Launch of Bank of Russia regulatory platform

The Bank of Russia has launched a ‘regulatory sandbox’ for testing services involving innovative financial technologies. Any bank or organisation intending to implement new financial technologies that require amending the regulatory framework may apply for piloting them in the sandbox.

Within the regulatory sandbox, the Bank of Russia organises testing new services and technologies to assess their impact on the development of the financial market. The piloting will also identify potential risks and measures to mitigate them. Services and technologies piloted in the regulatory sandbox may either be approved for implementation with further planning to develop the required regulatory framework or their implementation may be recognised as unreasonable.

‘The joint activity of the regulator and market participants with regard to piloting new services and technologies will help to expand the scope of provided financial services and boost the competitiveness of the Russian financial market’, noted Olga Skorobogatova, First Deputy Governor of the Bank of Russia.

The detailed information on the application procedure is provided on the Bank of Russia’s website in the Regulatory Platform section.