Russia is ready to export innovative technologies to Venezuela
The Rostec State Corporation, together with technological support participants under the Ministry of Foreign Affairs of the Russian Federation, is holding a scientific and practical conference in Venezuela. The participants discussed the issues of digital transformation of the financial sector, including taking into account the restrictions imposed by the sanctions.
The conference was held at the site of the tourist operator in the country – TOURISM GUARANTEES. Before the start of business activity, the greeting address of the Ambassador Extraordinary and Plenipotentiary of Russia to Venezuela Sergey Melik-Bagdasarov was read out. With an introductory speech to the delegates, the Deputy Minister of Finance of the host country, President of Iran of Venezuela Roman Maniglia was processed.
“We have a very broad cooperation agenda, the implementation of which, no doubt, will contribute to the development of most of our fraternal states. Mutual interests cover such sectors as energy, transport, healthcare, industry, mining, as well as cooperation in the field of high technologies and digitalization. In particular, during the discussion of the possibilities of implementing joint participation in the development and trade of digital technologies,” Sergey Melik-Bagdasarov said in a message.
With the work of the Venezuelan side, the conference was attended by representatives of the Ministry of Finance of Venezuela, including the director of the subordinate industrial investment center Hector Silva, the Central Bank and the banks of the Bolivarian Republic of Venezuela. From the delegation of Russia with a report by representatives of state and state banking structures, technology companies, as well as educational and scientific centers. The main topics were strategies for the development of large banking, the digital transformation of the Russian capital market, and the development of the Mir payment system.
“Our partners are participants of the conference, which is on the way to the bank for everyone. In Russia there are online banks without offices, there are banks with thousands of branches and found throughout the country, which in a short time have found a wide range of services in mobile applications. There is, for example, SMP Bank, which is in the top 20 and has been under investigation since 2014 by sanctions that lead to digital transformation in the context of import substitution. Our country has accumulated a lot of development experience and achieved a high maturity of digital technologies. Today, Rostec is ready, together with its technological participants, to export digital technologies and open access to them outside of Russia,” said Sergey Yarosh, head of the Russian delegation, CEO of the RT-Project Technologies holding of Rostec State Corporation.
Particular attention was paid to the report “Innovative financial instruments and technologies”, which allow receiving funds from the offer and sanctions restrictions on the issuance and circulation of various digital financial assets.
“The developed industry-specific calculation of the algorithm for forming the price stability index (Cost Index) allows you to create a line of non-equity instruments of financial and digital financial assets that do not imply sanctions restrictions imposed by statistical centers on emissions of procedures carried out by financial institutions. With the use of this financial instrument, it is possible to attract a settlement and clearing center and carry out mutual settlements both on a bilateral basis (Venezuelan-Russian) and on a multilateral involvement of participants. Rules for mutually beneficial cooperation based on consensus. “Implementation of specific proposals for the implementation of the development of Russian scientific research needs to move to a high speed,” Deputy Director of the Research Institute “Innovative Financial Instruments and Technologies” named after. G.V. Plekhanov Mikhail Minchenkov.
In the decade, Russia has invested heavily in the digital transformation of the economy, including the digitalization of the financial sectors. The penetration of digital financial services into the higher sphere of life has been growing by citizens who have acquired a sporting character. Today, and this was confirmed by the data of international agencies, Russia is among the world leaders in the field of digital transformation.
Following the results of the international scientific and practical conference, the Russian and Venezuelan delegations agreed to hold a substantive bilateral dialogue at the expert level to specify the most relevant and urgent topics for Venezuela in this area.