The FinTech Times and Ukrainian fintech-focused Future magazine held a conference on 29 March in Kyiv on the subject of The Digital Economy and its Impact on Business.
The event saw some 100 people from a range of sectors taking part, including representatives of the public sector, senior management and middle management of companies from key sectors of the economy (from classical banking and insurance, to the agriculture and telecom), representatives of IT suppliers and the fintech community, representatives of accelerators, students, lecturers and postgraduate students of universities, and the media. Among the speakers were representatives of both the corporate and the public sectors, including such companies as Deloitte in Ukraine, IDF Reforms Lab, Distributed Lab, Attic Lab, High Tech Office Ukraine, Softinvest Holding, AXA Insurance Ukraine, the Ukrainian Postal Service, Kyivstar, IT-Enterprise, and Univer.
The aim of the conference was to demonstrate how innovative technologies transform the economy by taking a sectoral cross-section view, examine the digital prospects for Ukraine, and also to present a number of innovative corporate and public sector cases. The main benefit to everyone at the event was the exchange of innovative, cross-sectoral experience. In this context for the briefings, cases 4.0 were discussed in such sectors as banking, insurance, agriculture, manufacturing, post services, telecom, and the stock market.
“Still as of today, the subject of the digitalisation of the Ukrainian economy is new to our country, and the target audience is just being formulated. Future magazine sees its mission as expanding the information space around the subject of innovative and digital transformation, as well as taking an active part in projects aimed at improving the environment of literacy in our country. For the second year in a row, we have been co-initiating projects to improve the financial literacy of students in particular, and over the past year we have conducted a number of events on the topics of fintech and insurtech. The Digital Economy and Its Impact on Business conference was a response to the existing need for our audience to learn more about the digital potential and changes in Ukraine. We have gathered a constellation of speakers who, as you have agreed, through their cases and expertise were able to share with the audience progressive ideas and changes that bring our country closer to the digital future. Taking into account the enthusiastic feedback from the audience and conference participants, we had a remarkable level of quality of conference topics and a high level of speakers, Future magazine will continue to organise events on the topic of the Digital Economy and fintech, with partners and like-minded people. We are currently planning to hold events in narrow-sectoral formats,” – said Kate Shcheglova-Goldfinch, publisher of Future magazine, and editor of The Fintech Times.
“I am delighted to announce our next big and unique event. It will be the FIRST in Ukraine – an INSURTECH CONFERENCE – to be called InsuranceNEXT’UA-2017, which Future magazine and The Fintech Times are organising in conjunction with the Ukrainian Federation of Insurance of Ukraine, and also with the support of Austrian and German Insurance Associations. Our objective is to hold an event with a global level of speakers and content, to shine a light on the industry’s prospects for the next 5 years, as well as looking at the Ukrainian market and its opportunities. We already have today global insurance companies in our programme, Matteo Carbone, international speaker on Insurtech and expert in telematics, as well as Ihor Novykov, the ambassador for SingularityU Kyiv Chapter, who have already confirmed their participation. So we have many plans and are working forwards.”
Highlights of what the speakers focused on:
Georgi Vashadze, co-founder of IDF Reforms Lab: “When a system is centralized, it is very easy to kill it. That is why we, working on public sector reforms, have relied on a blockchain system that does not have a single control centre and which cannot be brought down. For us, blockchain is the DNA of all the transactions that are taking place around us. This could be transfer of funds from one account to another, identification of the identity of a person, registration of the birth of a child or real estate, and much more. But the main thing is that there is no one centralised information storage system in this system – all information is in a distributed ledger. And as soon as any information changes, the other blocks know about it.
This technology can cause a revolution in the public sector. After all, blockchain networks do not need political input, which make it possible to cannibalise the bureaucratic system. The very DNA of blockchain allows you to switch to a transaction economy and really carry out reforms. Through the transactions we will automatically be paying taxes.
The state will move to a horizontal network of cities and will lose its monopoly functions. Centralised banks will move into decentralised crypto-technologies. The only role of the state will remain acting as an “insurance agent” and the founder of the rules of the game. The service providers will become all of us. Through technology, a galaxy of blockchain will be created that will serve the economy and business … “(from the report “The impact of technology on changing the role of the state”)
Sergey Vasylchuk, CEO of Attiс Lab: “Our goal is to make banks more open for both end users and businesses. Any automation at the level of a mobile wallet, or any business process, can be integrated with the help of engineers and programmers into the existing infrastructure of the bank. As a result, many business processes in the bank will be able to take place without any participation of a person at all, which will ensure greater security, flexibility and will better solve business problems … “(from the report “Digital banking on blockchain: OpenBankIT case study”)
Andriy Krasniy, senior manager in robotics of Deloitte in Ukraine: “Communicating with our clients we see that about 90% of the top management of companies are ready to experiment with artificial intelligence and new technologies … ” (from the report “Robotisation of back-office processes. Applications for automation of routine operations”)
Alexey Shcherbatenko, partner of IT-enterprise: “Today it is very difficult for businesses to stay competitive without using the technologies. If your business model is built only on scaling and without using new technologies, then it is dead…” (from the report “Time to market: pain points of businesses and cases on how to transform them into competitive models”)
Valeriy Fischuk, High Tech Office Ukraine: “People feel comfortable when their state is not only a territory for them, but the value. Information technology and digital transformation also have an effect on nourishing this trend. They do not just trigger it, but are its essence. If we make a bet on the digital development of the country, this means that we must programme our fortune for the next 30-40 years.” (from the report “Digital Economy: awareness, key initiatives and areas for digitalisation. Digital Agenda for Ukraine to 2020″)
Iryna Kucherenko, Head of Kyivstar Customer Relations Management: “For example, you have a smartphone. For me, this is the online trigger for your behaviour. And this means that today I must provide you with an adequate traffic of mobile Internet at an appropriate price and in the volume that you need for not only tomorrow but also the day after tomorrow” (from the report “Personalisation of telecom with CRM and Big Data: the Kyivstar experience”).
and The Fintech Times
FUTURE MAGAZINE – Quarterly magazine on the digital economy and fintech in Ukraine and the world at large. Also produces monthly fintech digests and organizes events. Founded in 2008 by Future Communications Lab LLC.
THE FINTECH TIMES – British platform for fintech with global distribution (also published monthly in a print format). The media supports all the leading global events in fintech, aimed at the development of the world market of financial innovation and start-up movements.