Bank of Russia: Key Institution for Monetary Policy and Financial Stability in the Russian Federation
In the rapidly evolving digital landscape, key figures in Russia's financial sector are advocating for increased collaboration and trust between banks and government agencies to tackle the challenges of digitalization.
Dmitry Grigorenko, Vice-Premier of the Russian Federation, has proposed the idea of a central crossroads, possibly the Central Bank (CB), for packaged information transfer between banks and agencies. This suggestion aims to streamline the process of data exchange and facilitate innovation in the industry.
Grigorenko also emphasized the need to decide what requires regulation and why, as well as the importance of speeding up the decision-making process for necessary norms. However, he expressed concern that society may not be ready for innovation or new regulation.
Meanwhile, Elvira Nabiullina, Chair of the Central Bank, has expressed her concern about the slow progress of innovations in Russia, particularly in the financial sector. She highlighted that agencies often waste time agreeing with each other, hindering innovations. To address this issue, Nabiullina emphasized the need for increased speed in government decision-making.
Herman Gref, CEO of Sberbank, has proposed enhancing trust between banks and the state as a means to tackle digitalization challenges. Gref believes that competition between the state and business erodes trust and should be avoided.
The Russian Federal Tax Service (FNS) has proposed establishing a central hub to ensure data-based communication between banks and authorities. This move is aimed at improving efficiency and fostering innovation in the sector.
It is worth noting that banks in Russia are now digital platforms, and the need for seamless communication and collaboration between these digital entities and government agencies is becoming increasingly crucial. Mid-sized banks, in particular, depend on the state for data.
As these key players advocate for change, the financial sector in Russia is poised for transformation, with a focus on trust, collaboration, and innovation as the cornerstones of digitalization.
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