Bank of Russia starts public consultations on ecosystems’ role in economy and financial market
The Bank of Russia suggests discussing main trends in ecosystems’ development and their role in the modern economy, as well as approaches to the regulation of ecosystems’ operation. The regulator presents its initiatives in the consultation paper ‘Ecosystems: Regulatory Approaches’.
Digitalisation is rapidly altering the world: platforms and ecosystems are creating a new quality of life, offering convenient frameworks that enable people to promptly receive information and purchase various goods and services. They open up broad development opportunities for manufacturers, including in small and medium-sized business, and eliminate geographical barriers. As ecosystems are becoming increasingly more significant, this raises the issue of their regulation.
Russia is among a few countries where nation-wide ecosystem players hold a solid leading position in the market. In contrast to other economies, Russia’s financial sector plays an important role in the establishment of ecosystems. Large technology companies are also expanding the range of their platforms and systems, beginning to offer financial services to customers, among other things.
The Bank of Russia believes it essential to discuss the proposed regulatory measures that will promote the development of both large and small ecosystem business models in the competitive environment, while preserving opportunities for niche providers. The new regulation will enable households and businesses to fully enjoy the benefits of technological innovations and simultaneously mitigate negative implications and risks that may arise.
The Bank of Russia welcomes your feedback on the consultation paper and answers to the questions therein until 1 August 2021.
