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5 October 2017

The financial sector of the Russian Federation has to establish new business models – Elvira Nabiullina

SOCHI, 5th of October. / TASS /. The Russian financial sector in relation to the development of technology has to establish new business models and revise its place in the global structure, says the head of the Bank of Russia Elvira Nabiullina. She expressed this opinion, speaking at the forum of innovative financial technologies "Finopolis" in Sochi.

"It is absolutely clear that the financial sector has to create new business models, revise its place in the world order," she said.

Nabiullina noticed that it may also need to radically rethink the need for "many common things, such as money, for example."

In addition, speaking about the development of technology, the head of the Central Bank of Russia noted that the advantages that the new technologies bring outweigh the possible risks. "Convenience, comfort, cheapness, a completely different way of life, which we already see, arises from the using of new technologies, but I am the representative of the regulator and I always say that we are obliged to think about risks in order to stop them and to give the opportunity for developing these technologies without fear of their application by people and business ", "she explained.

The Bank of Russia for the third time organize the largest in Russia forum of innovative financial technologies "Finopolis". This year, the event, scheduled for October 5-6, is held in Sochi for the first time. One of the key topics of the forum will be the discussion of the new economy in a uniform digital space and the role of the financial sector in its development.