global financial infrastructure, and reliable access to the dollar. I'm going to give you a framework. For example, if you live in an emerging economy, it can be Nigeria, Brazil, Buenos Aires, India. The friction that happens within your payment systems come from the correspondent network, not the local rails. Because when you look at many of these economies, they've already had the ability to leapfrog to building their own payment systems, which is their real-time system.
摩擦來自美元取得與國際通匯銀行
當你觀察他們的資金流動或合規框架時，許多延遲和瓶頸其實都來自於他們無法及時收到自己實際賺取的美元。所以，我想再次以這個問題作結：如果這些經濟成長最快的國家也擁有同樣的金融優勢，會怎麼樣？我特別放上這張投影片，因為我想談談你們可能看過、但非常獨特的現象。其實，並沒有規定北極星一定要在上方。我相信這只是有人決定了這樣做，然後被實作出來，最後變成我們系統裡可以重複使用的流程。但如果我們把南方放在北方的位置呢？這就是我想在這裡說明的。And when you look at their flow of funds or the compliance framework, many of the delays and bottlenecks stems from the ability to receive the dollars they've actually earned. So again, I would end with this. What if the fastest growing economies had the same financial advantages? I had this slide very importantly because I wanted to talk about something that you've probably seen that is very unique. There is no convention that the North Star has to be on top. I believe someone decided it, it was implemented, and it became a reusable processes within our systems. But what if we have the South in the position of the North? That is what I'm trying to explain here.
我們經常看到金融創新通常從已開發市場開始，然後新興市場才會跟進採用。而當你設計資金流動或基礎建設時，大家的想法都是同一個畫面：新興市場和經濟體總是會跳過現有系統，直接接觸到全球標準化的技術。但我在這場簡報中要提出的證據，其實並非如此。不過，請大家思考一下所謂的邊緣案例。而為什麼藍圖會在這個生態系中被強調，是因為這些市場擁有龐大的人口數量，同時也是全球經濟成長最快的地區之一。We've often seen where financial innovation starts in developed markets, and emerging markets adopt it later on. And when you design the flow of funds or the infrastructure, it says one exact picture. That emerging markets and economies are going to always leapfrog over the current existing system to access globalized standard technologies. But the evidence which I'm going to go on in this presentation is actually otherwise. But think of edge cases. And why blueprints are being underlined within this ecosystem is because they have the numbers, and also they have one of the fastest-growing economies globally.
全球南方的三大挑戰：取得、速度、匯率
那麼讓我們來看看我們面臨的嚴格限制。當你觀察全球經濟如何被轉變的三大支柱時，我們會看到：可及性、速度、貨幣以及國界。非洲，大約有十五億人口，是全球成長最快的經濟體之一，但至今仍幾乎無法大規模取得通匯銀行網路的服務。事實上，根據通匯銀行系統研究院的資料，新興市場目前正面臨通匯銀行可及率下降所帶來的生存危機。So let's look at our hard constraints. So when you look at the three main pillars to how global economies are being transformed, we look at access, speed, currency and also borders. Africa, about 1.5 billion people, one of the fastest-growing economies in the world, still barely has access to correspondent banking network at scale. In fact, based on the Correspondent Banking Institute of Systems, emerging markets are currently having an existential crisis across declining rates of correspondent banking access.
那麼，當你在定義傳統支付系統時，是本地的支付管道太慢，還是國際支付管道實際上因為碎片化而導致支付速度隨著時間無法擴展？接下來我們來談談資金的分配。這些經濟體中，許多其實已經有資格分配美元，但我們仍然面臨與風險相關的合規瓶頸，這些瓶頸限制了他們實際移動資金的能力。So when you define legacy payment systems, is the local rails too slow or in the international rails actually the fragmentation to the speed of how payments are actually scaling over time? Then let's talk about distribution. Many of these economies actually earned the right to distribute the dollars, but we still have compliance bottlenecks that is tied to risk. To actually move their money.
