VTB CEO warns of rising tensions between banks and digital marketplaces
VTB Bank CEO Andrei Kostin has shared his views on the growing tension between traditional banks and online marketplaces like Facebook Marketplace. Speaking recently, he addressed concerns about regulatory actions, pricing fairness and the balance of power in digital commerce.
Kostin highlighted that no country has yet permitted marketplaces to create their own banks. He pointed to China as an example, where authorities intervened once digital platforms grew too dominant. According to him, regulators took steps to curb their influence before it became unmanageable.
Kostin’s comments reflect broader concerns about the expanding role of online marketplaces in financial services. Regulators in Russia and beyond are now weighing how to prevent these platforms from gaining excessive market power. The debate over pricing transparency and regulatory limits is likely to continue as digital commerce grows.
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