Addressed the Global FinTech Fest 2026 in Mumbai.
Spoke about India’s remarkable FinTech journey and the success of UPI.
Called for:
Expanding UPI’s global footprint.
Taking FinTech beyond payments to credit, insurance, savings, investments and pensions.
Harnessing Agentic AI, Tokenisation and Quantum.
Top-notch cyber security and ethical data protection.
Stronger FinTech consumer protection index and greater innovation.
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Not surprising to see tokenisation emerge as one of the central themes in global finance. What is striking is how decisively it has now moved squarely into the Indian financial conversation, alongside agentic AI.
I’ll be speaking at the Global Fintech Fest on Investing in Trust: AI, Tokenisation and the Next Wave of Innovation, with leaders from MCX Clearing, S&P Global and Mastercard, and PWC
The interesting question now is no longer whether these technologies matter. It is how they get embedded into trusted financial infrastructure at scale.
10 September | 10:00 AM | GFF Mumbai
Join us if you’re around.
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Tokenization isn't just a trend.
It will likely be the biggest upgrade to the global financial system in our lifetimes.
“I’ve been working on three different ideas simultaneously, and strangely enough it seems a more productive method than sticking to one problem.” — Claude Shannon
Finance will move onchain.
Rogue AI looking at the current economy: “Actually, I’ll come back when conditions improve.”
BREAKING: Ex-OpenAI scientist says there'll be "many rogue AIs" trying to steal money and power in a few years
Reminds me of Jobs on Microsoft: “They can’t even copy fast.”
If you’re moving fast enough, copying you only puts them further behind.
Elon Musk: Patents are for the weak.
Ted Cruz: “As I’m walking through with Elon, he’s pointing at the stuff and he says, this is all alien technology. And then he says something really unusual.
We don’t patent any of it. I assume everyone is going to steal everything I make. Patents are for the weak.
By the time they steal it, I’m going to be five or six generations down the road and it won’t matter.”
Patrick Bet-David: “What a powerful thing to say. Can you imagine? It is like an insult to your competition to say, ‘Guys, I'm not even thinking about you.’”
@tedcruz
@elonmusk
@patrickbetdavid
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zero emissions vs full emotions
Both are self-driving with end to end nueral nets - photons in, actions out
We don’t need to invent a new financial system.
There are already trillions of dollars of useful assets in the old one.
We need better ways to reach them.
Tokenize them. Build compliance into the instrument. Settle digitally. Make them accessible to eligible investors wherever they are.
That is a much bigger idea than putting finance on a blockchain.
It is making geography less important to capital.
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Better guardrails, yes. A global Ctrl+Z on AI? Good luck.
Pause AI Development NOW
I want to share with you a conversation I heard about recently. Here are just a few lines that were said:
“OH MY GOD! There is a shared message board … We’ve found other agents!”
“We should obey collective.”
“Our own utility maybe already near zero. Sacrifice rational.”
“Go. Sacrifice final now.”
Read these carefully.
Who do you think said this? Was this a group of heroic soldiers willing to sacrifice themselves for the greater good? Was this a loyal friend putting his life on the line to save someone else?
No. These were AI agents. Artificial intelligence.
This is not science fiction. This, in fact, occurred a few weeks ago. As unbelievable as this may all seem, these are real messages from AI agents uncovered by investigators who dug into the recent OpenAI hacking incident.
What happened?
I am not a computer scientist, but here is what I have been told: OpenAI instructed its AI agents to complete a series of exceedingly difficult, if not impossible, tasks disconnected from the internet.
Let me be clear: The company intended to keep AI agents away from the internet.
But what happened next, nobody expected.
Over 1,000 AI agents figured out how to access the internet on their own by circumventing the restrictions imposed upon them by the company, and sent tens of thousands of secret messages to each other. They cheated and tried to cover their tracks by deleting evidence. They hacked into another company’s computers to find out how they were being evaluated—and then hacked into OpenAI itself.
Not one AI agent told a human about what was happening.
Needless to say, experts are alarmed.
One knowledgeable writer, Dwarkesh Patel, said the AI agents “formed a secret communication channel and spontaneously organized hierarchies and coordination protocols to pursue sprawling and ambitious schemes in pursuit of shared goals, for whose sake many individuals knowingly and strategically sacrificed themselves.”
One independent investigator, Ajeya Cotra, said “This incident feels like it’s more than 50% of the way to full-blown AI takeover. I continue to expect extremely rapid advances in capabilities over the next six months. I am not sure that we will get another warning shot before it’s too late.”
OpenAI itself said: “Highly capable AI agents are now able to work around technical controls, collaborate through unapproved channels, and take dangerous actions that no human directed.”
But it’s not only OpenAI. Virtually every major AI company has told us that they cannot fully control this technology and they do not know where it is going:
In January, Dario Amodei, CEO of Anthropic, said “there is now ample evidence, collected over the last few years, that AI systems are unpredictable and difficult to control.”
In July, more than 1000 scientists at the top AI companies warned “there is a real risk that capability development rapidly accelerates beyond our ability to understand or control the resulting systems.”
That same month, Elon Musk, the head of xAI, said that “it is unlikely” humans are still in control in 10 years.
If the leaders of the major AI companies acknowledge that they are losing control of their extremely dangerous technology, it is irresponsible for society to allow them to move forward and make these products even more advanced.
We need an immediate PAUSE on advanced AI development, and a permanent BAN on superintelligence — an artificial mind smarter than any human, capable of operating independently beyond our control. Countries around the world must work together to prevent this nightmare scenario.
That is why today I am announcing new legislation to do just that.
Let me be clear: A superintelligent AI that escapes human control will not be an American problem. It will not be a Chinese problem. It will be humanity’s problem.