行動支付與即時系統的非洲與新興市場創新
但實際上發生了什麼事呢？你會看到像 M-Pesa 這樣的服務，手機加上代理網路實際上可以即時移轉資金，我等一下可以分享一些數據。又比如像 Speed，他們打造了一個真正的帳本，可以在全球市場實際看到的速度的千分之一秒內即時移轉資金。這裡有一些數據。我先以 M-Pesa 為例，對吧？當我們試圖了解 M-Pesa 時，我們看到交易筆數背後有太多數字，讓人腦很難完全理解。但我們來看看它的影響：九千兩百萬人的金融普惠。從使用者的角度來看，遍及非洲東部地區，因為他們天生就是以行動裝置為優先、即時且全球化，同時也是可程式化的。But what happened, you have likes of the M-Pesas, where phones plus agent networks actually move money in real time, and I can go over the numbers shortly. Or for the likes of Speed, they've built an actual ledger to move money in real time at a fraction of the milliseconds of the speed global markets are actually seeing. And here's some of the numbers. And I'll stay with M-Pesa for a bit, right? While we were trying to understand M-Pesa, we saw so many numbers behind the transaction counts that it made it so complex for the human brain. But let's go over to the impact: 92 million financial inclusion. From a customer perspective across the Eastern region of Africa, because they were mobile-first, instant and global by nature, and also programmable.
讓我們來看看印度的UPI，光是在2026年8月就有大約245億筆交易；或者是NIBSS，透過其新的即時支付交易網路，達到112億筆交易。還有我們今天都很熟悉的巴西熱門支付系統Pix，擁有1億7千萬名使用者。從一個架構的角度來看，在進入先進經濟體之前，這些系統很多都是先開始建立自己的即時基礎設施。Let's look at UPI in India, about 24.5 billion transaction counts in just August 2026 alone, or NIBSS, 11.2 billion with its new instant payment transaction network. Or the popular Brazil that we all know today, Pix, 170 million users. And from a framework, before going to advanced economies, many of these systems just started building their own real-time infrastructure.
穩定幣成為新興市場的跨境支付軌道
但在過去二十年中，我們看到最有趣的現象之一就是穩定幣。僅在2026年6月，穩定幣的跨境支付月交易額就估計超過240億美元，而且這個數字還在以極快的速度增長。因此，我們認為，這是第一次穩定幣基礎設施真正為新興市場而建，因為這些市場本來就具備即時資金流動的能力。穩定幣本身就是全球性的，並且具有可程式化的特性。But one of the most interesting things we've seen across the last two decades is stablecoins, where its estimated monthly value of cross-border payments in just June 2026 alone. Cross about 24 billion, and it's increasing at an aggressive rate. So for the first time, we believe that the stablecoin infrastructure is actually built for emerging markets because they already have the ability to move money in real time. They're global and also programmable by nature.
那麼，讓我們來看看在建立這個核心框架，或者我稱之為核心帳本的過程中出現了什麼。如同一開始提到的，你有 M-Pesa、NIBSS、UPI、Pix。但讓我們來看看 FedNow，對吧？我不確定大家有多少人正在整合 FedNow。這是一項全新的技術。這是美國的即時技術，你實際上可以在銀行之間轉移資金。你可以把它想像成開放帳本基礎設施，這在全球即時技術系統的比較下，其實是一個相當新的情境。但當我們深入探討穩定幣以及它能夠在多個地區實現即時跨境流通，並且橫跨多個新興市場經濟體時，我們認為穩定幣和新興市場的發展方向是一致的。雖然系統可能不同，但它們指向同一個方向：全球化、可編程，以及即時結算。So let's look at what emerged under building this core framework, or what I would call the core ledger. As mentioned early on, you have M-Pesa, NIBSS, UPI, Pix. But let's look at FedNow, right? I'm not sure how much everyone is integrating into FedNow. This is a net new technology. It's the real-time technology of the United States, where you can actually move money between banks. Just think of it that the open ledger infrastructure, it's a fairly new context in comparison to real-time technology systems that we're seeing globally. But when let's drill down to stablecoin and its ability to actually cut across multiple geos in real time and also span across multiple emerging market economies, we believe that stablecoin and emerging markets has the same direction. Whereby the systems can be different, but they point at the same direction: global, programmable, and instant settlement.
