Central Bank of Russia creates new fintech group

Announcements | January 18, 2017 By:

Central bank of Russia announced the creation of a new fintech group focused in part on the distributed ledger.

Members of the new group include Alfa Bank, Sberbank, VTB, the National System of Payment Cards (NSPK) and Russian payment services provider Qiwi – which is already part of the international R3 blockchain consortium.

The central bank explains that Association participants will seek to study and introduce “the most promising technologies”, including distributed ledger (blockchain), open application program interface (open API) and remote identification technologies, as well as to create a single payment space for Russian households and legal entities, etc.

The new FinTech Association is to start operations in January 2017.