Financial Technology Department
The Financial Technology Department is responsible for the analysis and development of financial technologies, coordinates the implementation of the Guidelines for Financial Technologies Development, and organises the work of the Bank of Russia’s regulatory sandbox — a mechanism for piloting innovative financial technologies, products and services.
The Guidelines for Financial Technologies Development comprise:
- legal regulation in this sphere;
- development of digital technologies in the financial market;
- transition to electronic interaction between the Bank of Russia, market players, individuals, and legal entities;
- support for the operation of the Bank of Russia’s regulatory sandbox;
- interaction in the framework of the Eurasian Economic Union (EAEU);
- ensuring security and sustainability when using financial technologies;
- development of human resources in the area of financial technologies.
The key objectives of the Department are as follows:
- monitoring, analysis and systematisation of Russian and foreign experience in information technology development and application (including big data, machine learning, mobile technologies, artificial intelligence and robotics, biometrics, distributed ledger technology, open interface solutions, technologies used to enhance the efficiency of regulation and supervision, as well as measures aimed at their development);
- development of projects under the Guidelines for Financial Technologies Development, action plans for their implementation, as well as coordination of the implementation of these measures;
- participation in the implementation of measures under the Digital Economy of the Russian Federation programme in the sphere of the financial sector;
- development of draft regulations and other documents of the Bank of Russia, as well as draft federal laws and other regulations of the Russian Federation on issues falling under the remit of the Financial Technology Department;
- organisation of FINOPOLIS, an innovative financial technology forum, participation in the organisation of various conferences, round tables, workshops and events on financial technology topics;
- organisation of events for piloting innovative financial technologies, products and services promoted by the Bank of Russia’s regulatory sandbox jointly with government authorities and financial market participants.