Russian banks form Fintech Association

Source: Bank of Russia

Representatives of the Bank of Russia and major financial market participants approved the decision to found an Association for Financial Technologies Development (FinTech Association).

Thereby, the legal registration of the Association is entering its final stage. The meeting held on 28 December 2016 also approved the Association’s charter, the composition of its founding members and the Supervisory Board, and appointed a chief executive officer. Documents are to be submitted for state registration shortly.

‘The Association’s key objectives will include the development and introduction of new technological solutions to ensure the development of the Russian financial market. It will also promote digitalisation of the Russian economy’, said Olga Skorobogatova, Deputy Governor of the Bank of Russia.

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.

The Association is to start operations in January 2017.

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