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No problem with the strategy, apart from one elephant in the room.  Unbanked counter parties may only have physical cash.  And it needs to be converted by businesses at both ends being happy to receive fiat.  Perhaps multinational retail outlets or telecoms companies.  The intermediary only needs to be DLT with an automatic market maker.  Yes, I can supply that with open source, free software.  

We have “…overcome the scalability limitations of layer-1 blockchains” 

A new Convergent Proof of Stake protocol has already solved the scalability problems of decentralised ledgers.  One of the reasons is that it is not a blockchain. It’s permissionless semi-lattice and CRDT technology with no waiting for block space in a global state.

And it has true sub-second finality, using about a ten millionth less energy than Ethereum to finalise an immutable transaction.  This has been validated in the OntoChain project, funded by the EU.  https://bit.ly/3w603jk.

Tragically, it's no surprise.  Will it be another example of how the UK falls behind in adoption of DLT.  I'm sure Lord Holmes fully understands the issues and will fully support a low cost layer 1 solution.