Sberbank’s solution first to get approval of Bank of Russia’s regulatory sandbox

Maria Nikolova

Sberbank’s service that helps remotely control permissions to carry out transactions using corporate client accounts is the first service to pass the pilot in Bank of Russia’s regulatory sandbox.

A service developed by Sberbank Rossii PAO (MCX:SBER) has become the first to successfully pass the piloting phase of the Bank of Russia’s regulatory sandbox, Sberbank announced today.

Sberbank’s service helps remotely control permissions to carry out transactions using corporate client accounts.

The piloting was carried out by professional associations of financial market participants and interested state bodies. The Bank of Russia and expert councils that are created under the regulatory platform have made recommendations and recognised the introduction of the service as viable.

The regulatory sandbox of the Bank of Russia was launched in April 2018. It is a mechanism for piloting new financial services and technology that require changes to regulations. The use of innovative financial services, products and technology is modelled in the platform. As a result of the pilot, a financial service or technology can be approved through subsequent changes to the legal framework and can lead to their commercial roll-out. Sometimes, an initiative can be recognised as inviable.

Any organisation that has developed or plans to use an innovative financial service or technology can initiate a pilot on the platform. To do this, the initiating company must send a request to the Bank of Russia. According to the “Megaregulator”, more than 20 requests from financial organisations, fintech companies and others, have already been sent to its regulatory sandbox. Projects related to digital financial assets and introduction of new technology are preparing for the testing.

The launch of the regulatory sandbox is in line with the key fintech priorities that the Central Bank has set itself for 2018-2020. In a document, published in February this year, the Central Bank said it planned to transform the Russian digital environment for financial services via the development of new infrastructure, including a platform-marketplace for financial products and services, a platform for the registration of financial transactions and a platform based on DLT.

Let’s note that despite the Bank of Russia’s cautious position with regard to cryptocurrencies, the regulator continues to be open towards blockchain. This stance is echoed by other Russian institutions. Russia’s prime minister Dmitry Medvedev, for instance, has been a proponent of blockchain.

Read this next

Digital Assets

BlockDAG Presale Raises $9.9M as Batch 5 Nears Sell-Out Amid Bonk’s Fluctuating Trading Volume & Spell’s Bullish Price

Explore BONK’s trading volume, SPELL’s market shifts, and why BlockDAG’s 10,000 ROI makes it an ideal crypto for savvy investors in 2024.

Digital Assets

Bybit expands into Europe amid regulatory scrutiny

Dubai-based cryptocurrency exchange Bybit is expanding its operations in Europe after encountering regulatory challenges in Hong Kong.

Digital Assets

Cathie Wood’s sponsored Bitcoin ETF sees historic $200 million inflows

The ARK 21Shares Bitcoin ETF (ARKB), co-sponsored by Cathie Wood’s ARK Invest, registered historic inflows exceeding $200 million on Wednesday, signaling a robust appetite among investors for Bitcoin-centric investments.

Digital Assets

Sam Bankman-Fried might see his 25-year sentence halved

Sam Bankman-Fried, the founder of the failed cryptocurrency exchange FTX, was sentenced to 25 years in federal prison by a Manhattan court on Thursday. This comes after he was convicted of defrauding customers and investors, with Judge Lewis Kaplan highlighting the potential future risks posed by Bankman-Fried.

Technical Analysis

EURJPY Technical Analysis Report 28 March, 2024

EURJPY currency pair under the bearish pressure after the pair reversed down from the major resistance level 164.25, which also stopped the sharp weekly uptrend at the end of last year,

Digital Assets

BlockDAG’s Presale Hits $9.9M, MultiversX & MINA Price Predictions Show Green

Read about BlockDAG’s promising $10 prediction and insights on MultiversX Price Prediction as MINA’s potential unfolds.

Digital Assets

Rockstar Co-Founder and All-star Line Up Join Advisory Board to Take Metacade into Post Beta Orbit

Metacade, the revolutionary Web3 gaming platform, prepares to streak out of beta with a slew of ground-breaking initiatives that will redefine the way blockchain games are developed.

Retail FX

Prop firm The Funded Trader shuts down, claims relaunch in April

Prop trading firm The Funded Trader has ceased all operations, with claims for a relaunch in the near future.

Digital Assets

Ethereum-Based Tokenized Real Estate Platform USP Launches On Republic

How This Californian Startup Is Revolutionizing Real Estate Investment through Ethereum-Based Tokenization.

<