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Opinions & Interviews

18 Apr 2019

Advanced fintech, crypto exchange proposed as signature features of future MinskWorld IFC

Advanced fintech, crypto exchange proposed as signature features of future MinskWorld IFC

MINSK, 18 April (BelTA) - Dubai International Financial Centre (DIFC) is ready to share its experience with Belarus as the country is mulling over a project to set up an international financial center MinskWorld, the special features of which will be advanced financial technology and a crypto exchange, Belarus First Vice Premier Aleksandr Turchin told the media, BelTA has learned.

Aleksandr Turchin said that the government has established a working group, which he chairs, to examine relevant international experience. As part of this work the group has established contact with the Dubai International Financial Centre to learn from its experience. “Work is systematic. After the meeting of DIFC officials with the Belarusian president, we are set to sign a memorandum of cooperation with the DIFC,” Aleksandr Turchin said.

According to him, the possibility of integrating advanced financial technologies, including a crypto exchange, into a Belarusian IFC is currently under discussion. “We have some thoughts on how we can make use of new financial technologies. There are more than 100 financial centers in the world, with the DIFC being one of the leaders. In my opinion, it will be difficult for a traditional financial center to compete with such giants. Should we decide to set up an IFC, we need to tap into the opportunities offered by our IT sector in order to give a Belarusian IFC a competitive edge,” he said.

Aleksandr Turchin explained that a Belarusian IFC will primarily target Eastern Europe. However, it is too early to talk about the time framework of the project as some serious legislative changes need to come first.

“We must decide for ourselves whether we are moving in this direction or not. We are now working on an algorithm of action. Basic conditions are in place in the country to set up the IFC center. Many things have been implemented in the Hi-Tech Park with regard to the English law and so on. We want to review all these practices and submit our findings to the president for a decision to be made,” Alexander Turchin said.

After the meeting with Belarusian President Alexander Lukashenko, Chairman of the Dubai International Financial Centre Essa Kazim said that the meeting was a general discussion of the idea to set up an international financial center in Minsk and the ways to use the 15-year experience of DIFC. “We discussed in general the relations between our countries, the ways we can support the development of a financial center in Minsk,” Essa Kazim told the media.

Integrating modern technologies into the future financial center in Minsk is a promising idea, Essa Kazim said. “We have recently seen some changes in the financial sector due to the development of technologies, among other things. We know that Belarus has been actively developing digital technologies, and we believe that their use in the financial sector can bring interesting results. Belarus is fully capable of making this idea attractive. We are ready to work and support this idea in Belarus,” the DIFC head noted.

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