The Economics of Interoperability in the Age of Fragmentation: What Role for Digital Financial Platforms?
December 17, 2026 Dong He

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Dr. Dong He is the Chief Economist of AMRO (ASEAN+3 Macroeconomic Research Office). He is responsible for overseeing the organization’s country and regional surveillance, as well as research activities related to the ASEAN+3 economies. Prior to this, he served as Deputy Director of the Monetary and Capital Markets Department at the IMF and Executive Director at the Hong Kong Monetary Authority (HKMA). 



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Abstract

This talk analyzes the economics of interoperability of digital financial platforms amid geoeconomic fragmentation. Using network economics, it reveals how closed, dominant ledgers may fracture global payment systems into rigid blocs. It discusses elements of an interoperable framework allowing third countries to multi-home, preserve local autonomy, and maintain strategic flexibility.




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