Financial Technology Association starts operations

The Association for Financial Technologies Development (FinTech Association), established by the Bank of Russia and major financial market participants, was included in the Unified State Register of Legal Entities and launched its operations.

Olga Skorobogatova, the Deputy Governor of the Bank of Russia, will chair the Association’s Supervisory Board, which also includes Vadim Kalukhov, the director of Financial Technology, Projects and Process Management Department.

Financial market participants, fintech startups, tech companies and industry-specific schools have already shown interest in cooperation with the Association. The Association’s founders decided to cooperate with partner organisations in various ways to respect the aims of all interested in innovative development of the financial market and introduction of new financial technologies, said Vadim Kalukhov.

The decision to set up the Association was adopted at the general founding meeting on 28 December 2016. The Association’s charter, founders, supervisory board and CEO were approved the same day. 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.