Page 16 - RBI FIntech Atlas 2018

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Spotlight Belarus
Cityscape of Minsk, Belarus
2018 saw a number of important developments in the ntech scene in Belarus. Belgazprombank launched a startup accelerator program (FTh.by) while a number of banks (VTB Bank, Moscow-Minsk Bank, Belagroprombank, Belarusbank, Belgazprombank, BPS Sberbank, BSB Bank and MTBank) introduced Samsung Pay. Several major conferences, hackathons and other events also took place in Minsk, including the Global Fintech Hackathon, Elevator Lab Challenge Belarus, SmartTaler, BankIT, Blockchain & Bitcoin Conference Belarus and Venture Day, etc.
According to bel.biz, ntechs represent 13.5% of
all startups. The challenges facing the sector include fundraising, a lack of tax incentives and the modest size of the home market as a result of which most projects are initially aimed at international clients. Another hurdle is the requirement for companies to have an intermediary represented by a bank in order to have a payment infrastructure and conduct transactions. Plans from
The National Bank of the Republic of Belarus (NBRB)
to implement ISO 20022 (universal nancial industry
message scheme) and a real-time payment system and to regulate payment services and systems should open up new opportunities for ntechs.
In 2018 the NBRB proposed allowing banks to make smart contracts using blockchain technology. This policy will be implemented in the presidential decree “On the Development of Digital Banking Technologies”. This will also allow nancial institutions to make electronic deals using software and hardware tools and technologies (including biometrics) without digital signatures. Furthermore, the decree “On the Development of the Digital Economy” of December 2017 included measures to relax the rules for conducting business in the high-tech eld.
Belarus’ ntech hubs include Imaguru Startup Hub, Blockchain Technology Association Belarus and the FTh Fintech & Banking accelerator. In March 2018 the Belarusian National Technical University launched a retraining program specialising in “cryptocurrencies and derivatives” that also covers blockchain technology and ICOs.
Country data
Population (M) 9.4
GDP total (€ Bn) 51 GDP per capita (€, at PPP) 14,300 GDP growth (%) 3.0
Of cial currency BYN
Source: Eurostat, IMF, European Commission, RBI/Raiffeisen RESEARCH Data for 2018, estimates
Total bank assets (€ Bn) 28 Total bank assets / GDP (%) 63
Account ownership (% of population) 81
Debit card ownership (% of population) 71
Internet usage (% of population) 74
Usage of internet to pay bills (% of population) 42
Send/received digital payments (% of population) 79
Latest available data as of 2017/2018
Source: ECB, national sources, World Bank, RBI/Raiffeisen RESEARCH