VTB News (Kazakhstan)

5 june 2018

VTB has held an event for clients on the application of blockchain technologies

VTB Bank together with the Association of Corporate Treasurers of Russia (ACT) and the Association of Financial Directors and Treasurers of Kazakhstan (AFDT) has held a round table conference for clients on the topic "Financial Technologies and Blockchain for Corporate Sector". Representatives of IT, financial and corporate sectors have discussed possibilities of application of the newest technologies in business at the bank platforms in Moscow, Saint Petersburg and Almaty. Over 100 Russian and Kazakh companies took part in the event.

Representatives of the Bank of Russia, the Ministry of Economic Development of Russia and the invited independent experts have addressed the current status of adoption of laws against digital economics at the seminar. The Association of Financial Technologies has provided a detailed picture of the progress in the implementation of the first national blockchain platform "Masterchain" being developed by 14 largest banks of Russia, including VTB. The experts of VTB, the regulator, Microsoft, SupplierPlus and other companies have also discussed the complexities of application of blockchain technologies: transaction rate, blockchain dimensions and using KYC (know your customer) procedures on blockchain technology.

The Head of Transaction Business Department - the Senior Vice President of VTB Bank Gurinder Nihal noted: "Business and information community are actively discussing the blockchain, smart contracts and crypto currency, giving rise to many practical issues. To make these topics more understandable, we have brought together representatives of the regulator and companies interested in the implementation of these technologies, which discussed he advantages and restrictions in the application of the blockchain in Russia in detail. We plan to continue discussion of prospects of "financial technology" at the bank platform in future.