Representatives of the Bank of Russia and major financial market participants approved the decision to found an Association for Financial Technologies Development (FinTech Association).
‘The Association’s key objectives will include the development and introduction of new technological solutions to ensure the development of the Russian financial market. It will also promote digitalisation of the Russian economy’, said Olga Skorobogatova, Deputy Governor of the Bank of Russia.
The Association’s participants will seek to study and introduce the most promising technologies, including distributed ledger, open application program interface (open API) and remote identification technologies, as well as to create a single payment space for households and legal entities, etc.
The Association is to start operations in January 2017.