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Russian Federation

Open Banking

The largest country in the world’s invasion of Ukraine could set the financial industry back decades.

According to Merchant Machine, 76% of Russians had access to the internet in 2021. 

The Bank of Russia set up standards for Open Banking, including account information, payment initiation and information security, in October 2020. But in a different regulatory approach to other countries, such as the UK, banks in the country are under no obligation to provide access to customers’ data via open APIs. 

The primary goals of Open Banking in Russia¬†are to improve the quality of and access to financial services and to increase competition and innovation in the market. According to¬†The Global Findex Database, 90% of Russian adults had bank accounts in 2021, leaving 10% unbanked.¬†In their¬†Financial Inclusion Priorities for¬†Russia in¬†2022‚Äď2024¬†report, the use of financial market instruments for improving people‚Äôs well-being was revised considerably. The focus is on new products for low-income people. The¬†document¬†covers a¬†range of¬†measures aimed at¬†expanding households‚Äô saving capacities and¬†protecting consumers using financial products and¬†services, including at¬†preventing and¬†reducing excessive debt burden.

The improvement of financial inclusion will be mainly driven by the advancement of digital platforms and online service channels along with the preservation of physical infrastructure, especially for people in remote rural areas and for elderly persons not ready to use digital services. In addition to low-income people, the target groups include residents of remote and sparsely populated areas, people with disabilities, elderly and physically challenged persons, as well as small and medium-sized businesses.

The primary goals of Open Banking in Russia are to improve the quality of and access to financial services and to increase competition and innovation in the market.

According to Tracxn, 745 Fintechs operate in Russia.

The primary goals of Open Banking in Russia are to improve the quality of and access to financial services and to increase competition and innovation in the market.

The Bank of Russia’s regulatory sandbox is a mechanism for piloting and modelling processes of new financial services and technologies, which require changes in legal regulation, in an isolated environment. The objectives of the sandbox are to pilot innovative financial services without risks of violating Russian laws, analyse risks associated with innovative financial services and developing approaches for their mitigation and determine the expediency of the implementation of innovative financial services and creating the relevant regulatory environment.

The Bank of Russia has set standards for Open Banking.