Financial Technology Development

Now, financial technologies are becoming an integral part of all types of financial services: lending, payments and remittances, savings, investment, insurance, etc. They transform business models and enhance their customer focus. Both large financial organisations, such as banks, and specialist fintech companies offering a narrow range of services have introduced various fintech solutions. Such technological transformation of the financial market requires that the regulator should revise its approaches.

In 2024, the Bank of Russia approved the Guidelines for Financial Technologies Development for 2025–2027. The Bank of Russia will continue to develop financial technologies focusing on the following areas:

1. Improving regulation.
2. Fostering payment and digital infrastructure.
3. Implementing SupTech and RegTech solutions.
4. Ensuring the secure adoption of financial technologies.
5. Facilitating the international cooperation.

The Bank of Russia plans to continue carrying out measures to regulate and develop infrastructure solutions in the field of payments, identification and data exchange.

The Bank of Russia delivers on the above-mentioned objectives in cooperation with financial market participants, fintech companies and concerned government agencies. Measures stipulated in the Guidelines contribute to the implementation of the Digital Economy of the Russian Federation programme and other fintech-related projects.