Cloud technologies in financial market: practices and perspectives

The Bank of Russia has prepared a consultation paper on the application of cloud technologies and development of cloud infrastructure for the financial market. The paper outlines possible ways these technologies may be implemented by financial institutions in different countries and analyses the approaches that regulators take to manage relevant risks.

Cloud technologies and infrastructure create a favourable environment for the implementation of joint initiatives by financial and FinTech companies, as well as companies operating in other sectors of the economy. They also facilitate the prompt validation of different business models and reduce time-to-market for new financial products.

In 2019, the Bank of Russia together with financial market participants will discuss the issues related to the development of a cloud technologies guide for financial institutions. To promote the use of these technologies in the financial sector, it is necessary to establish a favourable environment with clear and feasible requirements for operational risk management.

The discussion of the consultation paper includes a number of questions on the use of cloud technologies. Responses and other materials (if any) that can be used to identify promising areas in this field can be sent by e-mail to fintech@cbr.ru before 15 February 2019.