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The TKEY CEOs took part in the Asian Parliamentary Assembly (APA)

TKEY company told the participants of the Asian Parliamentary Assembly (APA) about the role of digital economy.

TKEY DMCC APA-2019

Aregular meeting of the Standing Committee on Economics and Sustainable Development of the Asian Parliamentary Assembly (APA) was held from 18 to 21 April. TKEY, the group of IT companies, presented its report about the importance and prospects for integrated digitalization of the basic governmental institutions and various social and economic spheres.

The speech of Maxim Yakimov, a TKEY CEO, was the only business presentation in the APA agenda, among discussions of the previously adopted resolutions, proposing amendments and ratifications of agreements. No doubt, this fact reflects the importance of the issue for the development of society, business, and the state in general. The event was attended by delegates from the national parliaments of the APA member states (today the assembly includes 58 states, with 42 permanent member states and 16 observer states, as well as 9 major international organizations). The inter-parliamentary meeting speaker was Alexey Lyashchenko, a member of the State Duma Committee on the Financial Market.

TKEY DMCC APA-2019
APA 2019. Photo: Tkeycoin Press

During the meeting, discussions were held about the prospects of creating and developing a digital environment for a number of key areas of domestic and global markets, and eliminating existing constraints for innovative technological solutions capable of increasing the efficiency of interaction between the actors of various industries and decision makers, both on domestic and international levels.

The discussions were attended by the representatives of the senior management of TKEY group of companies — Pavel Yakimov (the Director of Information Technologies) and Maxim Yakimov. They suggested ways to develop a digital infrastructure that would combat money laundering, and also outlined open investment platforms, security and data exchange systems based on TKEY distributed solutions.

The parliamentarians agreed that innovative technologies are extremely important for meeting urgent needs of society and improving economic and social situation of citizens. These provisions will be included in the resolution as a series of amendments and be discussed at the next APA meeting.

A short fragment of the presentation by TKEY CEO, Maxim Yakimov on APA-2019.

The APA delegates were informed that a blockchain-based digital environment can make economic and financial relations in the market more transparent and trustworthy. It should open up new opportunities for investors, allowing countries not only to attract investment sufficient to eradicate poverty, but also to re-configure the economy and communications structure, make a number of industries more competitive and, as a result, to improve the quality of people's everyday life. Currently, the creation and maintenance of property rights registry is a governmental prerogative. The government controls the finances of businesses and individual citizens, supports a huge bureaucracy for inspecting it and, what is more important, can change the rules of this game unilaterally — the fact that does not encourage investors and thus reduce money flow from their side. To change this situation, governments have to remove some unnecessary legal restrictions, guarantee due protection of information about the subjects’ assets, and give them an access to market institutions, tools for economic disputes settlement and basic elements of financial infrastructure — banking products, insurance etc. Under these conditions, not only medium and small business will thrive, but the financial assets of each individual will start working for the better economy. Blockchain helps ensure the reliability and accessibility of such an infrastructure, eliminate unnecessary intermediaries and reduce the cost of money transfers that workers send home from abroad. And, as we know, in many developing countries the state of the economy is dependent on those transfers.

TKEY DMCC APA-2019
APA 2019. Photo: Tkeycoin Press

The information presented in the report, as well as arguments exchanged during the discussions, were met by the majority of the APA participants with interest and attention. In an informal setting, the leaders of the TKEY group had a talk with some representatives of the countries interested in developing a digital economy, discussed the issues related to the implementation of blockchain systems at the state level, and made preliminary agreements about pilot projects, setting the stage for further cooperation.

Now, TKEY is making the final tests of the Tkeycoin digital financial ecosystem (DFE), aimed at reducing the cost of domestic and cross-border money transactions. In future, these transactions may be made without any interaction with banking institutions and government agencies.

In short, the Tkeycoin ecosystem may be seen as a model of the financial system of the future, which in due course can become a solid foundation for new market relations between representatives of civil society, business, and government. Besides, this system could be adopted for global use.

TKEY DMCC APA-2019
APA 2019. Photo: Tkeycoin Press