The role of FinTech in the rise of a Multipolar Global System
The international system that emerged after the Second World War was anchored in a set of largely stable, interlocking principles, notably, territorial inviolability, a US-led security architecture, a rules-based multilateral framework, an open economic order centred on Western financial institutions, and normative commitments to human rights and self-determination. These pillars facilitated unprecedented stability for decades; however, the cumulative stresses of great-power competition, regional wars, and technological transformation are eroding this order’s coherence.
Contemporary conflicts in Ukraine and the Middle East, the assertiveness of non-Western powers such as those in the BRICS bloc and shifts in financial technology (FinTech) and economic leverage illustrate how the post-war settlement is being reconstituted rather than merely dismantled.
The Russian invasion of Ukraine in 2022 starkly underscored the fragility of the post-war norm against territorial acquisition by force as set out in Article 2(4) of the United Nations Charter. Despite Ukraine’s internationally recognised borders settled in terms of Uti Possidetis Juris and its robust legal protections under the UN Charter, Russian actions revealed that Western enforcement mechanisms have limits, especially where strategic interests diverge. The invasion prompted unprecedented sanctions regimes, illustrating the west’s economic leverage, yet also exposed the selectivity of global order enforcement, a point long noted in critiques of liberal internationalism. Parallel to military developments, the conflict catalysed broader geopolitical dynamics by highlighting growing dissatisfaction among many ‘Global South’ states with what they perceive as Western dominance in security and economic institutions. The war’s fallout has contributed to calls for alternative platforms for mediation and cooperation, including through the evolving role of the BRICS bloc.
The ongoing conflict between Israel and Iran-aligned actors in the Middle East further exemplifies the limitations of traditional supranational institutions in mediating complex geopolitical rivalries. While international law and bodies such as the United Nations remain formally in place, their capacity to de-escalate conflicts involving asymmetric actors and great-power interests is increasingly seen as insufficient. In the absence of effective multilateral enforcement, states rely on economic and technological leverage such as sanctions, export controls, and financial restrictions to influence outcomes. This phenomenon reflects what some scholars term as ‘weaponised interdependence,’ where control over financial systems, data, and payment networks becomes an instrument of power. This remains a core part of my own thesis highlighted in my book, ‘Bad Money : FinTech as an Instrument in the Battle for Global Dominance.’
Amid these geopolitical stresses, the BRICS+ countries have gained attention as a potential locus of change in the international system. Originally formed by Brazil, Russia, India, China, and South Africa as an economic cooperation forum, BRICS expanded significantly in the early 2020s to include Egypt, Ethiopia, Iran, and the United Arab Emirates, a bloc that collectively represents a large share of global population, GDP, and energy production. This expansion reflects both a growing desire among emerging powers to shape global governance and a critique of Western-dominated supranational institutions such as the World Bank, the International Monetary Fund, and the World Trade Organisation.
The BRICS bloc has taken steps to build alternative economic infrastructure, including the New Development Bank (NDB), which provides financial resources outside traditional Western channels, and initiatives like ‘BRICS Pay’ and proposals for a shared currency benchmark, ‘The Unit,’ which aim to reduce reliance on the US dollar and Western payment systems. These developments signal an attempt to build parallel financial technology architectures that could, over time, challenge the entrenched mechanisms of the post-war economic order.
The fragmentation of economic order is also underscored by the emergence of alternative payment systems and de-dollarisation efforts. As BRICS members deepen financial integration, they erode the exclusive dominance of Western financial infrastructure and create new vectors of economic cooperation, especially among states seeking to mitigate the impact of Western sanctions. This reflects a broader shift in economic power away from a solely Western core towards a multipolar financial landscape, where FinTech and infrastructure compete rather than converge toward a single standard.
Supranational institutions themselves are under strain. Bodies created in the post-war era, such as the UN Security Council, the International Monetary Fund, and the World Bank, continue to exist, but their legitimacy and effectiveness are increasingly contested. Emerging powers often criticise these institutions as skewed toward Western interests and advocate for reform or alternative frameworks that better reflect contemporary global realities. The proliferation of regional institutions, multipolar fora like the Shanghai Cooperation Organisation, and expanded BRICS membership illustrates how states are seeking governance mechanisms that are more flexible and less beholden to the traditional custodians of the post-war order.
Technological trends further complicate the landscape. FinTech inclusive of digital payments, cross-border payment systems, and digital identity platforms has the potential to both reinforce and undermine existing institutions. Western states long benefited from control over key financial infrastructure and payment networks; today, alternative technologies, including BRICS-aligned payment messaging and potentially new digital currency mechanisms, are emerging as tools for states to circumvent traditional chokepoints and assert autonomy. These shifts reflect a broader diffusion of technological capability that aligns with the multipolar aspirations of rising states and challenges the economic leverage once concentrated in the West.
Despite these transformative trends, elements of the post-war order persist. The UN, international law, and existing financial institutions continue to provide shared reference points for states. The dollar remains dominant, and international legal norms retain formal authority. What is changing is the degree of consensus underlying these structures and the balance of power that enforces them. The result is a hybrid system in which multiple orders overlap, compete, and interact, rather than a singular, hegemonic order.
In conclusion, the collapse of the post-war world order is best understood not as its abrupt disappearance but as a complex restructuring. The pressures exerted by conflicts in Ukraine and the Middle East, the rise of the BRICS bloc and its financial innovations, and growing contestation of supranational institutions all point toward a more fragmented, multipolar order. FinTech and economic leverage now play central roles in this transition, shaping the tools through which states exert influence and negotiate power. The post-war framework has not been erased, but its centralised authority is giving way to contested architectures of governance, finance, and security that reflect a more diverse and competitive global system which will dominate the twenty-first century.
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