Ladies and Gentlemen,
I would like to thank you all for participating in the 26th International Financial Congress ‘Finance for Development’ on 12–14 July 2017.
This year, the Congress was held in a substantially expanded format at two venues, the Presidential Library and the Central Exhibition Hall ‘Manege’. The business programme included a plenary session, a dialogue between Minister of Economic Development of the Russian Federation Maksim Oreshkin and Governor of the Bank of Russia Elvira Nabiullina, four panel sessions and 24 roundtables featuring discussions on monetary policy, banking regulation and supervision, the role fintech and innovations play in the financial sector, development of the insurance market, collective investments, the national payment infrastructure and much more. A fintech startup competition ‘Innotribe Startup Challenge’ and four conferences were held on Zero Day ahead of the main Congress programme.
Some 1,300 delegates from 35 countries attended the Congress, including representatives of banks, insurance companies, pension funds and other financial market players and central banks and international financial institutions, as well as journalists. The Bank of Russia intends to hold the Congress in an expanded format in the future, too.
We hope you found both the Congress business programme and the extracurricular networking to be opportunities useful and engaging, and have fine memories of your stay in St Petersburg, a city of great architecture and cultural traditions.
Plenary session: Finance for Development and four panel sessions:
1. Banks’ fate: how to survive the challenges of fintech and regulatory pressure
2. Major trends in the development of Russia’s financial markets: half-way there
3. Information security: current challenges and practices
4. Global economic challenges for central banks
RT 1.1: Macroprudential policy and its role in ensuring financial stability
RT 1.2: Banking regulation for stimulation of economic development: opportunities and limitations
RT 1.3: Insurance market growth drivers
RT 1.4: Insider trading and market manipulation
RT 1.5: Protecting the rights of investors and financial services consumers: the role and objectives of conduct oversight
RT 1.6: The digital economy and innovations in the financial sector
RT 1.7: The role of the regulator in enhancing the financial market’s confidence in the performance of auditors
RT 2.1: The Russian economy: beyond the horizon (in cooperation with Vedomosti)
RT 2.2: Dialogue with the regulator: from cleaning up of the market towards a consultative approach to banking supervision
RT 2.3: Financial market infrastructure: from tradition to innovation
RT 2.4: Improving financial literacy: regional perspectives and the role of the private sector
RT 2.5: The Mir payment system: current and future services and technology
RT 2.6: The problems and opportunities of Russia’s pensions market
RT 2.7: Development of cross-border payments in national currencies
RT 3.1: OSAGO 2017: what lies ahead for compulsory vehicle insurance?
RT 3.2: The role of self-regulation in the financial market
RT 3.3: Financial inclusion strategy: reaching a new level
RT 3.4: Professional judgment: process justification, procedure and transparency
RT 4.1: 4% inflation: what now? International experience in sustaining inflation close to targets
RT 4.2: Banking: the search for drivers of growth (strategy, products, technology)
RT 4.3: Professional participants: the transformation of professional activity in the securities market
RT 4.4: Bondization: a priority of the Guidelines for the Development of the Russian Financial Market
RT 4.5: The future of microfinance: challenges and opportunities
RT 4.6: Corporate information management
Presentation by Elvira Nabiullina, Governor of the Bank of Russia
A dialogue between Minister of Economic Development of the Russian Federation Maksim Oreshkin and Governor of the Bank of Russia Elvira Nabiullina
Fintech Innotribe Startup Challenge Russia
A summer macroeconomic school for graduate and post-graduate students was organized as part of the additional programme
Four conferences were held on Zero Day ahead of the main Congress programme.
The Congress business programme covered all aspects of financial market operations. The International Financial Congress 2017 discussions focused on development of the economy and finances, monetary policy, banking, the payment system, the pension savings market, insurance, microfinance, fintech, financial inclusion, financial literacy and much more.
For the first time this year, the Bank of Russia presented seven economic and financial studies dedicated to various aspects of how Russia’s current financial system functions.
The results of the fintech Innotribe Startup Challenge co-organized by SWIFT and the Bank of Russia were announced at the Congress. Finalists presented ten fintech startups from which three winners were selected by voting. Oz Forensics presented an ID technology using digital photographs or video that helps prevent digital fraud; the Scorista project team proposed a modern borrower assessment service for non-banking lending institutions; and the Talkbank technology provides banking services using instant messengers.
An exhibition was held as part of IFC 2017 with ten participants: VTB Bank, Gazprombank, Sberbank, Mir National Payment System, Rosselkhozbank, Goznak, Rosinkas, Asteros, Fintech Association and FinCERT.
Some 1,300 participants from 35 countries attended the International Financial Congress in 2017: Austria, Armenia, Belarus, Belgium, Brazil, the UK, Virgin Islands, Germany, Hong Kong, Greece, Israel, Ireland, Spain, Italy, Kazakhstan, Canada, Cyprus, Kyrgyzstan, China, Malaysia, The Netherlands, Guernsey Island, Island of Man, Portugal, Russia, Romania, the US, Tajikistan, Turkey, Finland, France, Croatia, Czech Republic, Switzerland and Japan, including 349 corporate chief executives.
Representatives of the following organizations attended the Congress:
· 99 lending institutions from 17 cities, including leading Russian banks: Sberbank, VTB Bank, Gazprombank, VTB24 Bank, Rosselkhozbank, FK Otkrytie, Alfa Bank, Raiffaisenbank, UniCredit Bank, Promsvyazbank, Rosbank, Binbank, Bank St. Petersburg, Citibank and others;
· Central (national) banks from 14 countries: Austria, Armenia, Belarus, Brazil, Spain, Kazakhstan, Kyrgyzstan, Portugal, Russia, Turkey, Finland, France, Croatia and the Czech Republic;
· 31 insurance companies; 12 non-state pension funds; 15 investment companies; 20 professional securities market participants; 23 asset managers; 11 micro lenders, pawnbrokers and consumer credit cooperatives; 7 self-regulating organizations and 4 trading organizers/exchanges.
· 25 associations/unions of lenders and other financial market players from Russia, the CIS and other countries; 15 audit and advisory companies; 20 IT companies; 7 payment systems; 5 rating agencies; academics from 24 Russian higher educational institutions; representatives of telecoms, funds, non-banking lending institutions, manufacturing companies and law firms;
· The World Bank, International Monetary Fund, European Commission, European Banking Authority, Alliance for Financial Inclusion, Belgium’s Financial Services and Markets Authority, Hong Kong Monetary Authority, Portuguese Securities Market Commission, Hellenic Republic Capital Market Commission, CyberSecurity Malaysia, an agency under the Ministry of Science, Technology and Innovation (MOSTI), Eurasian Development Bank, Eurasian Economic Union, Interstate Bank, and the International Labour Organization;
· Legislative and executive authorities of different levels: Administration of the President of Russia, Federal Assembly: Federation Council and State Duma, Ministry of Finance, Ministry for Economic Development, Ministry of Justice, Ministry of Labour and Social Security, Ministry of Education and Science, Prosecutor General’s Office of Russia, Audit Chamber of Russia, Supreme Court of Russia, Federal Antimonopoly Service, Federal Tax Service, Federal Financial Monitoring Service, Social Insurance Fund, Deposit Insurance Agency State Corporation, St Petersburg and Novgorod Region governments and Vnesheconombank.