Students from the Higher School of Economics participated in a discussion on the future of international payments with Alexey Kazartsev, Chairman of the FBA EAC International Banking Committee
On May 13, 2026, an open lecture and discussion were conducted via video conference for students of the Higher School of Economics. The event focused on the development of the BRICS Pay international payment system. Alexey Kazartsev presented an updated overview of the project, detailing its strategic vision, technological architecture, and economic mechanisms.
During the meeting, Alexey Kazartsev outlined the prerequisites for establishing BRICS Pay, emphasizing the necessity to reduce dependence on external financial actors and develop an independent financial infrastructure within BRICS countries. He clarified that the system is not intended to replace existing national payment systems but rather to complement them by providing secure and reliable cross-border connectivity. The speaker also underscored the importance of the system's architecture, which incorporates the use of international technical protocols adapted for QR code payments, as well as open API and SDK for fintech developers.
A significant aspect of the discussion centered on the proposed unit of account, which is based on a basket of BRICS currencies, known as the R5 initiative. This design is comparable to the International Monetary Fund's Special Drawing Rights basket and may include a gold component as a "counterweight." Alexey Kazartsev explained that this approach aims to mitigate the risk of exchange rate manipulation by non-friendly countries.
HSE students demonstrated a keen interest in the practical aspects of implementation, particularly the cross-border payment scheme involving conversion through the unit of account, the operation of national processing centers, and the utilization of NOSTRO accounts. Pilot countries for the system were identified as Russia, South Africa, and the United Arab Emirates, where bilateral connections between processing centers and mutual integration of mobile applications had already been tested. The discussion also covered the BRICS Pay business model, including interbank and cross-border fees, network charges, fraud prevention services, and data analytics.
The audience showed particular interest in the opportunities for startups and fintech companies to become partners of BRICS Pay. Alexey Kazartsev noted that the project is open to technological collaborators and is envisioned not only as a payment system but also as a platform for developing new financial products.
FBA EAC attaches great importance to working with students, considering it an integral part of its personnel policy. Direct dialogue with future specialists allows not only to introduce them to current projects in the field of international payments, but also to form a personnel reserve for participation in the FBA EAC initiatives, including BRICS Pay. The meeting with students from the Higher School of Economics was another step towards building a system for selecting and attracting talented graduates who can contribute to the development of the financial infrastructure in the BRICS countries.