The Bank of Russia has outlined its strategic plans for financial technology development from 2025 to 2027. The focus will be on ensuring seamless service provision and customer safety. The central bank aims to enhance digital and payment infrastructure, improve legal frameworks, and maintain technological sovereignty and information security.
In the period from 2018 to 2024, the Bank of Russia, in collaboration with government authorities and financial market participants, established essential conditions for innovation. Products like commercial payment services, digital mortgages, the Unified Biometric System, the Digital Ruble, the MIR payment system, and the Faster Payments System have become integral to daily life in Russia.
The regulator intends to continue developing infrastructure and supporting innovative services within a competitive environment. Efforts will include improving biometric customer identification and enhancing digital information exchange among individuals, businesses, government entities, and financial institutions. Additionally, experimental legal regimes and regulatory sandboxes will be scaled up to test new solutions.
The guidelines include a road map with approximate targets and deadlines for achieving these objectives.