Building of Multilateral Cooperation of BRICS Countries in the Field of Financial Technologies

Abstract

New financial technologies enable to meet the needs of customers faster and cheaper in comparison with the traditional ones. New financial technologies have disadvantages along with the advantages, their consequences are still difficult to predict. The authors propose a mechanism of cooperation of the BRICS countries in the field of financial technology as a way of a joint development of measures which will facilitate full realization of all opportunities of using financial technology to ensure sustainable development of the BRICS countries, and at the same time preventing potential threats, as well as coping with potential negative consequences which arise from the use of new financial technologies. This mechanism may be used to implement the strategy of economic partnership of the BRICS countries.Keywords: Financial technologies, controller, the BRICS, sustainable development