RIO DE JANEIRO, July 4. /TASS/. BRICS countries continue their efforts on cross-border payments and development of inter-depository interaction, Russian Finance Minister Anton Siluanov said at the meeting of the Board of Governors of the BRICS New Development Bank.
"A strong financial market of countries of the Global South is needed. It is important to create infrastructure with the seamless capital flow. We are carrying such work on the BRICS space. We discuss measures on cross-border payments, development of inter-depositary interaction, establishment of reinsurance capacity and launch of the credit rating methodology," Siluanov said.
The role of the New Development Bank is important as the financial institution of countries, the minister noted. "There is a need to be in the trend of new technologies at present. Quick development of artificial intelligence provides new opportunities on the one part, but we see this tells about new risks of inequality among the countries. We therefore need to cooperate in the artificial intelligence areas as actively as possible and the New Bank should be the leader in this area, pooling efforts of our countries," he added.