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AUTHORITIES AND EXPERTS ANALYZE THE IMPACT OF NEW TECHNOLOGIES IN THE FINANCIAL MARKETThe activity was presented by Mónica Singer, Blockchain expert at ConsenSys, economist Kevin Cowan (Commissioner of the Commission for the Financial Market); Beltrán de Ramón (Manager of the Financial Markets Division of the Central Bank of Chile) and Mauricio Martínez (Executive Director of EY and creator of the first Fintech study). September 10th, 2019.- The Depósito Central de Valores (DCV) organized its annual seminar “New Technologies: Challenges for the Financial Market, are we prepared?”, where various authorities and experts analyzed the impact that some innovations are having on the system.
The principal presentation was given by Mónica Singer, a Blockchain expert at the international consulting firm Consensys, who addressed various cases where the emergence of new technologies is changing traditional processes. “The change that financial markets must achieve is so fundamental that it is difficult to implement: they are accustomed to centralizing functions, using intermediaries, having brick and mortar bank branches, establishing limitations on the movement of funds regulated by the central banks of each country and technology invented in the seventies. All this will change with the emergence of new technologies”, added Singer.
For economist Kevin Cowan, Commissioner of the Commission for the Financial Market (CMF), new technologies have ample potential for improvements in the financial sector on issues such as efficiency and risk reduction, analytical functions, client relations and new or improved products. “The challenge is to have an adequate regulatory framework that involves a balance between encouraging innovation and mitigating risks,” added the authority. In turn, Beltrán de Ramón, Manager of the Financial Markets Division of the Central Bank of Chile, commented on some initiatives being carried out by the issuing institute to adopt the new technologies, among which he commented on a project with DCV to boost the issuance of digital assets based on Blockchain. “New technologies are an opportunity because they generate benefits for society and it is important to study and adapt them,” he added.
Finally, Mauricio Martínez, Executive Director of EY, commented on the development that Fintech has registered in our country, ensuring that -according to a survey carried out by the consultant- two out of every three Chileans use the services offered by this industry. “There has been an important development of Fintech in Chile. Now the challenge is to do more collaborative work with the more traditional companies to promote more quickly the development of the Chilean financial sector”, he commented.
In this context, Fernando Yañez, DCV’s General Manager, said that the company is in a transformation process to prepare for the emergence of new technologies, through a project that is being worked on with Nasdaq called “DCV Evolution”. “Respecting our mission and vision, we have the need to look to the future under a different paradigm and prepare the company for the new business models that are being born, the transformation of the financial system or the greater regulatory demands on sensitive issues such as cybersecurity or availability of services”, he added.
Download the presentations of the event
Images of the annual seminar of the Depósito Central de Valores (DCV)
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