MOEX's personal finance platform Finuslugi to launch consumer lending marketplace

In October 2021, Moscow Exchange's Finuslugi platform will roll out a consumer lending marketplace, allowing Russians to choose from among loans offered by different banks at favourable rates entirely online without needing to visit a bank office.

Finuslugi has piloted the new marketplace in friends and family mode, making it available to employees of MOEX and participating banks. On 22 September, the first consumer loans were issued as part of the pilot project and the transactions were registered with the Financial Transactions Registrar (RFT), which was established at the National Settlement Depository (NSD, part of Moscow Exchange Group).

The new consumer lending marketplace on Finuslugi will launch to the public in October.

Clients can receive pre-approved loan offers from banks after registering on Finuslugi by linking their account on the State Services Portal (Gosuslugi) and submitting an online application form. To receive a final offer, clients can submit copies of the required documents to the bank through their personal Finuslugi account. New clients then meet with a Finuslugi representative for an identification check and to sign the loan agreement online; clients who have previously passed the identification procedure can sign the loan agreement immediately after receiving the final decision from the bank. The loan is then transferred to the client’s Finuslugi account or to a bank account of the client’s choice, with no transfer fees applied.

Igor Alutin, Managing Director of the Finuslugi Project at Moscow Exchange, said:

"The debut loans issued via Finuslugi are the first in Russia to be made through a financial marketplace. In October we plan to open up access to the lending marketplace to the public. With the launch of lending on Finuslugi, all basic financial products will be available along with deposits and insurance. This is another step towards achieving the main goal of creating Finuslugi and increasing the availability of financial products in Russia."

Using the platform, Russians can choose advantageous offers on deposits, insurance and other financial products and open them remotely 24/7, without needing to visit an office.

Anastasia Kiseleva, Managing Director for Repository Operations at NSD, said:

"This new product is an important step that simplifies user interaction with financial institutions. RFT acts as a guarantor for any transaction on all financial platforms, including loan issuance. Recording a transaction with RFT is not only about security, but also about the convenience of getting all product information in a one-stop shop via Gosuslugi. NSD’s infrastructure solution makes it possible to record any type of transaction, and will contribute to the expansion of the product line available on Finuslugi."

Since the launch of RFT, products on financial marketplaces have been purchased by users from 34 regions as of the end of September 2021. Transactions have been registered in deposits, bonds, funds, compulsory third-party liability vehicle insurance and loans. The vast majority of users (marketplace clients) used the RFT service upon receiving a statement confirming a transaction.

Moscow Exchange rolled out the personal finance platform Finuslugi on 15 October 2020. Finuslugi allows users to select and open bank deposits online 24/7, as well as to purchase compulsory third-party liability vehicle insurance. In the future, federal loan bonds for households (OFZ-n) and other products from banks, asset managers and insurance companies will be offered on the platform. In May 2021, Moscow Exchange announced the acquisition of INGURU, an electronic platform for selecting insurance and banking products with an audience of over 1 million people. With INGURU in place, clients of Finuslugi will receive services for comparing and purchasing various financial products, such as compulsory third-party and fully comprehensive vehicle insurance, mortgages, credit cards, consumer loans, car loans, deposits, debit cards and microloans.