Ekmel Çilingir of EMBank: The Future of Financial Power Lies in Payment Infrastructure

Ekmel Çilingir, Chairman of the Supervisory Board at EMBank, has published a new thought leadership article arguing that the future of global finance will be shaped less by which currency dominates international markets and more by the infrastructure that enables money to move across borders.
In his article, Why Payments Infrastructure Matters More Than the Dollar Debate, Çilingir examines the growing focus on de-dollarization and the emergence of alternative payment systems, concluding that the real transformation underway is taking place within the networks, settlement systems, and digital infrastructures that support global financial activity.
"The more important question is not simply which currency will dominate," says Çilingir. "It is who will control the infrastructure through which money moves."

According to Çilingir, the US dollar continues to benefit from deep capital markets, liquidity, institutional trust, and powerful network effects, making any rapid shift away from the dollar unlikely. However, he notes that countries, central banks, and financial institutions are increasingly investing in alternative payment infrastructures to reduce dependency on a limited number of global networks.

Developments such as China's Cross-Border Interbank Payment System (CIPS), regional payment initiatives, local-currency settlement agreements, and central bank digital currency projects are creating new pathways for international payments and settlement.

"The real story is not a sudden replacement of the dollar," Çilingir explains. "It is the gradual construction of alternative payment routes that provide greater optionality and resilience."

The article highlights how payment infrastructure has become a strategic asset in an increasingly complex geopolitical environment. Access to payment networks, clearing systems, liquidity channels, and settlement platforms can influence trade, investment, and economic competitiveness.

As a result, many governments are seeking greater control over critical financial infrastructure while continuing to participate in the global financial system.
For banks and fintechs, this evolution presents both opportunities and challenges.

A growing number of payment rails, compliance frameworks, and settlement mechanisms means financial institutions must make increasingly sophisticated decisions about how transactions are routed and managed across borders.
"The economics of a payment will increasingly depend on factors such as rail selection, transparency, compliance requirements, and access to liquidity," says Çilingir. "Infrastructure intelligence is becoming a competitive advantage."

At the same time, he warns that the growth of alternative payment systems could lead to fragmentation if interoperability is not prioritized. Different messaging standards, regulatory requirements, and settlement models could increase friction and costs for businesses operating internationally.

"The goal should not be a world of disconnected financial islands," Çilingir says. "The most successful systems will be those that combine sovereignty and innovation with interoperability and trust."

Looking ahead, Çilingir believes the future will be defined by a multi-rail financial ecosystem where traditional infrastructures such as SWIFT and established reserve currencies coexist with regional payment networks, digital settlement platforms, and emerging forms of digital money.
"The next financial order will not be built around a single currency alone," he concludes. "It will be built around networks that connect currencies, institutions, and markets with speed, resilience, and trust."

The article contributes to ongoing discussions about cross-border payments, digital transformation, financial sovereignty, and the future architecture of the global financial system.

About Ekmel Çilingir
Ekmel Çilingir is Chairman of the Supervisory Board at EMBank and an internationally recognized banking and fintech executive with extensive experience in payments, digital banking, financial innovation, and cross-border financial services.

About EMBank
EMBank, headquartered in Vilnius, Lithuania, is a digital-first bank focused on delivering innovative banking solutions and supporting businesses operating in the global digital economy.

Company Name: European Merchant Bank (EMBank)
Contact Person: Dilek Isik
Email: dilek.isik@em.bank
Country: Lithuania
Address: Pirkliu Klubas, Gedimino 35, 01119, Vilnius, Lithuania
Website: https://em.bank/

About Ekmel Çilingir
Ekmel Çilingir is Chairman of the Supervisory Board at EMBank and an internationally recognized banking and fintech executive with extensive experience in payments, digital banking, financial innovation, and cross-border financial services.

About EMBank
EMBank, headquartered in Vilnius, Lithuania, is a digital-first bank focused on delivering innovative banking solutions and supporting businesses operating in the global digital economy.

This release was published on openPR.