Bank of Russia approves Guidelines for Financial Technologies Development for 2025–2027

The regulator will focus on developing the elements of the digital and payment infrastructure, improving the legal framework, and ensuring the technological sovereignty and information security. This is stated in the Guidelines for Financial Technologies Development for 2025–2027.

Over 2018–2024, the Bank of Russia, together with the government authorities and financial market participants, has established conditions that are necessary for introducing and promoting innovations. Commercial payment products and services, digital mortgage and many more are actively developing. We have accustomed ourselves to using technological and infrastructure solutions, including the Unified Biometric System, the Digital Ruble, the MIR payment system, and the Faster Payments System, in everyday life. Therefore, Russia has conditions for both market participants and the government to implement the services.

The regulator plans to further develop the infrastructure and to support the creation of innovative services in a fair and competitive environment. In particular, the opportunities of the biometric customer identification and the digital information exchange among individuals, businesses, the government, and financial institutions will be improved. The Bank of Russia, together with financial market participants, will continue to scale experimental legal regimes and the regulatory sandbox to test and integrate fundamentally new solutions.

Approximate targets and deadlines for achieving them are set out in the road map to the document.