The End of Cash? “No!" Says Clive Vacher, CEO of De La Rue
On Thursday 29th of April the Money Maze Podcast will discuss the future of cash and bank notes. Throughout its history cash has inspired two persistent forces; fascination and forgery. Whilst the accepted narrative is that the use of cash is on a glide path to extinction, De la Rue’s CEO, Clive Vacher offers his view that such a perspective is both premature and contradicted by a growing population whose access to digital cash and e-payments is not within reach.
He argues that cash is still on the rise! Clive, who has been referred to as “the best turnaround specialist you haven’t heard of” starts with his upbringing and great academic successes. He then describes his experience at companies like Rolls Royce and Pratt & Whitney before taking up the challenge of turning around De La Rue, whose future had previously looked very challenging.
He talks of the other business that sits alongside their globally deployed cash-production expertise, namely authentication and anti-fraud protocols. He explains why the authentication division is growing so fast, the theory behind a vaccine passport, tax stamps and their “traceology” platforms. He also shines light on why these anti-fraud mechanisms have never been more relevant, with fraud continuing despite the worldwide pandemic.
In fact, the value of such illegal actions is estimated by the WTO to exceed $2 trillion. Clive then goes on to explain why he is excited about the firm’s future, why the 1000 patents they own have intriguing optionality, and why he has defied the sceptics so far.Finally he offers some potent advice about dealing with turnarounds, his role model in running a business, who he would like to fly his helicopter with, and why his most important daily habit is talking to his employees.
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