Development of Financial Technologies to Be Discussed at SPIEF 2019
Sessions addressing the development of the financial industry and some of its problems will be held as part of the business programme of the St. Petersburg International Economic Forum.
The session ‘Development of the Financial Services Ecosystem: How Big Data and Technology Are Changing the Market’ will deal with issues concerning the development of e-wallets and the changing role of those involved in the payment market. The discussion will be attended by: National Payment Card System CEO and Chairman Vladimir Komlev and Chairman and CEO Ant Financial Services Group (Alipay) Eric Jing. The session moderator will be Match TV General Producer Tinatin Kandelaki.
These days, e-Wallets are increasingly becoming the nexus between buyers and sellers, coming to the fore of payment processes. At the same time, you still need a card and bank account to replenish your wallet, and the level of penetration and availability of financial services can by no means be described as high everywhere.
“Technological development is rapidly changing the entire payment industry, from the mechanics of the payment process itself to people’s payment behaviour. Mobile payment services, rapid payment services, and e-wallets are gaining more and more popularity. At the same time, questions remain about such issues as the development of the infrastructure needed to accept various modern payment methods, the different level of financial accessibility, and the role of those involved. How will they continue to change in the near future, who will have an easier time interacting with the client, and who will have to discover themselves again in this industry”, said Vladimir Komlev, CEO of NPCS (the operator of the Mir payment system).
The session speakers will talk about how the roles of the participants in the payment market have changed with the proliferation of e-wallets, what place payment card systems hold in the modern world, where banks are shifting their functionality, as well as the importance of big data analytics and customer experience in payments today and in the future.
The future of financial centres will be discussed during the session ‘How Can Financial Centres Survive in the Era of FinTech?’ The session will be moderated by Russia 24 TV channel economic commentator Nikolay Korzhenevsky. Speakers will include: Moscow School of Management SKOLKOVO Dean Marat Atnashev; First Freight Company (PGK) Chairman of the Board of Directors and Independent Director and Chairman of the Board of ‘Forum’ Analytical Center Alexander Voloshin; Moscow Exchange Chairman of the Supervisory Board and Rosneft Member of the Board of Directors and Independent Director Oleg Vyugin; Frankfurt Main Finance eV Managing Director Hubertus Vaeth; Paris Europlace CEO Arnaud De Bresson; IBS Group President Anatoly Karachinsky; and PwC Global Chairman Bob Moritz.
The development of financial technologies changes the usual models of provision of financial services, leading to deeper changes in the economic structure of society, including transformation of the existing model of financial centres. Nowadays major IT companies have become the biggest financial institutions, leading to depreciation of localization in the near future. The meeting participants will discuss whether financial companies and financiers are going to disappear from the urban environment, what Moscow’s potential is as a fintech centre, how will the financial industry’s transformation impact the urban economy, and whether financial centres will become fintech centres?
