The Rise of an Entrepreneurial State

Citi, in partnership with Imperial College London, revamps the index to provide more insight into what drives digital cash readiness

LONDON, March 31, 2022–(BUSINESS WIRE)–Citi, in partnership with Imperial College Business School’s Center for Financial Technology, has launched its latest Digital Money Index. The index, now in its eighth year, tracks 113 countries (up from 84 in previous years) in terms of developing digital currency readiness.

The index continues to classify countries into four groups – Incipient, Emerging, In-transition and Materially Ready – based on their level of digital readiness. This year’s revamped index includes new indicators and showcases the progress several developing economies have made in digital currency readiness.

Naveed Sultan, ICG President, commented: “The readiness and adoption of digital currency has not been easy, as our previous reports have shown. This requires collaboration between economic actors around a common digital vision, as well as a holistic digital policy. Such a holistic digital policy can enable countries to reap the full benefits of a digitized economy.”

The report explains that a holistic digital policy rests on four pillars, digital infrastructure, digital adoption, service innovation and digital trust, guided by a clear vision and supported by strong regulation and governance.

He advises that as a first step, governments need to establish a digital vision that aligns with their broader goals, such as promoting growth, improving service delivery and increasing public engagement. , among others.

This year, results showed that countries that strengthened a holistic digital policy with targeted investments performed particularly well. This was particularly evident in countries like Malaysia, United Arab Emirates, Estonia and Uruguay, all of which outperformed their peers.

Ronit Ghose, Global Head of Banking, Fintech and Digital Assets, commented: “It is evident in our latest findings that policymakers who have taken an active role, beyond policy adoption, have made significant progress in driving digital adoption relative to their peers. These markets entrepreneurs had a bold vision, adopted supportive policies and made investments to drive the vision.”

Deeph Chana, co-director of the Center for Financial Technology at Imperial College Business School, said: “I am delighted to see the release of this year’s Digital Money Index, which is a central part of our multi-year collaboration with Citi here at the Center for Financial Technology. This latest release represents a significant step forward in our research and development since the DMI has was last released, with a refactored data ingestion and processing engine at its core. The result is an EMR that uses machine learning methods to deliver improved accuracy and timeliness, greater ability to process new datasets as they emerge and lays the foundation for further improvements in the years to come.”

The full report is available here: Digital Money: The Rise of the Entrepreneurial State (


About Citi Treasury and Commerce Solutions:
Citi Treasury and Trade Solutions (TTS) enables our clients’ success by providing an integrated suite of innovative and customized treasury management and trade finance services to multinational corporations, financial institutions and public sector organizations around the world. Built on the foundation of the industry’s largest proprietary network with banking licenses in over 100 countries and globally integrated technology platforms, TTS continues to lead the way in offering the industry’s most comprehensive range of digital treasury, trade and liquidity management solutions.

About Citi
Citi, the world’s largest bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, businesses, governments, and institutions with a wide range of financial products and services, including personal banking and lending, corporate and investment banking, securities brokerage, transaction and wealth management services. Additional information can be found at | Twitter: @Citi | YouTube: | Blog: | Facebook: | LinkedIn:

About Imperial College London
Imperial College London is one of the best universities in the world. The College’s 20,000 students and 8,000 staff strive to solve the biggest challenges in science, medicine, engineering and business. Imperial is the University of the Year 2022 in The Times and the Sunday Times Good University Guide. It is the fifth most international university in the world, according to Times Higher Education, with academic ties to more than 150 countries. Reuters named the College as “the UK’s most innovative university” due to its outstanding entrepreneurial culture and links to industry. Imperial staff, students and alumni are working around the clock to fight COVID-19. Imperial is at the forefront of coronavirus epidemiology, virology, vaccine development and diagnostics.

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