Marketplace is underway

Russians will be able to access financial products offered by Russian banks and financial companies online. This is the purpose of Marketplace, a special infrastructure the trial version of which will be put to the test in mid-April this year.

The Marketplace concept was first presented at Finopolis, an innovative financial technology forum, in October 2017. On 14 March 2018, Sergey Shvetsov, First Deputy Governor of the Bank of Russia, introduced the project road map to journalists.

Marketplace is a system made of financial transaction platforms, a counter for collection and dissemination of information about financial products, and bots (special-purpose algorithm-based consultants) which help individual ultimate consumers choose services. Information about closed deals and positions will be recorded on the platform of a financial transaction registrar. Customers are supposed to receive extracts from the register upon request, to use them as legally relevant information (e.g., in court).

The project does not provide for public investment in the development of Marketplace elements, which is a truly market-based project.

‘The Bank of Russia aims to create a regulatory environment which will ensure the system’s effective operation, protect consumers’ interests, open opportunities for businesses, and consolidate the available infrastructure solutions,’ said Sergey Shvetsov.

The marketplace will offer bank deposits, government and corporate bonds, and insurance products. This offer may be further supplemented with credit, investment and other financial products.

It is intended that the system’s infrastructure will be connected with a remote identification platform developed by FinTech Association. This will digitalise financial services and enhance financial inclusion. The development of the Marketplace system will also involve other innovations of FinTech Association, such as an open API and a faster payment platform.

For details of the project please refer to the special section of the Bank of Russia website.

14 March 2018

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