The Central Bank of the Russian Federation recently approved a regulatory framework for financial technology development during the next two years.
The IBS Intelligence reads “The Guidelines for Financial Technologies Development are listed in the document that includes analysis, research and proposals for the use and development of new financial, as well as legal support for the development of financial technologies.”
As part of the Digital Economy of Russia programme, the Bank of Russia will closely work with public authorities to develop the framework. The framework is largely driven to encourage competition, reduce risks and costs and improve the quality of financial services.
First Deputy Governor of the Bank of Russia Olga Skorobogatova said, “We will have to make considerable efforts to align large-scale projects involving many participants, to synchronise project solutions and harmonise interaction standards for infrastructure components.
“The implementation of projects in the framework of the Guidelines for Financial Technologies Development will boost the digitisation of the financial sphere and raise the financial inclusion of households across all Russian regions.”