Financial Technology Development

Marketplace

The Bank of Russia launched the Marketplace project in December 2017. The project’s goal is to create a legislative and regulatory framework for the remote retail sale of financial products throughout the country, without regard to geography or the requirement of transactional attendance at financial institution offices.

The Bank of Russia formed special focus groups comprised of financial market participants involved in the creation of new business processes and regulatory proposals.

The law ’On Performing Financial Transactions Using a Financial Platform’ was adopted in the summer of 2020.

The first financial platforms (platforms where financial institutions and clients communicate to carry out transactions) were registered in the Bank of Russia register in September 2020. Bank deposits and government bonds were launched as pilot products.

The Bank of Russia continues to be involved in and support regulatory innovations in order to further develop and expand the business models of financial platforms.

Actual information about financial platforms (in Russian language).

Department responsible for publication: Financial Market Strategy Department

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Last updated on: 28.03.2023