Bank of Russia outlines key conditions for further development of AI in financial market
In Russia, one in five financial market organisations already uses artificial intelligence (AI). Another third plan to introduce it into their business processes in the next three years. These are the findings of the Bank of Russia’s survey presented in its new consultation paper.
The Bank of Russia continues to adhere to a risk-oriented and technologically neutral approach to AI and aims to create conditions conducive to its development. The paper emphasises that the key conditions are confidence in the technology and data accessibility.
Monitoring compliance with the Code of Ethics for AI in Finance, developing methodologies for implementing its specific provisions, and preparing a collection of best practices for AI application will help boost confidence in the technology.
To enhance data accessibility, the Bank of Russia proposes to consider the creation of special platforms by market participants for voluntary data exchange and joint development of AI models (trusted intermediaries). The paper also suggests discussing the potential application of technologies for improving data privacy in the Russian financial market.
The discussion of the paper will continue through 30 December 2025. Please send your comments and suggestions to ai_doklad@cbr.ru.