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13 October 2016

Consortium for Financial Technologies Development Created as FinTech Association

During the meeting of the section devoted to the experience and prospects of using distributed ledger technology (Blockchain) on financial market, international experience and existing development directions in this field were discussed.
Participants of the discussion shared their opinions on implementation of this technology prototypes both abroad and in Russia, paying more detailed attention to Masterchain prototype created by financial market participants in Russia. The issues of identification, legislative and regulatory framework and the possibility of using distributed ledger technology not only for financial services, but also for notary services, powers of attorney, electronic voting, real estate registers and other types of operations on the market were touched.
According to the moderator of the section, Deputy Chairman of the Bank of Russia Olga Skorobogatova, cooperation of the regulator and major participants of the financial market in this sphere provides for Consortium for Financial Technologies Development, which will be created as an association called FinTech. Major banks and other financial market participants will become members of the Consortium. Besides, creation of an institution of associated members and expert council that unites top executives of governmental authorities is provided for in the Consortium.