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Sessions

New Financial Technologies

Organizers:

JSC “Astana International Financial Center Authority”, “Eurasian Economic Club of Scientists” Association” 

Relevance:

The “Financial Technologies” (fintech) are usually defined as startups that use breakthrough technologies in the sphere of mobile payments, transfer of money, credit activities, capital raising, etc. Some experts consider that enhancing the financial system efficiency is the essential characteristic of all fintech startups. 

Goals:

FinTech is the technology direction in the sphere of financial services that is considered one of the most promising (and therefore sought-after) areas for startups. The relatively young industry of financial technologies is gaining increasing attention of investors, entrepreneurs, customers, banks, telecommunications and internet giants. The main reason for growth of fintech direction is rapid development of technologies (including mobile) that had led to emergence of new business models and ecosystems of market members. 

Key issues:

• Financial Technologies: main trends and prospects for further development • Banks and fintech startups: competition or cooperation? • State and fintech: regulatory and support tools • Blockchain technologies – risk or opportunities? 

In addition, the behavior of financial services consumers has been changing, as they mostly apply not to traditional banks, but to more flexible and customer-oriented companies of financial technologies segment.
Since the advent of new fintech services the ways of doing business have slightly changed. When establishing a company, one generally needs to seek support from a local bank and/or investor to ensure the success of company`s activities: credits, transaction account, payroll programme, but for now, these are not the only options.
Crowdsourcing, mobile payments and other services allow the entrepreneurs access to a greater range of financial services.  Presently, business establishment and expansion require fewer financial resources.
In 2015, investment in venture capital-backed fintech companies showed a significant increase of 100% and amounted to $13.8 billion. The number of deals also increased to 653 from 586 the year before. The total amount of investments, including venture capital funds, business angels, and private investment amounted to $19.1 billion.
We offer an international platform for discussion of top trends of financial industry and prospects of its development in Kazakhstan on the basis of the AIFC.
Key issues to be discussed at the session:
 

 

Timeline

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