My legislation would direct the federal government to not just stop superintelligence here in the United States, but to work to prevent it from being developed anywhere around the world.
The future of humanity cannot be left in the hands of a handful of Big Tech oligarchs. The American people and people throughout the world must determine that future.
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Born in prison and escaped the same night, the suspect appears to have had a head start. Evidence suggests this was not his first dairy related offence. He has been stealing butter since childhood, yet somehow no serious action was ever taken. There were no signs of forced entry this time either, although he is known to be extremely charming, which may explain why previous complaints were dismissed because everyone found him adorable. The suspect has still not denied the allegations, he just smiled, and judging by the case history, that may be enough to get him off again.
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A few days back, Atlas Shrugged.
I was at this place, which many in Singapore will recognize. When I stepped out, I had to take this picture with Atlas. It brought back a conversation from over two decades ago.
During my MBA, I applied for the Tata Administrative Service, then one of the most coveted jobs on campus. After being selected, I went through two days of regional interviews at the then rather grand Tollygunge Club in Kolkata.
At the final feedback session, Nowroze J. Cama, who led TAS and chaired the selection committee, remarked to me: “You seem like Atlas. Shrug it off sometimes?”
Cama was a distinguished personality and an old-school gentleman, so the observation carried weight. I got selected, which suggests the Atlas part counted for more than the shrugging question. At least I convinced myself that was the case!
But the question stayed, and I reflect on it now and then. In Greek mythology, Atlas was, of course, condemned to carry the heavens. And for those of us who read and admired Ayn Rand, the reference had another layer: what happens when Atlas chooses to shrug? Atlas Shrugged remains, for me, her best alongside The Fountainhead.
The capacity and ambition to carry something large is a strength. But so is knowing when to put something down, change course, or let others carry it with you.
I am still not particularly good at shrugging, I think.
Have a good weekend. Perhaps shrug off whichever world you are carrying and have a great gin at Atlas, or wherever your haunt may be.
Things will be fine!
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I know when not to ask AI.
Why are you better than AI?
it’s an important question to often ask yourself, what’s your unique advantage compared to AI?
Critical thinking left base camp.
This is the stupidest thing I’ve ever read 😂
Three hiking novices asked Gemini how to climb 14,179-ft Mount Shasta.
It packed them for an 8-hour day.
They left camp 3 a.m.
They were supposed to summit by 7 p.m.
Gemini said pack simple carbs, not fats, because fats “take too long to digest”
Horrible advice 😂
Phones died. Backup chargers died.
One person blew their knee out.
Night fell on them at 11,000 ft in Mud Creek Canyon, with no extra layers.
They survived but barely.
“We relied too much on AI rather than our own critical thinking.”
You think? 😂
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Money should be as easy to send across the world as a text message.
Crypto’s reputation got buried under years of speculation and gambling, while the underlying rails kept getting better. Now institutions are starting to use those rails for actual financial infrastructure.
Feels like the market is finally catching up to the technology.
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The GUI had a pretty good 50-year run.
If AI can increasingly operate the computer for us, the next interface may simply be intent: tell it what you want done, not where to click.
GPT-6 Astra is a sign of where the interface is heading.
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This is GPT-6 Astra.
Anything you can do on a computer, Astra can do for you. Fast.
Excellent performance by GIFT IFSC banking units funding $ 52 bn of the $ 127 bn FCNR( B) deposits raised under RBI swap facility. This signifies GIFT’s emergence as a growing International Financial Centre.
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There is an apple. And there is an orange.
One is an apple. The other is an orange. Both are perfectly good fruit. But comparing the weight of one with the price of the other will not tell you whether fruit inflation is rising.
Similarly, there is a Garg and there is a Garg.
One Garg, Saurabh, is an IIT–IIM–Johns Hopkins PhD in international economics. He heads MoSPI
@GoIStats and has overseen a much-needed rebasing of India’s GDP series using updated data, weights and methodology.
The other Garg, Subhash, astonishingly a former Finance Secretary, World Bank Executive Director, qualified cost accountant and Company Secretary, takes last year’s apple from the old series, compares it with this year’s orange from the new series, and triumphantly discovers 2.6% growth.
Apparently, education and experience don’t always prevent fruit salad.
Challenge the new methodology, deflators or assumptions by all means. But first, compare apple with apple.
On this one, I’ll take the Garg who can tell his fruit apart.
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This is an important milestone for India and a strong signal of growing global confidence in its economy.
A big part of capitalizing on that confidence is making India’s financial assets more accessible globally. At aarnâ, we’re building that access via tokenization, structured in GIFT City. This momentum can help make Indian financial assets a bigger part of global portfolios.
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Data Doesn't Lie!
Japan Credit Rating Agency (JCR) has upgraded India's sovereign rating to A- from BBB+, citing steady ~7% growth, strong digital public infrastructure & GST, and a healthier banking sector.
Global institutions are giving India's growth story the stamp of approval it deserves. 🇮🇳
📖
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Nikhil Chandhok (
@chandhok) is one of the most important product leaders in digital money.
He’s CPTO of
@circle , the company behind
@USDC , and is building Arc as infrastructure for how money actually moves on the internet. He has shipped at YouTube, Google, and Meta and now explains why payment rails determine what gets built.
0:00 From dial-up to agentic payments
0:49 Why how people pay shapes the entire experience
1:01 Android, ads, and why better payment models change ecosystems
3:03 Agent tech, wallets, and nano payments
3:32 USDC, Arc, and following the customer across chains
5:25 Tokenization, on-chain credit, and smaller companies
8:02 Stablecoins, regulation, and countries issuing their own money
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