Now it is important not to miss the momentum of change and support digitalization, said the head of the Central Bank Elvira Nabiullina, speaking at the International Financial Congress.
“It is very important now not to miss the impulse of change – to support digitalization and, along with it, increase labor productivity and reduce the costs of companies,” said Ms. Nabiullina (quoted by TASS).
She added that there is a stronger trend towards digitalization in the financial sector than in the economy as a whole. The arrival of technology has contributed to the emergence of ecosystems in this area. “The financial sector has long embraced new technologies. The most powerful business model is the ecosystem. It is the fruit of the merger of technology and finance, ”said the head of the Central Bank. According to her, ecosystems already affect not only the development of the financial sector and competition in it, but also the real economy. They are changing consumer behavior, distribution channels, as well as working conditions for non-financial service providers, added Elvira Nabiullina. She also pointed out that ecosystems are not only convenience for consumers, but also new challenges for regulation. In her opinion, it is important not to prevent ecosystems from developing, but also not to let things go by themselves.
Earlier, the Bank of Russia presented an advisory paper on the regulation of banks participating in ecosystems. The report says that such banks should limit investments in non-core assets. In addition, banks will be obliged to disclose all information about investments in non-core assets and will more closely monitor the security and financing of ecosystem participants.
More details about the Central Bank’s report – in the material of “Kommersant” “Ecosystems will feel the limit”.