FinTech Association
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2024: Issue of CFA by SMEs on the security of real estate with the participation of the manager of the security
At the site of the FinTech Association (AFL), a pilot was launched to use digital financial assets (CFA) to attract financing by small and medium-sized businesses (SMEs): an individual entrepreneur released a CFA on the Tokeon platform, the first owner of which was Center Invest Bank. Within the framework of the pilot, the AFL proposed a model that includes collateral management in the process, this will speed up the circulation of the CFA and increase the liquidity of the CFA market. The AFL announced this on April 12, 2024. Read more here.
2023: Development Strategy Approval 2023-2024
The Supervisory Board approved the development strategy of the FinTech Association (AFL) for 2023-2024. The company announced this on March 14, 2023. The focus of this strategy is to achieve practical results and respond flexibly to rapidly changing factors that affect the financial market. At the same time, the Association will continue to develop as a platform for discussing and implementing initiatives in the field of financial technologies that are significant both for hotel participants and for the financial market as a whole.
In the period from 2016 to 2022, the Association focused on the development of financial technologies for the domestic market, in particular distributed registry technologies, open API environments, retail payment space, remote identification in the financial sector, etc.
In 2022, the general meeting of members, responding to a change in the financial market, formulated a request for a "restart" and approved five new priority areas of the Association:
- Research and analytics;
- Development of digital products and services;
- Development of financial and information technology;
- Piloting initiatives;
- Improving the level of information security of the financial market.
The key objectives of AFL 2.0 are:
- Creation of conditions for coordination of the efforts of stakeholders in the development and implementation of new technological solutions by participants in the financial market and the state represented by the FFIV;
- Consolidation of cross-sectoral efforts of the Association members to develop and modernize digital products, services and improve the client path, create optimal regulatory conditions;
- Independent analytical expertise and research activities in the field of financial and technological trends and digital maturity of the market.
 | The FinTech Association is a platform for market participants' dialogue on key issues in the field of financial technology and innovation. For six years of work, it has shown its effectiveness. The strategy will allow the association members to focus their efforts on the most significant digital projects and technologies that are important both for the financial market and for consumers, "said Olga Skorobogatova, First Deputy Chairman of the Bank of Russia, Chairman of the Supervisory Board of AFL. |  |
| | The strategy approved by the Supervisory Board will allow us to focus on important areas for our participants in the development of financial market technologies, increase the flexibility and dynamics of the association. We are faced with the task of quickly identifying areas where combining the efforts of the participants will give a synergistic effect, save effort and speed up the process of achieving the desired result. And then, quickly carry out the relevant initiatives and launch pilot projects in the interests of the participants of the Association and the market as a whole. The motto of AFL 2.0 was "Together - stronger!," - said Maxim Grigoriev, General Director of the FinTech Association. | |
2022
Digital Mortgage Pilot Project
The FinTech Association on October 6, 2022 announced that, together with representatives of the banking sector and the insurance market, it was implementing a pilot project for digital mortgages. The first case worked out within the framework of the project is the use of Open APIs for interaction between banks and insurance companies in the mortgage process.
Within the framework of the project, a secure exchange of data on the mortgage contract and the client's insurance contract will be worked out. At the initial stage, a set of data is being worked out, which must be exchanged between banks and insurance companies for interaction as part of the mortgage process.
As a result of the project, specifications, guidelines for market participants and, if necessary, proposals for changing the current legislation and industry regulatory acts (NPA) will be developed.
| | One of the priority areas of the Association's work is Open APIs. Their implementation opens up great opportunities for the transformation of the financial sector. Thus, Open APIs are a key element of digitalization of interaction between participants in the mortgage process, which is necessary, among other things, to create a seamless client path. As one of the first steps at the AFL site, a mechanism for exchanging data between banks and insurance companies in electronic form is being worked out, "said Dmitry Ishchenko, Deputy General Director of the FinTech Association. | |
| | Our goal is a seamless mortgage process, which, among other things, will become possible with the advent of Open Data in Russia. The pilot project will make it possible to determine the set of data necessary to transfer information between banks and insurance companies. We will work out the mechanisms of electronic interaction using Open APIs and see how new models fit into the existing legal field. As a result of the project, not only new standards and regulatory documents should appear, but also new client experience, - said Oleg Komlik, Deputy Managing Director of ДОМ.РФ. | |
| | We would like to maximize the customer experience so that people can, for example, pay for insurance in one click. It is important that everything is fast and simple and at the same time the process is as protected as possible. A comprehensive study of the digitalization of data transmission is required, including from specialized FNIVs (IAV, Rosreestr, etc.). Much has already been done to improve the efficiency of interaction between banks and insurance companies. As part of the partnership, market representatives are already communicating with each other using the Open APIs. However, in order for a radical coup to take place, at least uniform standards are needed. We are working on this in the pilot project of the FinTech Association, - said Yulia Shimova, Head of the Center for Product Development of the VSK Insurance House. | |
Appointment of Maxim Grigoriev as CEO
The general meeting of members of the FinTech Association (AFL) decided to appoint Maxim Grigoriev as Director General of the AFL. The company announced this on July 13, 2022. Read more here.
