An efficient financial market is an integral part of a country’s economic and social development. That’s why its development is a priority goal of the Bank of Russia. For the first time, the megaregulator revealed its strategic outlook for the future of the financial market and presented Guidelines for the Development of the Russian Financial Market for 2016–2018, which are based on consistency and correlation of its sectors.
Being a hi-tech regulator, the Bank of Russia sets conditions for financial market digitalization as a key priority. Support for digital technology will give a significant impetus to competition, transparency and investment attractiveness of Russia’s financial market and consumer rights protection, as well as help them reach a completely new level. In order to hit these targets, the Bank of Russia approved Guidelines for Financial Technologies Development for 2016–2018. They provide for integral regulation, developing and introducing platform-based, technological and organizational solutions for financial sector digitalization, which will include remote identification, fast payment system, financial marketplace, regulatory sandbox and open interfaces, etc.
Another solution for these objectives would be implementing strategic documents developed by the Bank of Russia, including Financial Inclusion Strategy for 2018–2020. It describes current state of financial inclusion and measures to improve it, as well as key performance targets for these measures. The strategy primarily aims to enhance financial inclusion and service quality for consumers in remote and underpopulated areas, as well as for SMEs and social groups with limited access to financial services. Another objective of the strategy is to improve efficiency and quality of financial services through digital technologies.