Olga Skorobogatova, First Deputy Governor of the Bank of Russia, will supervise the development of activities in the areas of RegTech and SupTech as well as the operation of the Market Services Department in addition to supervision over the Financial Technology Department, National Payment System Department, Information Technology Department, and Project and Processes Department.
The Cash Circulation Department and the activities of the Russian Union of Cash Collection Divisions (ROSINKAS) will be supervised by Mikhail Alekseev, new Deputy Governor of the Bank of Russia.
“Digitalisation of the financial industry is a special focus of the Bank of Russia’s attention, therefore, all functions associated with the development of FinTech and improvement of the efficiency of business processes in the Bank of Russia are delegated to a single supervisor. Cash circulation management remains the key function of the Bank of Russia. Our objective is to ensure the convenient use of cash by individuals and businesses, and to cut the costs of cash circulation. This area of activity will be supervised by a new Deputy Governor”, informed Elvira Nabiullina, Governor of the Bank of Russia.
Changes will come into force on 12 October.