2019
Agreement with the Moscow Innovation Agency and MIC in order to develop the financial infrastructure of Moscow
On October 30, 2019, the Association for the Development of Financial Technologies (FinTech Association, AFL) announced the signing of a cooperation agreement with the Moscow Innovation Agency and the Moscow Innovation Cluster Foundation (MIC). The key goal of the trilateral agreement is the development of innovative financial infrastructure and financial technologies in the city of Moscow.
The document was signed by the managing director of the FinTech Association Tatyana Zharkova, the general director of the Moscow Innovation Agency Alexei Parabuchev and the head of the Moscow Innovation Cluster Foundation Anatoly Valetov.
Within the framework of the signed agreement, the AFL, the Moscow Innovation Agency and the MIC will exchange experience for the development of innovative financial technologies in the areas of the Association's activities, in particular, open APIs, distributed registry technologies, and remote identification. The parties also intend to maintain information interaction to study and analyze approaches to the development and implementation of developed and improved existing fintech products and solutions, to hold events in the field of financial technologies.
| | We note a large number of interesting and promising fintech projects and startups in Moscow. And we are pleased to cooperate with the Moscow Innovation Agency and the Moscow Innovation Cluster Foundation to promote financial technologies and develop the capital's fintech market. For our part, we are ready, among other things, to provide expert assessment of technologies taking into account the international experience and analytics of our experts and partners. We are confident that our cooperation will be fruitful and equally useful for all parties and will contribute to the active development of the fintech sphere in Moscow, emphasized Managing Director of the FinTech Association Tatyana Zharkova
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{{quote 'author = noted the head of the Moscow Innovation Cluster Foundation Anatoly Valetov' Signed with the AFL and the Moscow Innovation Agency, the trilateral agreement is another stage in the creation and development of high-quality innovation infrastructure of the capital. We face many tasks, but the key is the development of cooperation between participants in the market of innovative solutions, which will allow us to continue to actively use innovations in various sectors of life in the capital. The agreement enshrined these tasks in the field of fintech, }}
Alexey Parabuchev, General Director of the Moscow Innovation Agency, spoke about how cooperation with the FinTech Association and the Moscow Innovation Cluster Foundation will help develop the Moscow Accelerator program:
| | The task of the Moscow Accelerator is to organize work to find fast-growing companies in all innovative industries, including fintech, select partners from financial organizations, choose startup companies that already have a well-established business model, a certain number of users and, possibly, revenue. Thus, the program will allow you to do two things: scale the business of small companies through interaction with large companies, and large help solve your problems with the support of the city with the help of startups offering innovative products and solutions. | |
Cooperation with FDATA
The Russian FinTech Association (AFL) has signed a memorandum of cooperation with a large international association The Financial Data and Technology Association (FDATA). Thus, the AFL expanded the geography of international partnership. Prior to that, the international partners of the FinTech Association included four fintech associations and professional associations of Singapore, Japan, Luxembourg and Kazakhstan.
Within the framework of the signed agreement, the AFL and FDATA will share experience in the development and implementation of modern financial technologies, in particular open APIs, as well as research and analytical materials. Both sides are exploring popular trends in the global fintech market and are involved in creating unique digital products.
Insurtech is a new area of activity of the FinTech Association
From April 2019, developments will be carried out, including taking into account the interests of the insurance industry. According to the Association, the main focus will be on the use of remote identification technologies, cashless payment tools using the Fast Payment System (FPS) in insurance, as well as the use of the client's Digital Profile data. Insurance companies plan to implement solutions implemented on the Masterchain blockchain platform and participate in building an open API environment.
Open API Concept
The Open API Concept was developed at the FinTech Association site, which was approved by the AFL Supervisory Board in the summer of 2019. The concept was submitted to the Bank of Russia for consideration. Also, together with participants in the Russian financial market, open API standards were developed - they will be sent to the Technical Committee No. 122 for discussion. As a next step, it is assumed to test the technology on real cases of banks and fintech companies. The use of open APIs will significantly reduce the cost of launching and developing new products, which will contribute to the development of competition in the financial market.
2017: Acceptance of new participants and work plan
On April 27, 2017, the FinTech Association (AFL) held a regular meeting of the Supervisory Board, at which it was decided to approve the admission of four new members to the Association: Ak Bars Bank PJSC, Raiffeisen Bank JSC, RNKO Payment Center, Tinkoff Bank JSC; as well as three associates - PJSC SKB-Bank, PJSC Binbank, PJSC Rostelecom.
