Gaidar Forum experts discuss future of financial intermediation
The Ninth Gaidar Forum at RANEPA featured an expert discussion, Digital Society: Causes and Legal Consequences of the Destruction of Intermediaries in Financial Markets, on January 17.
The session moderator, RANEPA Professor Konstantin Korishchenko, asked the participants to share their views on how strongly the growing automation and penetration of new technologies, such as blockchain and cryptocurrencies, would affect the demand and prospects for financial intermediation tools.
Speaking of the reasons for the emergence of cryptocurrencies and the current growing interest to them, Chairman of SAFMAR Financial Investments Oleg Vyugin said this phenomenon was brought about by an increasing number of ecosystem format projects. Those projects sought to quickly and independently exchange information and eventually came to the idea of having their own currency to simplify and speed up financial transactions. At the same time, Vyugin expressed doubt that cryptocurrencies would remain a temporary phenomenon if they were left to develop relatively freely. “If regulators do not resolutely fight the emergence of private currencies, their development will continue,” he said. As for the future of intermediation institutions, the expert admitted that the simplicity and cheapness of payment services based on new technologies may well lead to a certain redistribution of incomes in that segment.
According to Deputy Finance Minister Alexei Moiseyev, the shrinking of the financial intermediation segment should not be attributed solely to the emergence of blockchain; this process should be considered within the logic of the larger postindustrial society development. In this regard, the difference and advantage of digital tools is the absence of physical restrictions on customer service; and their disadvantage is the high level of cyberthreats and risks associated with the protection of the players’ interests.
According to General Director of the Analytical Credit Rating Agency Yekaterina Trofimova, although cryptocurrencies are not yet full-fledged means of payment, there is no certainty that it will not change in the future, as they came as a consequence of the crisis of confidence in traditional financial institutions. At the same time, the expert does not see this as a serious threat directly to financial intermediation, which should become more intellectual.
The organizers include the Presidential Academy of National Economy and Public Administration (RANEPA), the Gaidar Institute for Economic Policy (Gaidar Institute) and the Association of Innovative Regions of Russia (AIRR).
The program outline is available at the forum website.
Participation is free; preliminary registration is required.
The general partners of the Gaidar Forum are Gazprom and Gazprombank; strategic partners include Novartis, Johnson&Johnson, RZD, MSD, AstraZeneca, the ACIG Group of Companies, Mastercard, Coca-Cola, Russian Agricultural Bank, Pharmstandard JSC, Microsoft; O1 Group, Unilever, EY, Russian Brewers’ Union, Russian Direct Investment Fund are partners and RVC.
The general information partners include the Rossiya 24 TV channel, RBC and TASS news agencies. The official information agency is Rossiya Segodnya. The general online media partner is Gazeta.RU. The general radio partner is Business FM. The strategic information partners are Kommersant Publishers, the RT TV channel and Interfax. The main information partners are Rossiyskaya Gazeta and Federalpress news agency. Other media partners include, PRIME news agency, EFE, Polit.ru, Expert RA, Radio Ekho Moskvy, Parlamentskaya Gazeta, BRICS, National Banking Journal, Banking Review, Financial One, Standards and Quality news agency, AK&M, Ekonomika i Zhizn weekly, Invest Foresight online magazine, Strategia magazine, Naans Media, the Public Administration scientific political journal, the PRO BUSINESS TV channel, the Indicator online science journal, the Bankovskoye Delo (Banking Business) magazine, RNS news agency, Business Excellence magazine, Cision, the Budget magazine, Information platform “Russian planet – Smart Russia”.