SOCHI, 19 October, Banki.ru: Absolut Bank has become an associate member of the FinTech Association. The association said in a press release that its supervisory board made the decision to include Absolut Bank.

The bank’s specialists will join working groups that will be involved in developing the Masterchain blockchain platform and creating products based on this platform, such as electronic mortgage accounting systems, digital bank guarantees, and digital letters of credit.

“The use of new technological solutions will have a positive impact on the quality and availability of banking services. We are working with our best partners to this end and are confident that cooperation with the FinTech Association will help reduce the costs of developing our own solutions and speed up their launch”, Absolut Bank Managing Director Anton Pavlov is quoted as saying in the press release.

For her part, FinTech Association Managing Director Tatyana Zharkova stressed that one of the key objectives now is “to assess the prospects for developing and introducing innovative products in practice and prepare the banking industry for digital transformation”.

The FinTech Association was established in late 2016 in order to develop and introduce new technological solutions to ensure the development of the financial market and create conditions for the digitization of the Russian economy. The association includes the Bank of Russia, Sberbank, VTB, Alfa Bank, Gazprombank, Bank Otkritie, the National Payment Card System, QIWI, AK BARS Bank, Credit Union Payment Center, Tinkoff Bank, and Raiffeisenbank. Its associate members include Binbank, SKB-Bank, Sovcombank, Promsvyazbank, MTS, MB Innovations (Moscow Exchange Group), Rostelecom, Rosbank, Region Financial Services (Region Group), SMP Bank, the Ural Bank for Reconstruction and Development, and Absolut Bank.