On 10 October 2019, the 5th Forum of Innovative Financial Technologies FINOPOLIS 2019 kicked off in Sochi. Speaking at the opening ceremony of the Forum, Bank of Russia Governor Elvira Nabiullina said: “Financial technologies are changing the world, they offer huge benefits for consumers and businesses, making financial services and products convenient and fast. But, of course, there are risks involved, including for the regulator, and we all need to change in order to meet these challenges. Five years ago, we promised a paradigm of soft regulation, to not stifle developing technologies in a tight regulatory embrace. I think that now is the time to talk about industry regulations and develop a roadmap for our work going forward.”

The Governor of the Bank of Russia proposed to hold a discussion on the sidelines of the Forum on the future priorities, which will create the conditions for the development of financial technologies while regulating and protecting the market from risks.

On the first day, the Forum participants will discuss a wide range of issues from the competitiveness of banking and fintech and international experience in their licensing to innovations in the payment industry, cybersecurity and digital law.

During the second plenary: ‘Immersive Fintech: Personal Experience or an Illusion Thereof?’ topics such as customization, individual solutions and platforms, and digital solutions and loyalty will be discussed.

The first day of sessions and round tables will be focused on the dependence on digital services, financial services in retail, super services for consumers, RegTech and SupTech, quantum cryptography, fintech for small and medium-sized companies, social engineering and many other such topics.

On the first day Laurent Nizri, CEO of the largest financial technology event in Europe Paris Fintech Forum, and Elvira Nabiullina, Bank of Russia Governor will also discuss the main trends in the development of fintech globally and specifically in Russia.

Source: Bank of Russia