Russian cbank can offer regulatory sandboxes to test technologies

MOSCOW, Sep 21 (PRIME) -- The Russian central bank is considering the possibility of launching so-called regulatory sandboxes for participants of the financial market, when the regulator allows companies or banks to experiment with new technologies without being punished, Deputy Chairwoman Olga Skorobogatova said Wednesday at a forum.

“It’s the creation of a regime for banks or participants of the financial market, when the regulator deliberately permits them to implement certain things, test technologies without applying strict punishment measures for the period of the experiment,” Skorobogatova said.

The central bank will watch with the market’s participants how a new technology performs and whether regulation should be revised or not, and will decide upon results of the pilot test.

“We believe it’s a matter of principle and we behave here like a partner for a bank and business in the development of technologies, rather than like an entity whose task is to ban and then think what to do,” Skorobogatova said.

“Individuals are more active with technologies and want to receive more products and services via remote or digital channels. On average, companies lag behind.”

“As to the financial sector, the main players, who don’t only invest a lot, but are also switching most of services into the digital space, are four states: China’s Hong-Kong, the U.S., Singapore and the U.K. It’s worth noting that the regulator plays an important role in each of these countries,” Skorobogatova said.

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