Menu

Search

  |   Fintech

Menu

  |   Fintech

Search

Bank of Russia to set up Fintech Association amid blockchain push

The Bank of Russia has announced that its representatives, along with financial market participants, have approved the decision to set up an Association for Financial Technologies Development (FinTech Association).

The meeting, held on 28 December 2016, approved the Association’s charter, the composition of its founding members and the Supervisory Board. A chief executive officer has also been appointed.

“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.

In addition to the Bank of Russia, founding members include Alfa Bank, VTB Bank and JSC National System of Payment Cards, Forklog reported. The Association’s participants will 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.

Earlier in October, the central bank announced that along with the market participants, it has developed a technical prototype for financial messaging, based on the distributed ledger technology (DLT). Called ‘Masterchain’, the blockchain-based prototype allows prompt confirmation of data actuality with respect to a customer and a transaction as well as fast creation of various financial opportunities for the market participants to provide game-changing products and services to their customers.

According to the official announcement, the legal registration of the Association is entering its final stage and the documents for state registration will be submitted shortly. The Association is expected to start operations in January 2017.

  • ET PRO
  • Market Data

Market-moving news and views, 24 hours a day >

2018-11-19 00:54:04
0m

November 18 23:50 UTC Released

JPTrade Balance Total Yen

Actual

-449.3 Bln JPY

Forecast

-70 Bln JPY

Previous

139.6 Bln JPY

November 18 23:50 UTC Released

JPImports YY

Actual

19.9 %

Forecast

14.5 %

Previous

7 %

January 31 00:00 UTC 420536420536m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 420536420536m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 432356432356m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 420536420536m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 432356432356m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 420536420536m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 420536420536m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 420536420536m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.