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The Central Bank of Russia might allow insurers to provide payment services

The Bank of Russia has developed amendments to the legislation that will allow non-banking financial organizations (insurance, brokerage and microfinance companies) to provide payment services, ASN informs.
The Central Bank of Russia might allow insurers to provide payment services

Two types of suppliers are planned, for which requirements for admission to the market, activities, as well as supervision and observance by the Bank of Russia will be established. Such regulation will ensure equal working conditions for non-bank payment service providers (NBPSPs) with other participants in the payment market, as well as avoid regulatory arbitrage.

The first type NBPSPs will be engaged only in initiating transfers on behalf of clients, and their net assets must be at least 5 million rubles. The powers of the NBPSPs of the second type, in addition to initiation, also provide for making payments with the opening of electronic wallets. However, their net assets should be higher, at least 50 million rubles.

In addition, the requirements for the business reputation of NBPSP officials and founders (participants) and the protection of information, as well as in terms of organizing risk management and combating money laundering and the financing of terrorism, will be established.

The initiatives to regulate the NBPSPs’ activities are planned to be discussed with interested market participants, the regulator noted.

Source: https://www.asn-news.ru/news/78542

Photos are from open sources.

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