Crunchfish (CFISH) Stora Aktiedagarna 2026 summary

Key themes and industry context

• Offline digital payment systems are essential as cash usage declines, especially in advanced markets like Sweden.

• Offline payments are positioned as critical infrastructure to ensure continuity during outages or black swan events.

• The solution is designed to be bank-friendly, scalable, interoperable, and governed, addressing regulatory and commercial needs.

• Validation and regulatory approval have been achieved in India, with ongoing tests in Europe and the UK, and recognition by global central bank organizations.

• Offline payment capability is positioned as essential for digital money systems, with architecture determining risk and liquidity placement.

Technology, architecture, and business model

• The system uses a model where funds remain in the banking sector, avoiding risks of device-based or check-like offline models.

• Immediate, deferred, and governed offline models are compared, with the immediate model highlighted for superior liquidity, scalability, and risk governance.

• Banks benefit from improved interest margins by holding customer reserves for offline payments.

• Revenue is generated through system-level licensing and a share of the interest margin, with minimum fees per system and per user, and substantial revenue potential based on customer reserves.

• The technology is delivered as a component for integration, not as an operational service, minimizing operational risk.

Interoperability and implementation

• Governed offline wallets ensure interoperability across closed-loop, national, regional, and global payment systems.

• The Philippines is cited as a case study, demonstrating integration of wallets and national payment systems.

• A comprehensive analytical framework (BANKABLE, IMPLEMENTABLE, GOVERNED) is used to assess infrastructure readiness.