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Sharing is caring: 3S Money’s participation in RBW20

The opening of Russian Business Week 2020 took place at the end of last week – we couldn’t have missed it and sent our co-founder, Andrei Dikouchine, to deliver a lecture on innovations in global payment systems.

Students, executives, unicorn start-up owners and novice businessmen gathered to hear Andrei’ presentation. As a renowned veteran of the UK banking industry with wealth of leadership experience in global financial institutions, Andrei was greeted with much appreciation. His presentation on the digital banking revolution captured audience’s attention from start to finish.

Andrei generously shared his observations and expert opinion. Key talking points from his speech included:

  • Many countries such as UK experienced an unprecedented leap forward in digital retail banking driven by lower tech and regulatory barriers to entry;
  • In theory, proliferation of the same technology should have advanced cross-border payments; in reality, existing global payments network is largely left behind and is dominated by SWIFT;
  • Although SWIFT allows to page pretty much any bank in the world, cross-border settlement of funds remain an everyday challenge;
  • Existing global payments infrastructure was not designed for today's regulatory environment – and yes, blockchain tech and stable coins are promising, but are not welcomed by the regulators into the fiat currencies’ world.
  • For as long as FX brokers and large clearing banks are willing to swap FX with digital challengers, the latter can offer end clients seamless, reliable and fast global to local connectivity.

To conclude, Andrei explained 3S Money’s philosophy: “Our main focus is on customers, who strongly prefer simple products and dislike bloatware. New tech is important but is only the means and not a goal.”

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