Yandex joins FinTech Association

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Yandex joined the FinTech Association as an associate member. The move was approved by the Association supervisory board.

Yandex will participate in a number of areas of the Association activity, including the retail payment space development, remote identification, development of open APIs – first of all, insofar it concerns the implementation of open banking concepts and technologies in Russia, legal regulation of the use of big data technology and electronic interaction with government information systems.

The FinTech Association was established in late 2016 on the initiative of the Bank of Russia and seven financial market participants: Sberbank, VTB, Alfa-Bank, Gazprombank, Otkritie Bank, QIWI and the National Payment Card System. The Association is aimed to do the groundwork for the digitalization of the Russian economy and to create and implement new technological solutions facilitating the development of the Russian financial market. The Association members are banks, insurance companies, telecommunications operators and payment systems.

“The development of financial technology is only possible through combining the efforts of players of the financial sector and companies from other industries as well. As a unique platform for key market players’ dialogue, the FinTech Association is working continuously to expand the technological capabilities of its members. The entry of Yandex in the Association has a huge potential for further digitalization of the financial sector, creating innovative products, expanding opportunities in the current areas of the Association's activities and launching new ambitious cross-industry projects,” said Tatyana Zharkova, General Director of the FinTech Association.

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