AIM Congress in Abu Dhabi: Interoperability Seen as Crucial for a Cashless Economy

Although emerging economies are striving toward a digital future, cash remains predominant. At the AIM Congress in Abu Dhabi on April 8, 2025, a panel featuring Abdelslam Alaoui Smaili (CEO of Hightech Payment Systems), Alaa Alrousan (Head of SWIFT for the MENA region), Martin Kwame (President of the Ghana Fintech and Payments Association), and Darius Alexander (Managing Director of FTI Consulting) explored how digital payments can transform financial infrastructure globally and enhance international economic integration.

Discussion Highlights

Smaili emphasized the significance of efficient cash management and the shortcomings of current systems, stating, “Cash management is the use of the right cash at the right place at the right time and using it efficiently and securely. What we see today is that this is not happening everywhere.” (Translation: Proper cash management is essential for efficiency and security, yet current practices are lacking.)

In addressing the ongoing dominance of cash in emerging markets, Smaili pointed to outdated legacy systems that hinder interoperability and noted the need for effective data collection to facilitate the transition to cashless economies, which must prioritize instant and secure digital payment solutions.

Another panelist, Alrousan, warned that without improving interoperability, fragmentation could jeopardize the global economy. He projected that if current trends continue, the global GDP could shrink by up to $6 trillion by 2030, stressing the urgency for economies to collaborate through networks like SWIFT.

Martin Kwame shared optimism about Africa’s potential in digital payments, highlighting innovations in payment technologies that could benefit the continent’s economic landscape. He urged fintech companies to tailor solutions to the diverse needs of various African nations.

Smaili concluded that reducing cash costs, currently a considerable portion of global GDP, is vital for enhancing economic growth, supporting the implementation of digital payment frameworks.

Key Takeaways

Lack of interoperability could result in a global GDP decrease of approximately $6 trillion by 2030.
Efforts to reduce cash transaction costs can significantly boost GDP in many nations.
Legacy systems, manual processes, and interoperability issues cause excessive reliance on cash in many emerging markets.