Experts discussed future of fintech and crypto currencies at an Advapay conference
The event organized by Advapay on “Future of fintech. Open banking. Payments. Crypto currencies”, was focused on new opportunities of open banking in Russia and Europe, as well as trends in regulating crypto currency projects.
“Open banking is very topical today, especially in Europe, in view of the new European payment directive and technical standards set by the regulator (ECB). Banks begin opening their software interfaces, which gives opportunities to new players in the market and eventually improves the quality of financial services for consumers. Besides, we could not ignore new trends in crypto currency regulation by regulators in various countries. The European Union adopted changes to the 4th AML directive (the so called 5th directive), which gives a clear definition of virtual currencies (crypto currencies), so many European countries started adapting their local legislation to the European-wide legislation. We can see that such countries as Malta, Gibraltar, Estonia have made first steps in this direction. We decided to invite the best experts in these areas provide exclusive, first-hand information to our audience”, - Maxim Ivanchenko says, the founder of Advapay and CEO of Canopus IT.
Yury Pripachkin, president of the Russian Association of Cryptocurrency and Blockchain (RACIB), delivered an opening speech.
Other speakers were Ortwin Scheja (SRC Security Research and Consulting GmbH), Ugo Bechis (consultant on e-payments and SEPA), Dmitry Apochkin (Payally), Vladimir Remi (SORQ LIMITED), Pavel Salas (Tokenbox), etc.
The first session of the conference was focused on the open banking. Expert judgments came down to the fact that the key driver of new fintech reality is technological growth, and that the legal framework should not lag creating environment for proper regulation of fintech companies. Certainly, the crucial role in it belongs to the new European payment directive (PSD2) that in fact sets legal standards for emerging new players in the financial service market. It is a new reality, in which banks will compete with technology companies. In any case, consumers will benefit from it, which is the main goal of the process.
Cryptocurrencies and projects associated with them will draw more and more careful attention of governments, and further regulation of the market is inevitable – this thought was voiced by Gustav Korobov, the head of Advapay Tallinn office, summing up his speech.
The raised problems were actively discussed on the sidelines in the breaks between speeches. The audience was well prepared, which could not but contribute to the high level of discussion – it was surely one more successful event by Advapay.
Advapay OU is a business integrator that jointly with a network of partners renders services of establishing turnkey payment businesses — comprehensive solutions and consulting services. The company assists in selection of optimal infrastructure, jurisdiction, license type, business model, in licensing, establishing relations with banks, external payment systems and providers of payment services, including card issuers, money transfer systems, etc.