Center-invest Bank took part in a working meeting with the Bank of Russia’s Department of Financial Technologies and the Association of Russian Banks to present its position on the regulator’s report "National Digital Infrastructure of the Financial Market" as well as to share its expert opinion and vision in regard to the fintech development.
In its presentation, Center-invest Bank supported the Bank of Russia’s strategic initiative to develop the concept of a National Digital Infrastructure for the Financial Market and outlined key practical proposals for its development:
- Mandatory discussion with the market: significant infrastructure changes should be made only after broad discussion with the professional community;
- A differentiated approach to implementation: when determining the list of mandatory services, it is necessary to take into account the opinions and specifics of regional and small banks whose clients may have no demand for certain solutions, the implementation of which would be a diversion of resources from more pressing tasks;
- Developing "out-of-the-box" solutions: to reduce the burden on market participants, it is advisable to create standardized, ready-to-use platform solutions that are available for replication in cases where this is possible;
- Stimulating the commercial replication of innovations: major players were encouraged to change their approach to product development, i.e. to create products with the possibility of commercial distribution among other financial institutions instead of using competition-restricting and client-discriminating practices.
"The concept must simultaneously maintain incentives for the development of digital infrastructure and the implementation of innovations, while maintaining competition in the market. When making a decision to transfer infrastructure services developed at the expense of the state, the conditions for access to the relevant services established for the market participants must prevent monopoly gains and discrimination against other market participants," pointed out Anzor Tlostnakov, Head of Retail Products Department at Center-invest Bank.
In conclusion, representatives of Center-invest Bank thanked the Bank of Russia for the open dialog and endeavor to consider the views of all stakeholders in developing the concept for the future digital infrastructure of the financial market.
Center-invest Bank remains an active participant in the discussion on the development of national digital infrastructure for the financial market and intends to continue making practical contribution to the creation of a modern, technologically advanced and competitive financial system in Russia.