The Bank of Russia has established a Working group for analysing prospective technologies and innovations in the financial market. Its priorities include the research of distributed technologies (e.g., Blockchain) and new developments in mobile, payment and other areas.
“The development of the present-day financial market is inseparable from the development of financial technologies, – said Olga Skorobogatova, Deputy Bank of Russia Governor, heading the group.
“Financial services are quickly digitalised, new business models and ecosystems of market participants emerge, and the behaviour of financial services consumers changes. The advanced financial market needs an advanced regulator that shall clearly understand the essence of new financial processes and technologies and their possible practical application,” she added.
The Working group plans to hold regular meetings with representatives of banks, self-regulatory organisations and other financial market participants to discuss different aspects of application of new financial technologies.