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Olga Skorobogatova, first deputy governor of the Bank of Russia

The Russian central bank has approved a regulatory framework for the development of financial technologies from 2018 to 2020.

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.

It also suggests ways of enhancing the flexibility and adaptability of regulation, and the creation of the Bank of Russia’s regulatory environment in order to pilot innovative financial technologies, as well as the transition to electronic interaction between the regulator, state executive bodies, financial market participants and their customers.

The guidelines focus on remote identification platforms, faster payments platforms, a marketplace for financial products and services, and new blockchain-based and cloud platforms to boost interactions between market participants in the digital environment. It also highlights open APIs as key for building a financial market infrastructure.

This framework is designed to even out the playing field for market participants, foster competition in the financial sector; raise the accessibility, quality and range of financial services; mitigate risks and cutting costs in the financial sphere; as well as improving the overall competitiveness of Russian technologies.

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The Bank of Russia will team up with related public authorities as part of the Digital Economy of Russia programme to develop such framework.

“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,” said Olga Skorobogatova, first deputy governor of the Bank of Russia.

She added: “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”.

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by Henry Vilar
Henry is Junior Reporter at IBS Intelligence, follow him on Twitter or contact him at: henryv@ibsintelligence.com