The Central Bank of Russian Federation welcomes the entry of Russian technology players into the financial market and is now working to improve the regulation of these companies.

Olga Skorobogatova, First Deputy Governor of the Central Bank of Russia, said this during the TASS “Fintech Show” video project.

“We would like technology players, first of all Russian ones, to enter the market. I think Russian technology companies will also develop in this regard. The question is how to license them, i.e. how to give them access to the market with financial services. We are now thinking about how to change the admission system, how to determine that there is a financial intermediary, and how to create conditions for them to enter the financial market,” she said.

At the same time, Skorobogatova highlighted the importance of development of domestic companies, since this is necessary to ensure national sovereignty.

“Russia is an interesting market for foreign systems, including Big Tech companies, and, of course, they tried and will try to enter too. But national sovereignty as well as becoming a technology leader as a country - at the expense of its members, both Russian banks and Russian technology companies - is still a priority for us,” she said.

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