TKEY Presented Future-Oriented Economic Model At The Asian Parliamentary Assembly

A regular meeting of the Standing Committee on Economics and Sustainable Development of the Asian Parliamentary Assembly (APA) was held from 18 to 21 April in Naryan-Mar, the TKEY company CEO Maxim Yakimov making a report before the parliamentarians from 58 APA member states.

Traditionally, a meeting format implies adoption of amendments and coordination of the previously adopted resolutions, as well as ratification of agreements between the member states. The participants talked about the issues related to drinking water supply in Asia, mentioned the hygiene problems of the region, and discussed such challenges as creating a unified Asian energy market, meeting the goals of the Millennium Declaration and eradicating poverty in the region. They also raised the question of the digitalization of government institutions and various sectors of social and economic activity.

The CEO of TKEY group Maxim Yakimov made a report on digital technologies integration on the global level. His speech was the only presentation of this format — the fact reflecting the importance of the issue for the economies of the APA member states and welfare of the Asian region in general. Thus, TKEY became the only IT-company that not only participated in the meeting and was engaged in the discussions, but also acted as an adviser on the key issues related to innovative tech solutions integration on the highest level.

Pavel Yakimov (TKEY Director of Information Technologies) and Maxim Yakimov (TKEY CEO), together with the representatives of the APA member states, discussed the prospects of creating a digital environment for a number of key sectors of international markets, analyzed the existing restrictions for the innovative tech solutions implementation and considered the issue of improving the efficiency of interaction between the actors of various industries, both on domestic and international level.

In addition to discussing the ways to integrate digital technologies, the TKEY DMCC leaders demonstrated to the APA participants the distributed TKEY systems, designed to combat money laundering and create an open platform for investors from all over the world. The latest blockchain solutions that are currently being developed by the company will contribute to creating a transparent market. It is expected to open up new opportunities for foreign investors and allow the APA member states to attract additional funds for resolving the poverty problem and stabilizing their national economies.

Another serious problem, according to the resolution submitted by the TKEY leaders, consists in the government having full control over the process of creating and maintaining property registers — the facts that disrupts the trust of the citizens and leads to the stagnation of any given economy. Nowadays, the state relies on a number of power structures and legal tools for unilateral modification of terms and conditions. It leads to the citizens being increasingly involved in ‘shadow economy’ activities, as they do not trust the official schemes and prefer to keep their assets away from them. As a result, many people are left without any access to market institutions, government guarantees and economic disputes settlement tools. This situation directly contributes to the country stagnation, since a substantial part of money is not involved in the economy and thus does not really serve neither the citizens, not the state.

If all the citizens are provided an access to such financial products as small loans, bank accounts or insurance tools, it will help activating money circulation in a small and medium-sized business sectors, as well as on the individual level. Blockchain solutions can ensure the reliability and accessibility of such a structure, eliminating unnecessary intermediaries and significantly reducing the costs of cross-border money transfers. It is especially important for foreign diasporas members, the driving force behind many developing countries’ economies. The amendments proposed by the TKEY group are to be discussed at the next meeting of the Standing Committee on Economics and Sustainable Development of the Asian Parliamentary Assembly.

The arguments presented by TKEY and the related amendments to the resolution were warmly welcomed by most participants, this fact being later confirmed by the prolonged and detailed conversations of the company’s CEOs with representatives of some APA member states. As a result, several preliminary agreements were made, concerning the starting pilot projects based on TKEY solutions. Hopefully, it will become a solid foundation for the future cooperation.

Currently, TKEY is carrying out the final tests of Tkeycoin digital financial ecosystem (DFE), designed to reduce costs of domestic and cross-border money transfers by means of excluding unnecessary middlemen like banking institutions and government agencies. The system developed by the TKEY team may actually be seen as a model of the future economy. In the coming years, it can become the basis for the new-generation market relations between individual citizens, government structures and nations.

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Official TKEY blog in Medium. Infrastructure for the financial ecosystem