Firstly, digitalization in the financial sector has been on the rise in recent years, with traditional financial institutions increasingly adopting digital technologies to streamline their operations and reduce costs. Digitalization has enabled financial institutions to improve customer experiences, enhance operational efficiencies, and reduce risks. In addition, digitalization has opened up new opportunities for fintech companies to disrupt traditional financial services and offer more innovative and efficient solutions. 

Secondly, Blockchain technology has been one of the major drivers of digitalization in the financial sector. Blockchain is a distributed ledger technology that enables secure and transparent transactions, and it has been widely adopted in the financial industry to enable secure and efficient digital transactions. Blockchain-based decentralized financial systems have the potential to disrupt traditional financial systems and enable new forms of peer-to-peer transactions.

Thirdly, Fintech companies are disrupting traditional financial services by offering more innovative and efficient solutions. These companies leverage digital technologies such as artificial intelligence, machine learning, and big data to provide customers with more personalized and convenient services. Additionally, fintech companies have been able to provide financial services to previously unbanked populations through mobile and digital channels, increasing financial inclusion. 

Fourthly, Artificial intelligence (AI) has been widely adopted in the financial sector to improve risk management, fraud detection, and compliance. It also helps financial institutions to create new financial products and services, such as robo-advisers and virtual financial assistants, which makes the financial process more efficient and convenient for customers.Finally, CBDCs, ISO20022, DLT, Settlement Tokens, and Basel 3 are specific technologies and standards that have been adopted in the financial sector to improve efficiency, security, and regulatory compliance. Central Bank Digital Currencies (CBDCs) are digital versions of fiat currencies and are being developed by central banks to provide customers with faster and more efficient digital payments. ISO20022 is the international standard for financial messaging, it helps to improve data quality and efficiency in financial transactions. DLT (Distributed Ledger Technology) is a distributed ledger technology that enables secure and transparent transactions, it has been widely adopted in various financial applications. Settlement Tokens are digital assets that represent ownership of physical assets and can be used for settlement purposes. Basel III is an international framework for banking supervision which aims to improve the stability of the financial system by introducing new liquidity and capital requirements for financial institutions.

 Digitalization in the financial sector is a trend that is here to stay, and it will continue to bring many benefits and opportunities for financial institutions and customers alike. In order to stay competitive in the digital age, financial institutions must continuously evaluate and adopt new technologies and standards, and fintech companies will continue to challenge traditional financial services. The knowledge of digitalization in the world financial system can be useful for you in several ways, depending on your profession or interests. Some examples include: For professionals working in the financial sector, understanding the digitalization of the world financial system can provide valuable insights into how to improve the efficiency, security, and compliance of financial operations.

For entrepreneurs, understanding the digitalization of the world financial system can help identify new business opportunities and potential disruptive technologies, which can help to create new products and services that meet the needs of customers. 

For investors, understanding the digitalization of the world financial system can help to identify potential investment opportunities, and understand the risks associated with investing in digital technologies.

For policymakers and regulators, understanding the digitalization of the world financial system can help to create effective policies and regulations that support the development and adoption of digital technologies while also protecting consumers and maintaining financial stability.

For researchers and academics, understanding the digitalization of the world financial system can provide valuable insights into the impact of digital technologies on the financial sector and the global economy, which can help to inform future research in this area.

Overall, understanding the digitalization of the world financial system can provide valuable insights into the current state of the financial sector and the impact of digital technologies on financial operations, business opportunities, investment opportunities, policy, and research.