Over the past 10 years, the world has begun the process of "decentralization" of the financial sector. Businessman and financial expert Ruslan Aliiev wrote about it on his Facebook page.
He notes that even 10 years ago, almost all international finance was under the control of banks.
"SWIFT's monopoly was practically undisputed, but it was not destined to last forever, especially in the context of the "confrontation between the West and the East", which, in a very rough generalization, boils down to the struggle of the US with China," he writes.
At the same time, Aliiev emphasizes, it was noticeable that China, just like the USA and other leading economies of the world, seeks to "centralize" the financial system in order to consolidate its control over money transactions.
"It pushed the world to the emergence of cryptocurrencies. They did not become a panacea, but they provided an opportunity for businesses to interact directly with each other. In this way, the flowering of financial innovations began - new tools for making payments, new operators, new rules," says Aliiev.
Even such famous people as Elon Musk follow this trend - оne of the most famous billionaires in the world, according to Aliiev, is currently engaged in creating an analog of the Chinese super application "WeChat", which combines the functions of online banking, a social network, and an online store. And in Ukraine Ruslan Aliiev called "Diia" a manifestation of modern trends.
"The application already has a very wide functionality, through it you can buy bonds, and during the height of the pandemic, the application allowed you to get money on the "eSupport" card. And although it does not have the potential to become an international tool for operating finances, as an internal national product it will work and become even more useful, because it is about "simplifying life," he notes.
According to the expert, the key priorities for business in the future will be the speed and convenience of performing financial transactions.
"A certain level of regulation by both international and national regulators will remain, but we will continue to see the trend of "decentralization" of financial systems, speeding up their work and simplifying operations for businesses," concluded Ruslan Aliiev.