
PETERSBURG, June 18 – The real fintech revolution is happening in the Global South, not Wall Street, Brazilian technology executive Thiago Ruediger told international business leaders at the opening of the St. Petersburg International Economic Forum (SPIEF) on Tuesday, signaling a significant shift in global financial innovation from traditional Western centers to emerging markets.
“Forget Wall Street—the fintech revolution is happening in the Global South,” declared Ruediger, CEO of Tanssi Foundation, during the forum’s opening session, “Shaping a New Platform for Global Growth.”The Brazilian executive emphasised that blockchain technology is making money and assets programmable, and when combined with artificial intelligence, it provides a powerful catalyst for transforming the entire financial sector.
The four-day forum, running through June 21 in Russia’s cultural capital, has attracted global business leaders and policymakers to discuss pressing economic challenges amid a turbulent international landscape. The opening session, organised by the National Centre “Russia,”presented findings from the International Open Dialogue focusing on economic fragmentation, demographic shifts, breakthrough technologies, and growing social and technological divides within and between nations.
Ruediger’s bold assertion challenges conventional wisdom about financial innovation originating in established Western financial centres. “Fintech is changing the rules of the game, impacting traditional banks and opening new opportunities for millions of people,” he said, highlighting how emerging markets are leapfrogging traditional banking infrastructure through mobile and blockchain technologies.
The Brazilian executive expressed particular enthusiasm about the potential for reducing transaction costs in global financial markets. “I believe this will help people reduce costs for operations in global financial markets. I’m ready to discuss this with enthusiasm. I’m waiting for these processes to come to Brazil and the whole world,” Ruediger stated, noting that Brazil and Russia are actively sharing experiences in fintech development.
Deputy Chief of Staff of the Presidential Administration Maxim Oreshkin, who moderated the session, placed these technological developments within a broader geopolitical context. “This year’s St. Petersburg International Economic Forum is taking place against turbulent world events. This includes the situation in the Middle East and trade wars,” Oreshkin noted, emphasising that while current crises demand attention, long-term trends and fundamental challenges remain crucial.

Oreshkin stressed the importance of focusing on structural issues shaping the global economy. “We must not forget which long-term trends and challenges are basic and defining. It’s important to conduct open dialogue about how we build the world of the future, how to form a new platform for global growth,” he said.
The session explored critical questions about the geography and nature of future economic growth. “Which countries will drive this global growth, which technologies will it be built on, what principles and cultural codes will guide it—these are the fundamental questions we must address,” Oreshkin explained. He emphasised that progress must benefit people in all countries working toward the future, with open dialogue as the foundation for building shared understanding.
The discussion highlighted how emerging markets, particularly Latin America, Africa, and Asia, are pioneering financial technologies serving populations traditionally excluded from formal banking systems. This shift represents technological advancement and a fundamental restructuring of global economic power dynamics, with innovation increasingly flowing from South to North rather than following traditional patterns.
Speakers at the session also discussed the comprehensive report prepared by the Centre for Cross-Industry Expertise, “Third Rome”, following the Open Dialogue initiative. The session format featured sequential discussions examining economics, technology, and human factors in a rapidly changing world, providing a multifaceted analysis of contemporary challenges and opportunities.
The insights shared during this opening session will shape discussions throughout SPIEF-2025’s business program. The forum continues to serve as a crucial platform for international dialogue on economic development, with this year’s focus on how emerging markets are reshaping global financial systems through technological innovation.
The session’s proceedings underscore a significant shift in global economic dynamics, with the Global South emerging as a leader in financial innovation rather than a follower of Western models. This transformation has implications for financial services and broader questions of economic development, technological sovereignty, and international cooperation.
As SPIEF continues through June 21, participants will further explore these themes, examining how the fintech revolution in emerging markets might reshape global economic relationships and create new opportunities for inclusive growth. The complete recording of the “Shaping a New Platform for Global Growth” session is available on the National Centre “Russia” website for those seeking more profound insights into these transformative discussions.
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