Bank of Russia-launched fintech association commences operations

Bank of Russia-launched fintech association commences operations

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The Central Bank of Russia (CBR) announced the Association for Financial Technologies Development, which it established recently in collaboration with major industry leaders, has launched operations. The new association has been included in the US Register of Legal Entities.

Participants in the fintech association will study and introduce the most promising technologies, including distributed ledger (Blockchain), open application program interface (open API) and remote identification technologies. They will also seek to create a single payment space for households and legal entities.

The association has attracted the interest of major financial market participants, such as fintech startups, tech companies and industry-specific schools, which have showed intentions for cooperation.

The Association’s founders decided to cooperate with partner organisations in various ways to respect the aims of all interested in innovative development of the financial market and introduction of new financial technologies, said Vadim Kalukhov, director of financial technology, projects and process management at the association.

The Association for Financial Technologies Development is headed by Olga Skorobogatova, the deputy governor of the CBR.

The Russian central bank adopted in late December 2016 a decision to set up the new fintech association.

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