Marketplace banks must become systemically important — Andrey Kostin

      01 December 2025 17:28 Economy Young banks created by marketplaces are increasingly competing with traditional ones, but a compromise in this dispute will certainly be found, says VTB head Andrey Kostin. He said this in an interview with Reuters on December 1, 2025, on the eve of VTB's investment forum "RUSSIA CALLS!".

      "Nobody is against discounts and cashbacks, let them develop," Andrey Kostin said.

      According to him, "Russia is the only country in the world where platforms are allowed to have their own banks." "In other countries, such as the US and China, laws significantly limit that possibility." However, despite the competition, he takes a calm view of the new players. The only caveat, in Kostin's opinion, is that "there should be a level playing field," the VTB head stressed.

      In particular, one possible reasonable solution in the dispute between traditional banks and banks created by marketplaces, Kostin said, is to grant systemic importance status to marketplace banks if they serve more than 40–50 million clients. "Imagine if such a bank collapsed and 50 million people were left without money? Regulatory measures are needed here," he explained his initiative.

      As for cooperation, VTB has proposed and continues to propose cooperation with marketplaces, but so far there are serious differences in positions needed to form strong alliances.

      Kostin generally expressed confidence in the future of the platform economy, although he admitted that he prefers not to buy groceries online. "I prefer to try sauerkraut at the market. And I'm not the only one. There is a desire to touch, look and smell things. Grocery stores will remain," he concluded.

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