Bank of Russia's FinTech Association to Introduce Blockchain Technology
- Members include Alfa Bank, Sberbank, VTB, the National System of Payment Cards (NSPK) and Russian payments provider Qiwi.
The Russian central bank has decided to found a new Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term Association that will further promote the development of Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term technology in the country. This comes after major commercial Russian banks announcing their intention to join a local Blockchain Consortium last July.
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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 Association’s key objectives will include the development and introduction of new technological solutions to ensure the development of the Russian financial market. It will also promote digitalisation of the Russian economy," said Olga Skorobogatova, Deputy Governor of the Bank of Russia.
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.
Almost a year ago the Bank of Russia first established a working group on the analysis of advanced technologies and innovations in the financial market, which among its priority issues is the study of distributed ledger technologies.
The Russian central bank has decided to found a new Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term Association that will further promote the development of Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term technology in the country. This comes after major commercial Russian banks announcing their intention to join a local Blockchain Consortium last July.
To unlock the Asian market, register now to the iFX EXPO in Hong Kong
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 Association’s key objectives will include the development and introduction of new technological solutions to ensure the development of the Russian financial market. It will also promote digitalisation of the Russian economy," said Olga Skorobogatova, Deputy Governor of the Bank of Russia.
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.
Almost a year ago the Bank of Russia first established a working group on the analysis of advanced technologies and innovations in the financial market, which among its priority issues is the study of distributed ledger technologies.