Midkhat Shagiakhmetov: In Tatarstan, work in the field of partner finance has been going on for 15 years
The development of partner finance in the Republic of Tatarstan, the main results and prospects for the development of this area became the topic of the speech of the Deputy Prime Minister of the Republic of Tatarstan - Minister of Economy of the Republic of Tatarstan Midkhat Shagiakhmetov today at the panel discussion of the 19th International Banking Forum "Banks of Russia - XXI Century" "Partnership finance: state of and development prospects”.
“In Tatarstan, work in the field of partner finance has been going on for 15 years. A certain experience has been accumulated, operating models of organizations' activities have been formed. Projects are being implemented related to both the provision of financial services and the attraction of funds on the principles of partner banking,” said Midkhat Shagiakhmetov at the forum.
Among the barriers hindering the development of partner financing, the minister highlighted: today partner financial organizations operate without special regulation, there are risks of fraud, tax disparity, and there is no access for recipients of partner financial services to support measures.
State support measures are focused mainly on the products of credit institutions - these are preferential mortgages, subsidy programs for loans to small and medium-sized businesses. Clients of partner financial institutions cannot receive such support. The minister suggested considering the possibility of a comprehensive alignment of state support measures for partner finance.
Also, one of the barriers is the lack of awareness and financial literacy of the population and businesses. This issue needs to be given more attention.
The Minister also noted the need to create a separate self-regulatory organization that could bring the consolidated position of the sector's participants and make proposals.