Financial Technology Development
Now, financial technologies are becoming an integral part of all types of financial services: lending, payments and remittances, savings, investment, insurance, etc. They transform business models and enhance their customer focus. Both large financial organisations, such as banks, and specialist fintech companies offering a narrow range of services have introduced various fintech solutions. Such technological transformation of the financial market requires that the regulator should revise its approaches.
In 2018, the Bank of Russia approved the Guidelines for Financial Technology Development for
- promoting competition in the financial market;
- raising financial inclusion, and increasing the quality and range of financial services;
- reducing risks and costs in the financial sector;
- ensuring security and stability in applying financial technologies;
- raising the competitiveness of Russian technologies.
The Bank of Russia delivers on the above-mentioned objectives in cooperation with financial market participants, fintech companies and concerned government agencies.Measures stipulated in the Guidelines contribute to the implementation of the Digital Economy of the Russian Federation programme and other fintech-related projects.