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How Can Financial Centres Survive in the Era of FinTech?
6 June 2019
11:00—12:15
KEY CONCLUSIONS
Financial segment is going through a significant change

Today, data is accumulated at such an unbelievable, such a high speed. Today, there is no limit to physical memory, to access speed to this data. And appearance of 5G technologies in the near future is a fundamental change — Anatoly Karachinsky, President, IBS Group.

We all understand the importance of technologies and we keep track of what the market offers. Any bank will change in order to survive — Dmitry Snesar, Senior Vice President, Head of Client Coverage, VTB .

Development of financial technologies is at the height of public interest. This Forum offers multiple sessions on all aspects of Fintech. It stirs interest of both those who generate and provide these services, and those who consume them — Maxim Filimonov, Deputy Chief Executive Officer, Chief Editor, TASS Russia.

ISSUES
Virtualization of financial centres requires new management approaches

Financial centres will face such a dramatic transformation – it is an absolutely new challenge. Fintech is not something that will slightly change the financial industry. This is something that will change it completely, dramatically. Localization of financial institutes is step by step moving towards the web, the cyber space — Alexander Voloshin, Chairman of the Board, Analitycal Center "Forum"; Chairman of the Board of Directors, Independent Director, First Freight Company (PGK).

The challenge for regulators is to learn how be the masters in the financial environment of the future, when it comes to ensuring my interests — Oleg Vyugin, Chairman of Supervisory Board, Moscow Exchange; Chairman of the Board of the Directors, PJSC ‘SFI' .

Decentralizing [financial centres, – Ed.] requires high-quality identification. This is a serious problem — Anatoly Karachinsky, President, IBS Group.

85% of financial operations happen outside of financial centres, that is why the distributed model is the new normality — Bob Moritz, Global Chairman, PwC .

No strategy for fintech development

Unfortunately, I cannot say that today we have a clear and consistent strategy for fintech development — Alexander Voloshin, Chairman of the Board, Analitycal Center "Forum"; Chairman of the Board of Directors, Independent Director, First Freight Company (PGK).

SOLUTIONS
Introducing new technologies

Financial centres need to radically transform into fintech centres in order to survive. It is key for their survival — Alexander Voloshin, Chairman of the Board, Analitycal Center "Forum"; Chairman of the Board of Directors, Independent Director, First Freight Company (PGK).

Now we need to develop technologies – new technologies will become a breakthrough – and this is when you conquer a market share — Hubertus Vaeth, Managing Director, Frankfurt Main Finance eV.

We do not yet have a set of specific rules – at this point we do everything at the sandpit level and test the technologies — Yousuf Mohamed Al-Jaida, Chief Executive Officer, Qatar Financial Centre.

Optimizing government policy

Number one priority is speeding up reforms and raising attractiveness of our financial centre: tax breaks and infrastructure that would attract companies and global financial institutions that plan to do business in Paris — Arnaud De Bresson, Chief Executive Officer, Paris Europlace.

Governments should think what policies they need to support commerce between consumers, businesses and entrepreneurs — Bob Moritz, Global Chairman, PwC .

Making information more transparent

Cloud-based calculations are important now. Let’s go beyond that and get to quantum calculations. Their elements will be crucial for building trust to data distribution systems. It is important to offer the most advanced conditions to the whole world — Bob Moritz, Global Chairman, PwC .

It will be important to know that you got the most verified information about the asset. You will get an understanding about its performance. You will understand your rights when you get the asset — Oleg Vyugin, Chairman of Supervisory Board, Moscow Exchange; Chairman of the Board of the Directors, PJSC ‘SFI' .

The material was prepared by the Russian news agency TASS