At the invitation of the Fernando Henrique Cardoso Foundation (FHC), the president of the Brazilian Federation of Banks (FEBRABAN), Murilo Portugal, said about how the digital revolution is impacting the national financial system. Among the main aspects addressed, Portugal highlighted the importance of blockchain as a technology capable of reducing fraud in the sector due to the fact that it functions as a decentralized platform with immutable and traceable data.
In addition, Portugal also talked about how the combination of new technologies, such as the Internet of Things, Cloud Computing and big data, has been changing the structure and the way the financial system works in the world and in Brazil, offering risks and opportunities for the economy and society in general.
Another agenda for Portugal's presentation was how banks are being forced to continue innovating in order not to lose their leadership. This is due to the emergence of fintechs and big techs and the fact that traditional companies from other sectors are providing financial services.
"But the banks recognize and respect the competition of the fintechs and bigtechs and seek to learn from the fintechs and seek to emulate the agility, simplicity, innovation of the fintechs", declared Portugal, saying that the interaction between the banks and the fintechs generates positive effects, such as the more intense use of new technologies by banks. He also stated that innovation has always been present in the history and DNA of financial services.
Still talking about fintechs, the president of FEBRABAN pointed out that one of the main areas of activity of these companies is in the cryptocurrency sector. Regarding digital assets, he stated that they are not currencies because they do not fulfill the basic functions of a currency, since, according to him, they do not function as a means of payment or as a store of value due to its high volatility.
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