Draft Financial Market Digitalisation Guidelines for 2022–2024 released
In order to continue financial market digitalisation and improve access to financial products and services for individuals and businesses, the Bank of Russia outlined the strategic areas for financial technology development for the next three years.
The key objectives for the period through 2024 include the regulation of data exchange, ecosystems and non-bank institutions providing payment services, as well as higher efficiency of online interaction between market participants, the government, and people and businesses. The Bank of Russia will continue the advancement of infrastructure projects, including the Unified Biometric System, the Digital Profile, the Marketplace, and the Faster Payments System. Besides, the Bank of Russia plans to implement open APIs and develop a commercial consent management platform. The regulator will especially focus on the development of the digital ruble and Know Your Customer platforms.
Another priority for the Bank of Russia is the advancement of information security technologies and ensuring cyber resilience.
The complex of measures planned by the Bank of Russia to implement the guidelines will help provide more affordable and convenient digital financial services to individuals and businesses, reduce financial market participants’ costs, and promote competition.
You are welcome to send your suggestions regarding the draft guidelines through 24 December 2021 to the address: email@example.com.