Financial Markets: Increasing Complexity, Maintaining Stability

3–5 July 2019, ST. PETERSBURG

    Bank of Russia Expects Tens of Millions of Users of the Financial Marketplace in the First Three Years

    The prototype of the unified platform for sales of financial services was presented by the Bank of Russia at the International Financial Congress.

    Tens of millions of people could become users of the unified platform (marketplace) for sales of financial services in the first three years of its operation, Sergey Shvetsov, First Deputy Governor of the Bank of Russia, told the reporters at the International Financial Congress (IFC).

    “We can attract tens of millions of users in the first three years of operation of the marketplace,” he said.

    The Bank of Russia presented the prototype of the marketplace at the IFC, and demonstrated in the test mode how the transaction is being performed. The transaction was performed by Shvetsov: he opened a bank deposit in the amount of 1 million rubles at 7% rate for one week. Actual cash flow did not occur; the point of the test transaction was to test the operation of all IT connections. The Bank of Russia expects that the marketplace will be introduced into commercial operation in 2019.