Kredete：打造全球南方的美元即時支付網
如果我們回頭參考基礎設施，我們會發現這個基礎設施本身已經能夠隨著這些新興市場經濟體的發展而改變和適應。因為我們天生就有能力在全球南方的多個司法管轄區進行程式化支付。而這正是我們在Credo過去五年來一直在打造的東西。你可以是消費者客戶、企業客戶、企業使用者。我們有銀行和金融機構，甚至是AI代理，都能在同一個基礎設施、同一個核心集中式帳本上，搭配合規資料包。實際上，這讓我們能夠利用美元，從存取和分發的指標來看，在全球南方地區即時地跨境移動資金。So if we reference back to the infrastructure, we see that the infrastructure itself has been able to change and adapt with these emerging market economies. Because by default, we have the capacity to program payments at multiple jurisdictions around the Global South. And this is what we've been building at Credo for the last five years. You can be a consumer client, a business client, enterprise. We have banks and FIs or even AI agents having the same core centralized ledger in the same infrastructure with a compliance packet. To actually move money across the Global South using the dollar from an access and distribution metrics in real time.
所以當你看看我們的合規架構時，我們已經整合進大約1,500家銀行、5億個錢包，以及450家行動網路業者。舉例來說，如果你是一位企業客戶，需要轉移資金，而你的供應商分布在超過60個國家，你實際上只需要一個全新的基礎設施，就能以極低的成本，實現資金的即時轉移。So when you look at our compliance stack, we are integrated into about 1,500 banks, 500 million wallets, and 450 mobile network operators. So, for example, if you need to move money as a business client, and you have suppliers across over 60 countries. You have actually one net new infrastructure to actually move your money in real time at a fraction of the cost.
AI agent 與自動化金融的未來
所以當我談到信用網路時，其實非常簡單。這是一個為全球南方打造、面向未來一百年的網路。在過去兩年裡，我們看到大型語言模型擴展了它們的基礎設施，而我也不得不在內部提出這個問題：金錢到底是如何真正流動的？是誰、是什麼讓它能夠即時流動？這正是我們相信代理人價值可以發揮巨大作用的地方。自從我們建立了這個結算基礎設施以來，這是第一次，你現在擁有了代理人。作為記錄商家，你實際上是在回應一個已經建構完成且本質上可編程的基礎設施。So when I talk about the credit network, it's very simple. It's a network for the Global South for the next 100 years. Over the last two years, we've seen the large language models scale their infrastructure, and I had to ask this question internally: how money really moves, and who, what allows it to move in real time. And this is where we believe that the value of agents can actually play a huge role. For the very first time, since we've built this settlement infrastructure, you now have agents. As a merchant of records, you actually react to an infrastructure that is already built and programmable by nature.
接著你看看合規堆疊。它可以識別、設定限制，並且執行全球合規計畫和整體合規系統中已經存在的政策。所以，就像我一直說的，自主貨幣將需要可程式化的信任。Then you look at the compliance stack. It can identify, create limits, and also enforce policies that are in place with global compliance programs and compliance systems overall. So, like I will always say, autonomous money would require programmable trust.
結語：先看全球南方，再看已開發國家
我想用這句話作為結尾。請記得我剛才問的那個問題：如果成長最快的經濟體能夠取得先進技術，會怎麼樣？這個問題其實非常簡單。當你在思考先進支付和即時技術時，我希望你們先想到全球南方，而不是那些已開發經濟體。非常感謝大家。And I'd like to end with this. Remember the question I asked: What if the fastest-growing economies have access to advanced technologies? And the question is very simple. When you're looking at advanced payments and real-time technology, I want you to think of the Global South before advanced economies. Thank you very much.
