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

Inside View

Crypto Liquidity Providers: No Transaction, No Party!

One of the most integral parts of trading cryptocurrencies is ensuring seamless transactions; however, this is not always easy when you first start using cryptocurrency exchanges.

Digital Assets

Niftables launches white label NFT platform for content creators and brands

Niftables is the go-to platform for brands and creators looking to realize their NFT vision — whether they’re an individual or the biggest entertainment company in the world.

Retail FX

ACY Securities sponsors Table Tennis NSW as CFD broker bets in Australia’s youngest

ACY Securities has partnered with Table Tennis New South Wales (TTNSW) for a two-year sponsorship agreement intended to highlight the Chatswood-based multi-asset CFD broker’s brand in Australia, with a focus on the southeastern state.

Executive Moves

Peter Hetherington appointed CEO of Capital.com, Currency.com, and Shares.com

With his extensive experience driving strategy and growth for leading wealth and brokerage firms in highly regulated markets, Peter is the ideal CEO to lead the Group on its next chapter of growth and success.”

Digital Assets

Crypto platform Elwood raises $70m from Goldman Sachs, Dawn, Barclays, BlockFi, Flow, Galaxy, more

Elwood Technologies has closed a $70 million Series A funding round co-led by Europe’s largest B2B investor Dawn Capital and global investment bank, Goldman Sachs.

Industry News

Wilshire to launch Climate Change 1.5℃ Target Index with Nikkei and Hang Seng

Wilshire has announced a collective launch with Nikkei and Hang Seng to bring to market the first in a series of indexes empowering investors to transition their investments towards a low-carbon and climate resilient economy.

Industry News

Anne Boden’s Starling Bank bets big on UEFA Women’s EURO 2022 tournament

Starling Bank has launched a campaign ahead of the UEFA Women’s EURO 2022 tournament as part of its national sponsorship, the biggest ever for the bank.

Industry News

Older adults flock to financial apps as Revolut reports 215% more UK users aged 55-74 since pandemic

Data has also shown that older adults are back to travelling as the 55-64 UK age group has seen a tenfold increase in the amount spent in foreign countries over the past two years, and the 64-75 age group isn’t far behind with an 840% increase.

Industry News

Ripple replies to SEC’s last attempt and “shoves it down their throats pretty hard”

“The SEC really messed that up. How can Hinman receive legal advice from SEC lawyers for a personal opinion?”, attorney Hogan commented.

<