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Future of fintech and cryptocurrencies according to experts at the Advapay conference

Jul 11, 2018

New event organized by Advapay titled "The Future of fintech. Open Banking. Payments. Cryptocurrencies" was devoted to new possibilities of open banking in Russia and Europe as well as new cryptocurrency project regulatory trends

"The subject of open banking, especially in Europe, with new payment directive and tech standards set by the controller taken into account, is quite relevant at the current moment. Banks are starting to launch their program interfaces giving more options to new players on the market which ends up improving the quality of financial services for the end consumer. Additionally we couldn't not pay attention to new trends in different countries cryptocurrency regulation. EU passed amendments to the 4th AML directive which gives a clear definition to virtual currencies (cryptocurrencies) which makes many European countries adapt their laws in accordance with European laws. We can see that countries like Malta, Gibraltar, Estonia have already taken first steps in this direction. We decided to invite the best experts on these subjects and give the audience exclusive information firsthand" – says Maxim Ivanchenko, founder of Advapay and Canopus IT CEO.

The opening speech at the event was given to Yuri Igorevich Pripachkin, president of Russian Association of Cryptocurrency and Blockchain (RACIB).

Other speakers include Ortwin Scheja (SRC Security Research and Consulting GmbH), Ugo Bechis (digital payment consultant and SEPA), Dmitry Apochkin (Payally), Vladimir Remi (SORQ LIMITED), Pavel Salas (Tokenbox) and others.

The subject of open banking was the focus of conference's first session. Expert analysis concludes that the main drive of new fintech reality is technical growth and the law sphere's ability to keep up and create new environment for good fintech companies regulation. Of course an important role in this is given to the new European payment directive (PSD2) that factually sets law standards for the appearance of new players on the financial services market. This is the new reality in which banks are competing with tech companies. In any case the consumer ends up winning which is the main goal in the first place.

Cryptocurrencies and projects based on them are going to be vigilantly observed by the governments and further market regulation is unavoidable. This sentiment was voiced at the end of his speech by Gustav Korobov, leader of Advapay's Tallin office.

During breaks between speakers there was a big debate on problematic issues in the lobbies. The audience was well prepared which greatly enabled a high level of discussion which is a yet another good sign from Advapay.

About the company:

Advapay OU is a business-integrator which with help of its partner networks provides services of creating a turnkey payment business with complex solutions and consulting services. The company helps with choosing an optimal infrastructure, jurisdiction, type of licenses, business-model, and also creating an optimal relationship with banks, outer payment systems and providers of payment services including card issuers, payment transfer systems etc.

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