Russian Central Bank ready to introduce regtech and saptech for regulation of markets for the latest technology

0

The Central Bank has formulated the approaches to the regulation of the latest technology, however, market participants have expressed the view about the impossibility of their practical implementation, has informed the edition “Kommersant”.

The Central Bank prepares to publish the regulatory measures on the main directions of development of the market of the newest technologies, said the Chairman of the Central Bank Vasily Pozdyshev:

“We believe that the Central Bank should not just to assist industry in the transition through the digital line, but also to play a leading role”

Therefore, as the representative of the Bank of Russia, the Central Bank will be two new sectors:

  • regtech, RegTech – technological solutions that can automate the process of compliance with the requirements, controlling risk and simplifying the process of data transmission;
  • saptech (SupTech) technology solutions used by Supervisory authorities to support and improve the functions of the control.
  • The development of new industries will be implemented in five areas:

  • automation of control of fulfilment of requirements;
  • technologies associated with the remote identification;
  • monitoring financial transactions;
  • banking risks management;
  • automation of reporting.
  • Thus, application of solutions in the field of regtech on the Russian market are virtually absent. Director of data Analytics Institute Deloitte Alexey Minin believes that one of the reasons for the lack of a ready solution is to market features:

    “Our market is small, and to globalize these solutions will not work”

    Investment Director FINTECH Fund Target Global Olga Shikhantsova described the reason for the lack of venture investment in the sector – unclear timetable for the introduction of regulatory measures:

    “We need to understand that the regulation will be formed that may be, when we have the Foundation completed, and after a year or two, etc., in terms of calculating the profitability of the venture necessary.”

    The banking market participants also Express an opinion on the obstacles to the implementation of the strategy of the Central Bank. For example, Executive Vice-President of the Association of Russian banks Elman Mehdiyev believes that the reason for this is the huge expenses incurred by the sector due to the constant change of regulations:

    “Regtech in conditions of constant changes of the legislation impossible. In order we have a high-quality technological solutions necessary to implement regulatory innovations have occurred with considerable lag time”

    Recall that last month the President’s representative and head of the Central Bank of Russia spoke against allowing the circulation of tokens in the territory of the Russian Federation, despite the fact that the head of the International monetary Fund (IMF), Christine Lagarde, on the contrary acknowledged that the global economy is not in great shape and cryptocurrency could be the solution to global problems.

    Leave A Reply

    Your email address will not be published.

    This site uses Akismet to reduce spam. Learn how your comment data is processed.