During the meeting, approaches to work on key areas of the AFL activity were also determined:
- identification and management of digital identity,
- distributed registry technologies,
- retail payment space and
- open APIs.
In the near future, the Association plans to form working groups in these areas, analyze international experience and Russian practice in these areas, develop and implement on the basis of Masterchain specific business cases that are useful to AFL participants and the financial market. In addition, it is planned to develop concepts of open APIs, as well as formulate proposals for technical standards in the field of blockchain and to change cryptographic standards.
The creation of a single communication and technological platform by all market participants, including the expert community and the regulator, will allow not only to accelerate the development of the industry as a whole, but also to prove the effectiveness of such a platform for the Russian economy. Thus, according to Aleksei Shamayko, director of the Payment System product office of PJSC Rostelecom, the company is ready to provide its expertise and a technological platform for developing and piloting the products being created, as well as assist the Association members in shaping changes in the regulatory framework and industry standards for launching new technological services on the market.
In the same vein, Damir Galiev, head of the project office of innovative development of AK BARS Bank, comments on the decision to join the FinTech Association:
"Thebank's decision to join the FinTech Association is based on confidence that such a format of interaction between financial market participants and the regulator can change the technological landscape of the country's banking system, make it modern and digital - at the level of the best world solutions. By developing the main areas of activity of the AFL, it is possible to bring both process innovation and product innovation to financial institutions. In turn, the AK BARS Bank team will make the necessary efforts to develop the Association itself. We are ready both to adapt and pilot the technologies developed at the Association and to offer our own ideas. "
Tinkoff Bank also commented on its joining the AFL members. Chairman of the Board of Tinkoff Bank, Oliver Hughes:
"The world of finance is rapidly changing thanks to technology, and we believe that the joint work of key industry players will provide a qualitative leap in the development of financial technologies in Russia. We are still the only online bank in Russia and the largest in the world in terms of the number of clients, we have accumulated vast experience in the field of financial technologies, which we are glad to share with our colleagues. We have a lot of ideas and energy, so we are ready to actively participate in the work of the association on a wide range of projects. This includes the development of areas such as digital identity, distribution registry technologies, open APIs, and more. "
The increase in technological banking services and the development of RBS services was chosen as a strategic and priority development direction for another new member of the Association - SKB-Bank.
"Today we are working on new ways of online interaction with individuals, legal entities. In addition, the bank plans to create an innovative system, thanks to which it will take minutes to check customers before lending. And this is only a small part of the goals set. Therefore, membership in the AFL is so important for us - it will allow us to participate in working groups, create new technologies and quickly, among the first, introduce them into our work. "
"Payments, settlements and related processes and technologies are one of the most dynamically developing industries. We believe that the unification of the leaders of this market for joint movement towards the construction of innovative infrastructures, creating conditions for the introduction of digital services is a timely and urgent task. It is in these areas that we plan to work actively within the association "- explained the decision to join the FinTech Association Alexander Pogudin, a member of the board of directors of the Payment Center RNKO.
The members of the Association are confident that in order to move from discussion to implementation of new technological projects and develop new regulatory norms, it is necessary to create a new technological environment, within the framework of which it will be possible to implement pilot projects and develop recommendations for regulation based on the practice of their application.
2016: Central Bank and major banks form association
At the end of December 2016, it became known about the creation in Russia of the FinTech financial technology development association, which will develop and introduce new technologies for the development of the Russian financial market.
FinTech is created by the Bank of Russia and the largest participants in the financial market. The founders of the association included Alfa-Bank, VTB, Qiwi, etc.
| | The Bank has a high level of expertise in the field of innovative technologies, and also strives to improve the convenience and availability of services for our clients, "says Maria Shevchenko, Deputy Chairman of the Board and Chief Operating Officer of Alfa-Bank. - Within the framework of the association, we see the possibility of digital development of the country's financial sector, adaptation of the best international practices to our realities, as well as the use of new technologies that require partnership between banks, such as blockchain. | |
The efforts of the association members will be aimed at studying and introducing the most promising technologies, including distributed registry technologies, open interfaces (open APIs), remote identification, as well as creating a single space for payments to individuals and legal entities.
FinTech is expected to begin operations in January 2017. The legal registration of the association "entered the final stage," the Central Bank said on December 28, 2016.[1]
On this day, the charter of the association, the composition of its founders, the supervisory board and the candidacy of the general director were approved. The last was the head and co-founder of Qiwi Sergey Solonin.
In October 2016, Deputy Chairman of the Bank of Russia Olga Skorobogatova announced the creation of an association that will deal with investments in financial technologies. Then it was reported that this association will develop infrastructure projects in the financial sector, as well as other fintech projects.
What is fintech?
An industry made up of companies using technology and innovation to compete with traditional financial institutions represented by banks and intermediaries in the financial services market.
Notes
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