How can financial centres survive in the era of fintech?

Bob Moritz, Global Chairman of PwC, spoke at the session on the development of financial centers in the era of fintech at the St. Petersburg International Economic Forum.

Maxim Filimonov, Deputy Chief Executive Officer, Chief Editor of TASS Russia acted as a moderator of the session.

The development of financial technologies changes the usual models of provision of financial services, leading to deeper changes in the economic structure of society, including transformation of the existing model of financial centres. Nowadays major IT companies have become the biggest financial institutions, leading to depreciation of localization in the near future. The participants of the session discussed if the financial companies and financiers can disappear from the urban environment. In particular, they talked about Moscow’s potential as a centre of FinTech and if financial centres can become FinTech centres.

During the session, Bob Moritz noted that financial centers continue to be in demand in different countries, in particular, for doing business. However, they should think about how the new realities will continue to exist. It is necessary to think about the stakeholders in this process, for example, about the government. It is the government that should come up with incentives for the further development of financial centers. Do not forget about the regulation of this sphere, says Bob Moritz. In addition, financial centers have a large asset as a link with consumers, with business, while Fintech companies have no such advantage. This can be a very fruitful collaboration.

Other panellists were Yousuf Mohamed Al-Jaida, Chief Executive Officer, Qatar Financial Centre; Alexander Voloshin, Chairman of the Board, Analitycal Center "Forum"; Chairman of the Board of Directors, Independent Director, First Freight Company (PGK); Oleg Vyugin, Chairman of the Supervisory Board, Moscow Exchange PJSC; Member of the Board of Directors, Independent Director, Rosneft; Hubertus Vaeth, Managing Director, Frankfurt Main Finance eV; Arnaud De Bresson, Chief Executive Officer, Paris Europlace; Anatoly Karachinsky, President, IBS Group; Dmitry Snesar, Senior Vice President, Head of Client Coverage, VTB.

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